Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698074924541.pdf (Guyana)
REPORT OF THE GUYANA MARKETING CORPORATION, FOR THE PERIOD 1ST JANUARY TO 31ST DECEMBER 1966 The Guyana M'Rrketing Corporation was established on January 1, 1964, under the proviaions of the Public Corporations Ordinance (No.

23 of 1962).

2.
23 of 1962).

2.

The general policy of the Corpo ration remained unchanged, namely, encouraging ).Ocal ag.riculturall production by offering producers an assured market and paying economic prices; by maintaining as far as possible fair priic.e levels and organisin:r the distribution of avallable to c•nsumers throughout the coastal area.a.

supplies 3.The f.ollowing s,ervices were operated by the Corporation:- ( a) Central Produce Depot (Georgetown) and the Produce Depot (New A!msiter .. dam Branch).
Oentre.

(b)Fish Marketing ( c) Processing Factory.

( d) Ham and Bacon Factory.

Plant.

( e)Millt Pasteurisation (f) Edible Oil Distribution .

�-The following were members of the Board : Mr. W. G. Stoll - Chairman Mr. H. Ma.dramootoo - Deputy Chairman Mr. B.
A. Fernandes Mr. M. S. H. Rahaman Mr. J. Benn Mr. R. E. Davis Mrs. Jane Phillip&Gay 5.In order to stimulate agri eul:tural production to sati.sfy the domestic market an d to foster its policy ,of import substitution by locally grown or produced commodities, the Government guarantees minimum prices for certain fa.rim produce and offera incentive bonuses from abroad.

most of which are normally cultivating to farmers specified crops, imported extensively PRODUCE DEPOTS 6.
The Corporation, through its Produce Depots, is obligated to purchase at minimum guaranteed prices or at higher price8, depending on the state of the market, all marketable produce offered by farmers.
7., Purchasing centres were maintained at Charity (Pomeroon) , P a r i k a (West clerk who travelled on the weekly steamer Demer a r a) and New Amsterdam, :Farmers in the Ber b i c e River area were served b;y a purchasing Purchasing in the North W est District was normally done by the· North West District Society acting u agents of the Corporation.
Failure of the Farmers Marketing Co-operative Oo..operative to function on the farmers who then either had to s:hip their produce directly to the Corporation in Georgetown or /m_ore often than not at sacrificial prices.

During the latter half of the sell on spot to hucksters, year.
through direct purchasing disposing of their produce satisfactori the _good offices and ready co-operatio was better organised and farmers suffered little or no inconvenience during the period under review er� much hardship n of the District Officer, Agriculture in ly t·o the Corporation.

for this purpose.
for this purpose.

8.Hereunder is a comparative breakdown of purcha.sea of provisions and fruit in 1965 and 1966 :- Plaintains Ed.does Sweet Potatoes Tannias Yams Cassava Pujmpkin Black-Eye Coffee Beans Whole Corn Bananas Oranges Grapefruit Cabbage Peas 2.

1965 4 lbs.

6,393.84 50,360 " 65,780 " 11,441 " 140,436 ,, 4,605 ,, 40,047 32,039 183,563 2,052,955 ,, 10,102 ,.

2,650,047 330,674 " 50,700 lbs.

only 1966 3,281,993 lbs.


54,665 18,007 ,, 394 ,, 96,000 481 " 108,217 " 50,009 " 427,870 ,, 1,261,685 " 16,924 only '500,685 28,909 ,,, 10,087 lbs.

9.COFFEE BEANS: It will be observed that there was an increase in pure� over 1965 to the ex:tent of 244,307 lbJ.

valued at $56,825.22.

we·re responsible .

for this, namely: ( a) resumption of sales on the export market, and (b) the need to meet the increasing ·demand fm- Instant Coffee processed firom liocally grown coffee beans.
Two factors 10.INSTANT COFFEE: 225,200 lbJ.

of coffee beans were shipped to the U.S.A. to be into Instant Coffee.

36,694 lbs.

orf IDSltant Coffee were received during the year.

This return, however, is niot �ted to the quantity the end of the peiriod under ,review.

of raw beans shi,pped as there was ,a carry-over at 11.The total value of farmers' produce purch8$ed during the year amounted to $714,986 .82 as again.st $669,380.73 in 1965.

FISH MARKET CENTRE: 12.


'Tihe Centre provides facilities , for the orderly marketing of fis,h either by the fishermen themselves or by sale to the Wholesale Fish Market operated by the Corporation.

13.The Wholesale Fish Market handled 510,029. lbs.

valued at $231,813.00 as against 390,882 lbs.

valued at $146,264.81 in 1965.


14.The incmase ;in volume of fish purcihased is attributable to a· successful arrangelment made with a local fishing company for regular supplies of trawler-caught fish, of the cheaper varieties.

principally 15.Cold Storage acoommodation continued of fish over extended periods.

Fortunately difficulty was experienced in disposing to pose a problem for the satisfactory holding demand exceeded the available supply, and no of all fish at fair price levels.
16.Opea"ation .of the Refrigeration P:lant on a single hi,gh-s.peed standby against emergencies not only oonsitituted.

a grave risk of possible stock in the event of a breakdown, but also precluded full us,e being made of all the available storage rooms.

compressor and without a heavy loss of.

PROCESSING FACTORY: 17.The principal functions of the• Processing Factory were ( a) the mechanical drying of corn purchased in bulk during the ,crop peirlod and storing turing Corn Meal and Plantain Flour.
With respect banned, it may not be generally known that the factory ments of the country.

to Corn Meal, the importation of which is manufactures the entire.

require­ it in silos� (b) manufac­ 18.Com�ative set out:- are hereunder figures of production of Corn Meal and Plantain Flour for 1965 and 1968 Item Quantity Value Quantity Value 1965 1966 Corn Meal Plantain Flour 224,305 lbs.

162,432 " $ 25,896.33 $ 56,851.20 278,223 lbs.


6,459 ,, $ 44,179.75 $ 1,829.92 19.The factory handled 1,261,685 in 1965. lbs.

vaJued at $126,386.61 2,052,955 lbs.

of whole corn valued at $81,354.13 as against 20.Com Meal manufacture absorbed 411,371 lbs.

of corn-Sale of the remainder was made to Guyana Stockfeeds Limited at a flat price of 71hc.

per lb.

21..

Farmers were ·_paid 6 cents per lb.


on ithe spot for all corn suppli¢ to the Corporation 3 F r e .i g h t cessed ·cost to approxijmately 7.9 cents per lb.

, transportation, loss intransit, shrinkage and drying charges brought the pro- HAM AND BACON FACTORY: 22.The Hajm and Baoon Factory continued to operate for the benefit of the Pig Industry by providing an assured: .market for pigs of a quality suitable-for ·processing.
23.1,836 pigs yielding a total carcass weight of 198,710 pur.chased as against 1,789 pigs equating 175,981 chased in -1965. lbs.

carcass weight value $93,496.58 lbs.

value $109,093.19 , were pur.

24.Comparative production wi,th the· previous year was as follows:- Harn Bacon 1965 12,058 lbs.

46,011 " 1966 14,137 lbs.


56,279 , , 25.Production of Ham and Bacon was severiely limited by the inadequacy of z,efriger­ ation facilities for storing and processing pork , and· also for the storage of finished products.

MILK PASTEURISATION PLANT ·: 26.The Plant purchased the average price per gin., landed on the dock being 74,863 cents.

Cost of produ ction was $1,248.63 per gln.. of pasteurised milk.

Loss through leakage, spoilage and dumping amounted to 39,879 glns.=$43,459.91 gls.
of milk valued at $342,122.58, at an average oost of $1.08.97 4 per gln.

456,997 (say $1.25) 27.Sales for the year 1966 amounted to 396,772 gilns.

valJu.ed · at $372,598.59; an aver­ age of 93,907 cenits per gallon.

EDIBLE OIL 28.Sales a,niounrt;oo to $2,807.001.45 which repres ents an increase of $217,728.73 over the previous year .

It was found � to Crude Coconut Oil valued at $74,568.96; 'this; was refined by the IIOca1 mills.
import from the Caribbean area 600 drums of 29.438 tons of Copra had to qe imported at a.pproxim!81t.ely 171h cents per pound.

This \Vas sold to the local mills at a suibsidised direct subsidy of $28,756.06.

priqe of 141h cents per pound, thereby involving a 30.In.

addition, 1451 drums of refined Soy.a Bean Oil valued at $182,306.51 were imported · from outside the Caribbean area.
31.Trading resu11ted in a Qr,oss Profit of $100,946.77 taking in'to account Operating Expenses ($51,552.70) Administrative Expenses ($68,573.74) totwlling $148,883�50 and a Nett Loss of $47,936.73 after , Copra Subsidy ($28,757.06) and .

SUBSIDIES 32.The oriiginal sum received fr<>!Dl Government by way of Sul&dy was $600,000.00.

33.The Operating Loss before Depreciation is $442,894.21 to which must be added n ($49,091.95) Depreciatio which Profit on the Sale of a Motor Vehicle the overall Trading Loss.
and Interest on Debentures ($77,147.55) totalling $569,133.71, for $100.00 is deducted, thus leaving $509,033.71 from as 34.

Th,e Subsidy of $600,000.00 $30,966.29 above the Trading Loss actually suffered.

granted t.o the Corporation was t h e r e f o r e GUYANA MARKETING CORPORATION BALANCE SHEET AS AT 31ST DECEMBER, 1966 1965 $ CAPITAL 1965 FIXED ASSETS $ 1,102,108.00 Guyana Govt.

Ale (to be issued by an issue oi 1,102,108.00 7% Debeetures) Reserve Capital Advances by Govt.
of Guyana 74,928.69 300,000.00 117,394.32 Balances Add: Surplus for '1966 for 1965 104,374.25 300,000.00 117,394.32 30,966.29 148,360.61 440,594.52 Buildings 194,227.45 Plant & Machinery 33,853.04 Furniture 13,189.52 Motor Vehicles 64,476.91 Sundry Equipment 9,518.44 Launches & Equipment Original Accumulated Net Book $ Cost Depreciation $ 477,182.88 337,451.58 $ 35,!4/70.32 441,712.56 49,909.38 287,542.20 Value 38,06Q.55 6,392.38 31,668.17 ·37,865.6017,208.22 20,657.38 80,510.16 19,680.05 60,830.11 9,639.61 1,085.l�i 8,554.48 CURRENT LIABILITIES 4"' ...,...__.,.;;;.;;;.......
;; $ CURRENT ASSETS t:,654,842.86 755,859.88 $980,710.38 S 129,745.4:8 $850,964.90 25P,919.

45 Sundry Creditors and other Credit Balance,s $1,854,350.46 306,881.76 755,826.33 Stocks & Stores ( at the lower of cost or net realisable $ value) $ $ 525,902.
47 Stock of drums on hand From: Suppliers To: Customers 36,550.0 0 Sundry Debton1 and othe-r 197,124.50 Less: Provision debit balances for Bad & doubtful ·aebts 94,$6.14 Cash at Bank 14.453.61 Cash in Hand --- $1,961�724.62 $1,854,350.4 6 164,305.00 126,890.00 37,415.00 299,012.81 110,000.00 189,012.81 33 344,092.

14,337.11 1,110.7 59.72 $ 1,961.724.6 2 Note ( 1) While the nominal be issued Order, 1963 have been agreed by the Minister Corporation, of the Debentures.
of Finance and the sueh agreement does not extend to the repayment dates under Article (2) of the Guyana Marketing value and the interest rate of the Debentures to Corporation Note (2) The· above Debentures have not yet been issued, it has been provided has not been paid thereon, and though interest for in the accounts, ' • .GUYANA MARKETING CORPORATION FINAL ACCOUNTS FOR 1966 AUDITOR'S REPORT :We have ()btained all the infortnation and explanations which to the best of our knowledge and belief were necessuy for the purposes of our audit.
In our opinion }lll'O!P8r books of account have not been kept by the Corporation, and it was necessary to make special adjust­ ments.

We have examined the above Balance Sheet and annexed P.rofit an·d Loss Account which are in agreement with the adjustments made by 118.
In our opinion and to the best of our information and according to the explanations given to us the Balance Sheet gives a reason­ able picture of the state af the Corporation's affairs as at 31st December, 1966 and the Profit and Loss Account shows· a reasonable state of the Loss for the year ended 31st D.ecember , 1966.

THOMAS, STOLL & CO .• ACCOUNTANTS - AUDITORS.

• GUYANA MARKETING CORPORATION.


gaWa - c o $ 187,499.67 $ 937,164.81 $ 376,062.59 '$ 239,705.79 1 - 1 •e t t N t 4 $ 2,807,001.45 $ 4,759,555.66 $ 4,430,695.21 4 E t k 0 r Xd4 0 •4 a c o o t - - t o r i 0 0 r t y - 1 0 0 0 0 V S ' e t i 1 f 5 c o t - .

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- 1 o 0 6 cm4 4 4 e t p b = m m r i N v i W c 6 N 4 t , n 1 t 4 n 4 0 0 0 l d O C N W O m c o c c q o m r - m t w o m v o .

c c o o m m ' 4 W N O 1 0 1 0 0 1 1 A S e t n 7 4 r .

t M l a r ; e 1 - 1 v - I m N 4 4 a O ) t m N .


: ,i 4 O 4 1 M c c 4 o O 1 t 0 C - : 0 D 4 o l c 0 c 6 2. o .

, O 1 o - o 1 t - c i 0 c 0 o 0 m c m o m 0 1 , o n c 0 - $ 189,579.75 $ 1,029,035.10 E A - s e .

$ 2,912,995.44 S 5,159,497,87 1 - 4 O i O d i 0 0 0 3.

1 0 N e i E A - G .

1 - 1 c N i 3 N .

, 4 4 4 M N .

C D c o N N , t 4 0 0 O o e M N 6 t i C D C r ; N N O o c o .

0 0 0 0 1 0 0 0 N O 0 N N 7 - f 0 0 r - I r i N C \ 1 .

N 4 6 - 1 - 1 C D 1 0 3 7 - 1 1 1 .


O 0 1 0 0 6 0 6 ' c o C O 0 0 0 0 O O N 0 0 D0 C r i t f J C ) C ) - 1 N O 1 - 1 N C D N 0 0 0 0 N O C 5 11 C D N C o O c o C ) C D I C ) r i 0 0 0 0 N d i e D 1 - 1 1 - 4 ‘ t + C o c D t o .

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N N 0 0 0 0 N N 0 N 0 6 O e f t 0 0 0 N N 0 0 0 0 '$ (253,842.23) 9 9 - 1 - 1 = 0 0 N 3 N 6 0 0 m C O 0 0 0 0 c o t o 0 N C D • • n r N i N N 0 E A , N N 0 0 O 9 3 - .

q1 N C D N • • • • n 9 9 - N 1 1 0 C V N •T H 0 0 0 0 N t f C C D O -1N 1 0 = 0 e t r N N r i c t i a ) c o $ (442,894.21) E A - .

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t T Z C o d 1 - 1 c 0 " , t - 1 0 0 0 ^ t - 0 0 1 6 • i t t 4 c • - 1 4 44 c o 0 6 • M 0 @ M M M 0 0 0 0 t - - j 0 0 N I N c o o o _c C • z 1 1 4 1 ' , 1 4 M N g * , C d F 4 e 4 C z M 0 .
C W N I N r c o i c r ) n c o 1 o 0 t o • 0 4 p i , N GUYANA MARKETING CORPORATION GENERAL PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING 31ST DECEMBER, 1966 1965 $ 904,421.40 Operating Loss Before Charging - 1916 $442,894.21 43,747.25 Depreciation on Capital Interest Indebtedness to $ 49,091.95 77,147.56 Guy,ana Government Debentures @ 7% 77,147.55 120,894.81 $1,025,316.21 Net Operating Loss 126,239.50 $569,133.71 Less:- Subsidies received from Government $600,000.00 Profit 1,255,000.00 on Sale of Vehicles 100.00 600,100.00 $ 229,683.79 Surplus for the Year $ 30,966.2 9 Deduct/ Add:- (112,289.47) Surplus/(Deficit) brought forward 117,394.32 $ 117,394.32 Balance being accumulated Surplus, carried forward $148,360.61