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REPORT OF THE Guyana Marketi ng Corporation · FOR THE PERIOD 1964 1st January, TO 3·lst December, 1964 REPORT OF THE GUYANA MARKETING CORPORATION FOR THE PERIOD 1st J ANDARY TO 31st DECEMBER 1964 The Guyana Marketing Corporation was established by Order No.

97/1963 Ordinance (No.

23 of 1962).

on January 1, 1964, under the provisions of the Public Corporations CONSTITUTION OF THE BOARD 2.
At 1st January, 1964, the Board was constituted as follows: Chairman: Mr. Dwarka Nath Deputy Chairman, Mr. C. Yong Hing.

Members: Miss Jessie Burnham Mr. A. Kalamadeen Mr. M.S.H.

Rahaman Mr. M. Correia Mr. W. Glen.

POLICY OF THE CORPORATION The general 3. for its purpose the encouragement producers far as possible distribution need.
levels fair price of available an assured policy of the Corporation of local agricultural as having was established by offering production as by maintaining prices; market and paying economic to consumers produce to the best advantage the orderly in terms of consumer and organising SERVICES 4.

The following services were operated by the corporation: (a)Central Produce Depot (Georgetown) and the Produce Depot (New Amsterdam Branch).
(b)Fish Marketing Centre ( c)Processing Factory ( d)Ham and Bacon Factory ( e)l\lilk Pasteurisation Plant (f)Edible Oil Distribution - 2 - PRICE GUARANTEES AND INCENTIVE BONUSES ln order to stimulate 5. domestic market, Government maintained certain farmers cultivating from abroad.

to satisfy prices for Cash bonuses were also paid on an acreage basis to crops; most of which are extensively production minimum guaranteed agricultural farm produce.
specified imported the PRODUCE DEPOTS 6. purchase depending farmers.

The Corporation, through its Produce Depots, is obligate � to at the minimum guaranteed on the state� of the market, all marketable prices or at ruling market pnces, offered produce by centres Purchasing 7.

(West Demerara) were served by a purchasing this purpose.

West Distict the Corporation.

Purchasing Farmers Marketing and New Amsterdam.
were maintained at Charity Farmers in the Berbice Parika (Pomeroon), River area clerk who travelled in the North West District was done by the North on the weekly steamer for Co-operative Society acting as agents of 8 Purchases of Agricultural Produce were as follows ; COMMODITY WEIGHT or UNITS Plantains lbs Sweet Potatoes 120,086 ,, Yams 1,473,122 Tannias Eddoes Cassa.va Beans -Coffee Cocoa Beans Whole Corn Black-Eye Peas Pumpkin Oranges Grapefruit 163,524 " 8,535 " 97.424 ,, 3,664 " 93,176 ,, 130 ,, 1,] 65,677 " 59.694 " 129.908 " 1,983,968 76,197 " ,, only 9. commodity, considerable marketing COFFEE BEANS.
Despite difficulty as the export market remained was experienced depressed.

outlet in finding an economic the somewhat limited purchases of this As a means of overcoming this difficulty for the processing of beans valued in the U.S.A. of coffee beans into Instant at $23,300.00 were sent for processing during the year.

the corporation 46,600 lbs Coffee.

arranged 10. shipped INSTANT COFFEE.

Return of Instant Coffee from beans to the U.S.A. for processing amounted to 13,604 lbs.
- 3 - TRADING AND PROFIT AND LOSS ACCOUNTS : Georgetown Depot.

(a)The cost of goods sold amounted to $665,306.90, to the value of $479.41.

Cost of sales is approximately which includes goods 9H% of lost intransit total sales value.

(b)Gross Profit of $55,869.77 a gross profit mark up of approxi­ mately 81% on selling prices.

to $721,176.67.
to $721,176.67.

represents Sales amounting (c)Net Loss: The Depot shows a Net Loss of $92,638.35, which is arrived at after deducting (operating tive expenses the direct overhead and a proportion to $64,416.59 amounting Expenses) .

expenses amounting general of the Corporation's to $84,135.49 administra­ NEW AMS fERDAM DEPOT (a)Cost of Sales is approximately than that of the Georgetown $117,019.11 $2,328.0 and river transportation 6 and loss intransit includes freight of produce.
92% of total sales value, Depot.

However, and other transportati0n or !% more the Cost of Sales figure of � to charges amounting from heavy rail resulting to the extent of $1,354.53 (b)Gross Profit at $7,301.40 is approximately average is, the Georgetown the Gross Profit might well have approximated mark-up on cost approximate Depot.

Had it not been for the excessive 8% of total sales value, that to 8%, and is !% lower than the to about 9% of sales value.
losses on goods intransit, (c)A Net Loss of $13,171.54 at after taking into account direct overhead general amounting administrative expenses expenses is arrived to $12,462.04 amounting and a proportion to $10,277.28.

of the Corporation's HAM and BACON FACTORY 12.

The Ham and Bacon Factory the Pig Industry wise constitute an assured loss to the farmer.
by providing a financial continued for the benefit market for pigs which would other­ to operate of 13. l,81I pigs yielding the year at an average price of 48.Sc.

per lb.

189,941 lbs value $92,128.80 were purchased during 14.

Production of finished products was as follows : Ham ( all types) Bacon ( all types) l 9,625 lbs 56,469 " Pork Sausage Lard (fresh) 1,808 ,, 8,408 " - 4 - 15.

TRADING AND PROFIT AND LOSS ACCOUNT : (a)Cost of Sales: Cost of production amounted to $113,410.61.
of the Stock valuation and 31st December 1964 ($921.24) From observation ($1,253.42) that was produced which is 90.2% of total sales value.

at 1st January 1964 it seems that all was sold.

Cost of Sales amounted to $113,742.79 (b)Gross Profit on Sales amounting was $12,372.17 to $126,114.96 to 9.8% on the cost of ,production.
Gross Profit approximated (c)A net profit of $5416.16 from the operation of the Corporation's (or 5% on total sales value) of the factory, after deducting expenses administrative resulted a proportion to $6,956.01 amounting FISH MARKETING CENTRE : The Centre provides 16. either by the fishermen operated by the Corporation.

themselves facilities or by sale to the Wholesale for the orderly marketing of fish Fish Market 17.

$135,853.00 The Wholesale Fish Market handled 303,965 lbs of fish valued at 18.
This condition fish over the year's trading.

Cold Storage accomodatio'n was both inadequate and inefficient.

was responsible for the loss by spoilage of some 20,000 lbs of 19, TRADING AND PROFIT AND LOSS ACCOUNT.· (a)Cost of goods sold was $138,393.18 or 92.4% of the value of Sales.

to $180,703.87 was $42,310.69 (b)Gross Profit from sales amounting or approximately (c) A net loss of $14,4I0,90 resulted 7.6% from operation of the Fish but for Sundry Market.
This loss might have been greater Revenue amounting sale of ice etc.

But apart from this, the Gross Profit was not amounting sufficient to to cover the general operating $68,660.91 Administrative Expenses of the Corporation's and a proportion to $2I,64I.64 to $9,702.32.

from storage amounting charges, obtained expenses PROCESSING FACTORY ?.O.

The main operations of the Processing Factory were (a)the mechanical and storing crop period, (b)manufacturing it in silos.

Corn Meal and Plantain Flour.


drying of corn purchased in bulk during the 2I.

set out: Production of Corn Meal and Flantai11 Flour was as hereunder Corn Meal Plantain Flour 338,081 lbs 64,433 ,, Value $35,863.77 Value $17,817.95 • 5 • 22, the farmers shrinkage purchase in the drying process price, The Factory at buying point.

Cost of transportation, added approximately lbs of whole corn at 6c.

per lb.

to and loss by loss in transit 1.9c.


to the original 1,165.677 handled Corn Meal manufacture 23. of whole corn.

Sale of the remainder Limited at a flat price of 7c.

per lb, that is, at a loss of about 3/4 cent per pound.

absorbed was made mainly to B.G.

Stockfeeds lbs of the total supply 511,764 24.

TRADING AND PROFIT AND LOSS ACCOUNT: (a)Cost of Sales: Production cost for the year amounted to and of this the cost of processed $79,714.54, was $77,076.00.
which is higher than the sales value of these same goods.

This was influenced expenses The total cost of sales amounted which the products to $18,174.50 by shrinkage to $6,522.41 amounting amounting could not bear.

and factory to $108,166.21, goods actually sold (b)As a result of the high cost of production, and consequently the sales va]ue of goods sold was only S:90,605.91, thus cost of sales, resulting in a Gross Loss of $17,560.30.
( c)A Net Loss of $28,644.48 resulted after addition of a propor­ tion of general the Gross Loss.

administrative expenses amounting to $11,125.31 to 25.

MILK PASTEURISATION PLANT The Plant purchased price per gallon landed on the dock being 71 c. per gallon.

Cost of milk valued at $578,021.11, gallons 726,326 the average of production per gallon of pasteurised was $1.18 per gallon of pasteurised milk was 88 cents.

milk.

The average sale price 26.


TRADING AND PROFIT AND LOSS ACCOUNT: (a)Cost of Sales: Because of the high cost of production ($501,305.71), value.

This was due to a number of factors, cost of sales at $675,617.54 is almest double the sales among which were: Milk dumped Milk distributed free ,, Spoilt � 96,05 I gallons ,, 982 2,642 " $207,366.87 1,038.68 2,774.49 $211,IS0.04 (b)Gross Profit: As a result of some of the factors (a)above, a gross loss of $299,546.

IO resulted.

stated at - 6 - 26.


(c)Net Loss: When the additional distribution leakage, expenses ministration are taken into account, .

$392,211.76 is reflected and a proportion expenses cost of spillage of general a net loss of and ad­ EDIBLE OIL The gross Loss of $48,890.13 27. oil was purchased was in keeping price at the lower level with a view to maintaining for by the fact that This at $2.53 per gallon and was sold at.

$2.43 per gallo11.
$2.43 per gallo11.

the selling policy to subsidise with Government price to consumers.

is accounted and control a stable After deducting Sundry Revenue amounting to f,H,096.00 and adding Operating Loss of $94,364.76.

Expenses totalling $46,570.63, there is a Net Trading SUBSIDIES , Subsidy was $300,000.

approved The.

original am0unt received Subsequently, Supplementary from Government Provision.

by way of was sought an<l in the sum of $331.600.

thus making a total of i631,610.00 provided.


No provision appears and Interest to have been made in the Subsidy for on Guyana Government Account (Deben­ Depreciation tures at 7% on Assets acquired) Assets taken over by the Corporation ($37,065.65) amounting to $77,147.55 as the Valuation of was only agreed in June, 1966.

Operating from which Profit Loss before Depreciation must be added Depreciation amounting $667,091.29, leaving $666,75I.92.
The addition Trading $77,147.55 received of $112,289.47 gives an overall from Government on Sale of a Motor Vehicle as per Balance Sheet.

is deducted.

of Interest on Debentures Loss of $743,899.47.

in the sum of is $630,025.64 making a total of ($339.37) to which in the sum of $631,610.00 Deduction discloses of subsidies a Net Loss to $37,065.65, .

28.

APPENDICES The following Statements are appended to the Report: (A) Audited Accounts with certificate Fitzpatrick by the Auditors Graham and Crewdson.
as at 31st December 1964 Messrs. Pannell (B) Schedule of Stocks, and Work-in-Progress.

BALANCE SHEET AS AT 81ST DECE�BER, 1964.

GlJYANA lU.RKETDiG CORPORATIO:"< Appendix Al Indebtedness to Government of Guyana ( See Note 1 $1.102.108.0/J FIXED ASSETS COST DEPRECIATIO:-.
VALUE NET BOOK CAPITAL RESERVE 38,704.69 Freehold Land and Buildings $429.500.00 $ 11,470.00 418,030 .. )0 $1,143,812.69 Plant and Machinery 40,198.4X 13,268.31 26,930.17 DEFICIT (Statement attached) 112,289.47 Furniture and Equipment 17,755.0,1 1,413.00 16,342.04 $1.028,523.22 Sundry Equipment 13.209.75 6,063.31 7,146.44 CCRRENT LIA!ll!LITIES Government of Guya,na - Interest on Jndel>tedness $ 77,117.55 Sundry Crediitors & Credit Balances 151.799.Gil 228,947.2:l Motor Vehicles CURRE:"<T ASSETS 14,700.n ........ O $515.363.27 ..... $ 36,906.28 4,691.66 .......... _ ...
.1�·-�8.

:�:I 478,456.

9!1 Stock at �he lower of Cost and Net Realisable Value ( including not for resale) supp'lies $407,390.32 Drum Deposits:_ With Suppliers $144,900.0:) By Customers 21,560.00 Sundry Debtors and Debit Balances $287,680.41 Less:- Provision for Bad and Doubtful Debts.

110,000.00 177,680.41 Cash at Bank and on Hand.


172,382.73 $1.257.470.41 779,013.41\ $1,257,470.45 NOTE: To he satisfied hy "n isaue of Dehentures in accordance with Article II 12 l of Buyana Marketing Corponution Order 1963.

The rate of interest to he paid has been agreed at 7'� but the repayment date has still to be determined, Interest on the .indehtedness a,t 7�o has bsen charged in the General Pr'lfit and Loss Account in the sum of i77.H7.55.
Di'PARTllESTAL TRAD!SG & PROFIT & LOSS ACCOCSTS r,t:YASA MARKET!SG f'ORPORAT[O:<; FOR THE YEAR ESDED 31ST DE<'F.MBER.

1964 Produce - Geor�etown Produce - �ew Amsterdam Ham & Bacon Fartnry Fish Market & CentrP Prnce!l:l'linJ!'

Factor�· Milk Pa...,teuri�ation Plant Ediible Oil Fini:Jhed �!��uc_t�: Transferred Proce.

;;,sing from A,C' Stock., -1.1.64.

$ 7,30fi.H $ 2.558.97 Purchase� 738.36,.6.: 119.296.0'.

; Loss in transit 479.41 $113..110.61 $ !.879.07 $ 79.7J t.:)4 $ .

)Ot.
)Ot.

:l'l!i.71 $ 2,234.!18 171.669.90 FreiR'ht InwarIDl Cartage Inwar& L'nabsorbed Faot:ory Exps.

Transportation Cost of Raw :WateniaL,;; Sold.

Transferred from Raw Materials.

Less: Stocks -31.12.64.

Transferred to Raw Materials.

Transferred to Prn<'e!!

!�ing A ·c 1.764.93 191.r.n 2-l.l)fl6.91 2.l.682.Gl ,:i.206.36 $746,150.7� $125,537.59 $7-16.150.78 $t2n.537.,9 114.664.0:l $1!0.732.07 $110.7'!�.

117 57.590.71 176,904 .

.


!8 $2,793,591.04 $(:11.10,;.2;; $ 678,209.99 $2,793.591.04 80,843.88 8,:il8.48 921.21 2.:338.89 $ .i,64!1.37 2,1>92.45 155,428.19 6,643.7S Hi.�iH.

!H '.

!9.139.•).I 1-��.

:)9:1.18 �l�.166.21 t:'0,70�.87 90.60:l.91 $ 67.5.<ll7.5!

$2,638,162.85 376.071.14 2,589,272.72 $665.306.00 ,·111,019.11 $11!1.7l�.7� 7:!1.176.67 126,320.51 126.11-1.96 $ �5)l69.77 $ 9,301.40 $ 12.172.17 Sundrv Revenue 43.06 266.38 21.641.64 � 12,37'.
!.l'i $117 .. }60.30"1 41.12 $(299,:i46.10) $ (48,890.13 l,Oa4.90 1,096.00 $t 2�8.491.20) $ 147.794.13 Operating Exp!-.

$t=l-t.l:l .1.-l!l .1 $ 12..1,,2.0 � 1;�_H110.rn $ 11.292.5!!

Raw Milk-Sour.

L!

:'<ak:\g-e etr.

Raw Milk�F1·ee l)istrilrnt!nn & �ample,- .-\dmin.

F.xp,.:.

10.:.

!77.28 6.956.0l 9.70:!.

'.12 $ tl.391.47 6,220.51' 'l6,089.3C.


GUYANA MARKETJNG CORPORATION Appendix A 3 flt.ENERAL PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DEC. 1964 DepartmentaJ T rading P.rofiit/ (Losses) Produce:-Geor.getown New Amsterdam Ham and Bacon Factory Fis,h M•wr1ket and Centre P,rocessing Factory MBk Past,euri&altion Plant E.d�ble Oil SectiiOn Operating Loss before Depi:,eciation Add:-Depreciation Less:-Profit on Sale of Motor Vehicle Add:-fote:rtest on Guya·na Govt.
Aceount - Less:-Suibsidies received from Government $ (9·2',638.35) (13,171.54) 5,416.16 (14,410.90) (28,644.49) (392,211.76) ( 94,364.76) $ (630,025.64) 37,065.65 $ 667,091.29 339.37 $ 666,751.92 77,147.55 $ 743,899.47 631,610.00 Net Loss fur yea.r ;per Ba'lance Sheet $ 112,289.47 OFFICES IN THE UNITED KINGDOM (LONDON, MANCHESTER, NOTTINGHAM, GREAT YARMOUTH, BIRMINGHAM): FRANCE cPARIS) : WEST INDIES - ANTIGUA, BARBADOS, BRITISH HONDURAS, .DOM/lNICA, GRENADA, JAMAICA, ST, LUCIA, TRINIDAD.
WEST AFRICA - GAMBIA, GHANA (ACCRA, KUMASI), LIBERIA, NIGERIA (LAGOS, KADUNA, ZARIA, KANO), SIERRA LEONE.

REPRESENTED IN - AUSTltALIA, BELGIUM, CANADA, HOLLAND, IRELAND, RHODESIA, SOUTH AFRICA, SWEDEN, TflAILAND, U.S.A., ZAMBIA .
Appendix A 4 PANNELL FITZPATRICK GRAHAM & CREWDSON and FITZPATRIC.K, GRAHAM & CO. GHA&TE,RiE.D AOCOUNT ANTS RESIDENT PARTNERS:­ A. S. RIDLER E. D. HAYDEN IN LONDON IN C. F. FARRAR W. J. LEEMING G. GOLDING W. G. MEDLAM F. A.H. SKINNER J. MILLIKEN R.H. MORE G. W. MURPHY BARBADOS AND TRINIDAD E. H. CHILCOTT D. F. DAVIS PA>.

BOX 37 THiE DEMERARA LlFE BUILDINGS, GEORJGMOWN, GUYlAIN'iA.
TELEPHONE: 3226, 3227, TELEGRAMS: FITZPAT GEORGETOWN CABLES: FITZPATRICK GEORGETOWN 3228 GUYANA CODES: BENTLEY'S SECOND 9th October, 1967 .

REPORT OF THE AUDITORS ON THE ACCOUNTS OF GUYANA MARKiEl'DING OORPORAT:ION FOR THE YEAR ENDED 3,11S\T DEOE1MBER, 1964.

We have examined the Accounts of Guyana Marketing Col'!pOration., which are in agreement with the books ()f ,the Corporation, planaitiions we have required .
and report that we have obtained aU tlhe information and ex­ We further report tihat, in our op.inion, the annexed Balance and Loss Account for the year ended on that daite, are properly t:m:e and correct view of the staste of the Corporation's affairs at Sheet dated 31st December, drawn P,rofit 1964 and the General up so as to give respectively a the 31st .December, accepted g prfociples.
accountin 1964, and of the deficit for the y.ear then ended, in accordance with generally Pannell Fitzpatrick ) G,raham & Crewdson )AUDITORS CHARTERED ACCOUNTANTS GUYA..�A MARKETING CORPORATION .Appendix B STOCKS AND WORK-IN-PROGRESS AT 31ST DECEMBER, 1964 Produce - Georgetown Produce Stock Wholesale Reta.ii " Central Kitty Self-Service Goods on Consignment Produce - .New .Amsterdam Depot Stock Goods on Consi,gnment Ham & Bacon Factory $ 76,414.64 3,890.58 538.66 l.8i' $ 80,845.
7fl $ 8,518.48 107.54 8,626.02 Products Ham & Bacon Finished Goods in Pnocess :- Fresh Pork Pork :in Process 921.2·1 $ 963.23 3,549.86 4,513.0U PreservativeS 1,789.29 7,223.62 Fisih Market & Centre Fish Gasolene & Oil Re:firigeraUon Scrap Iron Plant Supplies Processiin:g Factory Raw Materials - Mon Repos " - Kings.ton " Finished Products Manufacturing Supplies Finished Products - Suspense $ 1,453.15 885.74 $ 2,338.89 $ 8,979.2S 10.46 8,989.74 11,328.63 $ 2,727.96 34,860.74 5,643.37 217.H 374.14 43,823.35 Milk Pasoourisatiion Plant Stock :-Milk Pasteuris·ed " Ohocolaw.
Ghee $ 787.25 136.00 1,669.20 2,592.45 Stores:-Milk Powder $ 346.88 Chl()C()late Milk Materials Fai11B, deaning mats etc.

Oil - Boiler Spare Parts etc.

Motor Parts Milk Bottles Wire Crates Carried Forrward 1,215:98 2,324.52 284.73 401.96 180.06 73,681.76 6,922.96 $ 85,358.85 $ 2,592.45 $151,847.38 � 1 GUYANA MARKE.TING CORPORATION STOCKS �ND WORK ... J,N ... PR.OGRE,S'.S.

AT 31ST DECE1MHEtR, 1964 Alppenrlix B Cont'd.

Brought Forward Milk Pasteur:i.s.ation Plant (Cont'd.)

Milk Churns Laib .
Milk Churns Laib .

.SuppU.es Oi.1 Section Deodorised Cooonut Oil Soya Bean Oil $ 85,358.85 $ 2,592.45 $151,847.38 9,989.61 2,173.84 97,522.30 100,114.75 86,477.9�) 68,950.26 155,428.19 $407,39·0.32