Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694869557461.pdf (Guyana)
MEMBERS J. H. McB.

Moore, F.C.A.S., A.C.I.l.

Chairman.

W.M.

Green, Deputy Chairman.

W. P. D'Andrade E.C.

Rodrigues A.C. Grieve Gobin Birajie M.B.E.

C.P.

B. Melbourne, Vincent Roth, O.B.E.

Hamid Rahaman V.J.

Willems W. G. Carmichael, Manager.

General L.E.

Kranenburg, Secretary.

P.C.

Yansen, A.A.C.C.A., Chief Accow1tant.

773 .. 1e REPORT ON THE OPERA TIO NS OF THE BRITISH GUIANA CREDIT CORPORATION FOR THE YEAR ENDED 30TH JUNE, 1959.
I.Accounts: Attached to this report are the accounts for the year ended 30th June, 1959, the fifth year of the Corporation's operations.

2.Loans Made: Following the practice in previous reports the month by month figures of payments (A) an appendix made against loans (B) An appendix under the main headings.

of monthly repayments.


It is interesting to note being analysed is attached showing the payments authorised, is also attached showing the amounts that while $1,656,562 was collected to the extent accounted borrowers for by the improvement whose instalments by way of repayments.

of $781,053, were overdue.

was paid out in loans during the year, a sum of $2,437,615 For the first time the amount collected the amount paid out in loans.
system in the collecting This in some measure and the following exceeds, is up of The Corporation has now paid out during the five years of its existence a total of $16,157,011 and has collected $9,082,029.

3.Housing: The amount put out on housing made to 355 borrowers, of housing on repayments mostly for the building loans was $1,115,146.

of new houses.
of new houses.

The number for the year was $822,231 representing loans The amount collected of housing estimate 300/400 loans had increased that the Corporation houses the from 292 in 1958 to 355 which again confirms each year from funds available with its present would be able to build between capital for this purpose.

4.Agriculture: The number of agricultural loans for the year totalled I 14, requiring agricultural tural loans during an expenditure machinery.
Some of this money was used for loans for with the total of $322,675 to 117 applicants.

the year 1957-1958 of $252,863.

This compares put up on agricul­ 5.Industry: The number of industrial loans is again disappointing.

They num­ ber only 19 and the amount invested was $165,600.

6.Machinery: I 958/1959 machinery value of approximately for.

These loans comprised The Corporation to the tota !value $200,000 and paid for during the year purchased In addition of $260,931.
were also approved during 84 items made up as follows:- machinery loans to the the year but not paid Engines Industry 6 Marine Engines 4 Stationary 3 Tractor/Winches l Refrigeration Plant 2 Arc Welding Plants 2 Launches with Engines 1 Lathe with Motor Agriculture 39 Tractors 5 Combines Blade l Bulldozer 8 Irrigation Pumps 8 Generators 4 Incubators .. 4 INCOME & EXPENDITURE ACCOUNT Working were $8,548 Expenses must be added $11,113 property Queenstown there was on the year's Nevertheless detailed adjustments with certain accumulated deficit of previous less than the previous year's total but to these Bad Debts actually suffered when it was found necessary and $12,471 lost on the of the building to dispose only.
working a surplus of $23,043 in the Income and Expenditure years to $16,983.

which, together reduced Account, the lt was considered to prove irrecoverable in prior years.

expedient on realisation to bring into the Accounts of certain assets pledged $175,000 a sum likely to the Corporation This figure of $175,000 represents of the total 1.08 per cent.

approximately deficit now The accumulated since its inception.

loans made by the Corporation stands at $191,983.

J. H. McB.

MOORE, W.M.


GREEN, W. G. CARMICHAEL, Chairman.

Deputy Chairman.

General Manager.

Georgetown, British 15th December, Guiana.

1959.

.. \ 783 Fitzpatrick, Chartered Graham & Co., Accountants.

P.0.

Box 37, The Demerara Life Building, Georgetown, Demerara.

21st October, 1959.

REPORT OF THE AUDITORS TO THE GOVERNOR IN COUNCJL ON THE ACCOUNTS OF THE BRITISH GUIANA CREDIT CORPORATION AS AT 30TH JUNE, 1959.
We have examined Balance which are in agreement with the annexed Account the Books of Account and we report that:- Sheet and Income and Expenditure 1.So far as we have been able to ascertain of the Corporation comply with the relative the administration 13 of 1954. of Ordinance provisions and transactions 2.In our opinion and to the best of our information given us the Balance explanations Sheet is properly and fair view of the state of the Corporation's the Statement of income over expenditure of Income and Expenditure for the year ended on that date.
gives a to the and according drawn up so as to give a true affairs true and fair view of the excess at 30th June, 1959, and 3.We have obtained and belief all the information were necessary and explanations of our audit.

for the purposes of our knowledge which to the best FITZPATRICK,GRAHAM &Co. Chartered Accountants. }

Auditors.
Auditors.

.. ' 6 BRITISH GUIANA STATEMENT OF INCOME AND EXPENDITURE 30.6.S8 SALARIES AND FEES s 91,727 66,633 5,640 s 164,000 Head Office Areas and Branches Fees .. Members TRAVELLING EXPENSES $ 7,870 10,484 1,887 Head Office Areas and Branches Members s 20,241 RENTS, ETC.

$ 92,794 66,192 5,843 $ 164,829 $ J,543 9,065 366 $ J0,974 $ 8,153 2,714 2,153 Head Office-Rent Areas and Branches-Rent 274 Peter Rose St. Georgetown-Repairs .

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etc $ 8,134 2,614 2,224 & Lighting $ 13,020 $ 2,399 PRINTING AND STATIONERY 1,438 POSTAGES, TELEPHONE ETC 1,707 LEGAL EXPENSES 5,915 GENE.RAL EXPENSES .

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7,800 AUDIT FEES 28,494 BAD DEBTS WRI1TEN OFF .. DEPRECIATION 274 Peter Rose Street, Office Premises-Grove Other Properities Furniture and Fittings Motor Car Craft 8,572 340 174 Georgetown $ $ 12,972 2,302 1,950 2,194 4,951 6,000 11,113 806 8,577 340 231 $ 9,086 LOSS ON SALE OF QUEENSTOWN PROPERTY EXCESS OF INCOME OVER EXPENDITURE TO INCOME AND EXPEND!- TRANSFERRED TURE ACCOUNT .

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$ 254,100 BALANCE AT 30th JUNE, 1958 PROVISION FOR BAD AND DOUBTFUL DEBTS RELATING TO PREVIOUS YEARS .. Georgetown, 15th December, 1959.

9,954 12,471 23,043 $ 262,753 $ 58,825 $ 175,000 $ 233,825 .. 785 7 CREDIT CORPORATION FOR THE YEAR ENDED 30TH JUNE, 1959.
30.6,58 $ 545,889 INTEREST ON LOANS TO BORROWERS s 588,415 Less: 324,649 s 221,240 Interest on Treasury Advances OTHER INTEREST $ 3,539 486 Post Office Savings Bank Government 3 % Bonds 345,545 s 242,870 $ 4,155 417 $ 4,025 4,572 COMMISSIONS, DISCOUNTS ETC.

$ 1,614 Proportion duction Banks of Interest coUected on Food Pro- Loans made by Co-operative Credit 6,333 Insurance and other Commissions .. $ 1,517 4,755 11,620 General Discounts etc.
1,365 Valuation Fees Received 7,838 1,201 $ 20,932 15,311 $ 7,903 EXCESS OF EXPENDITURE OVER INCOME TRANSFERRED TURE ACCOUNT TO INCOME AND EXPENDI- S 254,100 S 262,753 SURPLUS ARISING FROM TAKEOVER OF CO-OPERATIVE CREDIT BANKS, LESS ADJUSTMENTS .

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ADJUSTMENT OF LOAN DEBTORS CONTROL ACCOUNT S 7,094 TO ACTUAL DEBTORS AT 30th JUNE, EXCESS OF INCOME OVER EXPENDITURE FOR THE YEAR 1959 .

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ll,705 23,043 ENDED 30th JUNE, 1959 .

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BALANCE AT 30th JUNE, 1959, AS PER BALANCE SHEET 191,983 J. H. McB.

MOORE, (Chairman), P.C.

Y ANSEN, (Chief Accountant).
$ 233,825 .. ' 8 30.6.58 I.TREASURY BRITISH GUIANA BALANCE As at (a)Advances $ 9,434,317 poration for General of Cor- Purposes .. $ 9,093,417 (b)Food Production Loans made by Cor- poration: 565,683 Balances at 30th June, 1959, per Contra 581,583 $ 10,000,000 $ 9,675,000 for General $ 1,020,602 poration Credit (c) Co-operative Purposes Banks: Advances taken over by Cor- at 21st June, 1954 .. $ 1,020,602 Less: Reduction Provision per Contra in respect of liability of Debts, for Bad & Doubtful as .
,$ 50,000 $ 1,020,602 970,602 the Corporation (d)Collection by of the Treasury Loans at 21st June, 1954, less payments to Treasury (See Note J) and Interest of Food Production Adjustments on behalf $ 39,077 163,261 (e)Interest accrued on (a) to (d) $ 11,222,940 10,656 181,717 $ 10,837,975 $ 11,222,940 Carried Forward .. 975 $ 10,837, .. \ 9 CREDIT CORPORATION SHEET 30th June, 1959.
30.6.58 CURRENT ASSETS I.Cash and Bank Balances $ 45,796 42,651 221,469 7,607 1,212 Bank D.C.O ... Barclays Royal Bank of Canada Post Office Savings Cash in Hand-Head Office Cash in Hand-Branch Offices Bank S 39,327 5,208 51,043 4,246 1,218 $ 318,735 $ 101,042 11.Loans Outstanding Loans made by Corporation Development repayments for Bad and Doubtful $l75,000 Purposes, and less Provision for less Debts­ $ 9,956,349 Loans, other than Food Pro­ Loans taken over from duction Co-operative Credit repayments Bad and Doubtful $50,000 less Banks, for and less Provision Debts­ .. 188,069 $ 9,712,463 $ 97,045 Loans: Food Production (i)Co-operative of Develop- Advances made on behalf the Co-operative ment Department Societies: .
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499,666 $ 514,277 66,017 (ii)Farmers: Account Made on Treasury 67,306 $ 581,583 (iii)Co-operative Advances the Rice of Marketing made on behalf Societies: Board 89,930 67 J,513 147,362 S 10,857,463 $ 10,481,021 III.Sundry Debtors and Debit Balances $ 7,017 Charges prepaid the Corporation and debts due to IV.Investment Taken over from Co-operative Credit Banks $13,900 British Guiana ment 3 % Bonds (Market $11,120) Govern· Value $ 14,068 18,607 14,068 $ 11,197,283 Carried forward .

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S 10,614,738 .. 30.6.58 lO $ 11,222,940 Brought Forward $ 10,837,975 ll.BRITISH GUIANA RICE MARKETING BOARD 145,840 1,583 Advances Interest thereon Loans for Food Production $ 95,116 3,116 $ 147,423 IJJ.

SUNDRY CREDITORS AND CREDIT BALANCES $ 53,213 Charges poration Accrued and Debts due by Cor- 98,232 55,226 IV.CO-OPERATIVE CREDIT BANKS SHARE­ HOLDERS 238,320 Amounts Outstanding: (See Note 2) (a)Share Capital, Reserves, Undistributed etc.

as at 21st June, 1954.


$ 238,320 Profits 181,343 $ 56,977 Less: Redeemed to 30th June, 1959.

181,614 $ 56,706 22,412 (b)Dividends 30th June, 1959 Unclaimed by Shareholders at 22,412 $ 79,389 79,118 V.CO-OPERATIVE CREDIT BANKS SUSPENSE S 6,923 Surplus ments arising from takeover, less adjust- Note: J .

An amount in the region of $300,000 to the Treasury is payable by the Corporation Production June, 1954, through the Co-operative Credit of Food in respect Loans made prior to 21st when collected Banks.
2.Since no Balance Sheets of the Credit Banks were prepared date on the 21st June, 1954, it is not to determine possible the extent nor the composition liability thereof.

at the takeover of this $ 11,509,888 $ 11,070,551 Georgetown, 15th December, 1959.
.. \ 30.6.58 11 787 S 11,197,283 Brought Forward $ 10,614,738 FIXED ASSETS $ 27,971 V.House : 274 Peter Rose Street, Georgetown, penditure thereon Less: Depreciation at cost, plus ex- to date $ 38,631 $ 27,971 $ 38,631 $ 3,555 Vreed-en-Hoop $ 3,555 8,057 8,057 Grove Office Premises at Cost- 11,612 Less: Depreciation to dale 806 $ 11,612 $ 11,612 10,806 $ 12,290 loans by Corporation $ 21,586 Properties acquired to secure Less: Depreciation to dale $ 12,290 $ 51,873 21,586 $ 71,023 VI.Furniture & Fittings : $ 72,745 Head Office 7,519 Branches 5,456 274 Peter Rose St ... $ 72,745 7,577 5,445 $ 85,720 24,812 Less: Depreciation $ 85,767 to date 33,389 $ 60,908 $ 3,400 VII.Motor Car at Cost 680 Less: Depreciation lo date 3,400 J,020 52,378 $ 2,720 2,380 $ 1,207 thereon vm.
Craft: at cost, plus expenditure $ 1,207 175 Less: Depreciation to date 406 $ 1,032 $ 116,533 NOMINAL ASSETS 801 126,582 IX.

Organisation Expenses: estimates 137,2�8 of $200,000 .. s Provided for in development in J 954 to the extent $ 137,248 X.Income & Expenditure Account 58,824 As per statement attached .. $ 191,983 $ 196,072 329,231 S 11,509,888 $ 11,070,551 J. H. McB.

MOORE, }Chairman), P. C. Y ANSEN, (Chie Accountant).

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APPENDIX A.

SUMMARY OF LOANS PAID.


Agriculture Rural & Ur- ban Housing Public Officers Industry Fishing Production Aulhorities Logging TOTAL Food Local Ranching & No.

Amount No.

Amo11111 No.

Amoum No.

AmDWIT No.Amoum No.

Amount No.

Amoum No.

Amount No.
Amount MONTH 1958 4 31,868 17 24,292 3 25,lG0 I 5,503 - - 13 31,449 - - - - 38 118,212 July .. 18 33,259 13 25,670 2 13,300 1 4,642 - - l ],680 - - - - 35 78,551 August September 4 6,904 JO 12,975 7 38,300 4,893 - - 5 13,860 - - - - 26 76,932 2 4,530 9 17,450 2 16,700 t 14,531 - - 5 26,457 - - - - 19 79,668 October - 2 9,879 - - - - 48 72,818 November 16 16,454 28 20,364 I 19,502 I 6,619 - 8 21,319 29 28,705 5 34,829 2 12,730 - 400 l 1,400 - - - - 45 99,383 _ December t-.> 1959 January February March April May June 6 11,801 24 18,060 5 19,500 2 4,374 - - I 1,691 - - - - 38 55,426 7 10,555 28 37,170 6 27,400 2 4,642 - - 7 45,575 - - - - 50 125,342 12 24,469 35 59,050 11 69,364 2 20,935 - - 17 87,452 - - - - 77 261,270 902 15 81,361 - - - - 67 225,905 11 30,750 30 46,100 7 40,130 4 26,662 - 11 50,756 35 78,794 8 64,370 I 36,795 - - 2,743 - - - - 55 233,458 15 10,198 35 63,006 5 22,100 2 23,274 - - 18 111,019 - - - - 75 229,597 Total for Year 114 252,863 293 431,636 62 390,595 19 165,600 - 1302 85 414,566 - - - - 573 1,656,562 Total June 1954 to June, 1959 .. 3,768 2,775,799 7,274 5,982,936 510 2,602,359 563 2,441,984 61 129,334 2,595 1,981,893 16 96,000 16 146,706 14,803 16,157,011 * APPENDIX B.
SUMMARY OF REPAYMENTS .. MONTH 1958 July August September October November December 1959 January February March April May June Agriculture Rural & Ur- ban Housing Public Officers r odustry Fishing Production Authorities Food Local & Ranching Logging TOTAL 18,381 59,323 35,644 63,148 917 15,963 48,218 32,280 10,528 1,099 24,250 59,026 3J,41J 19,618 262 56,780 83,428 26,453 25,818 6,106 86,100 102,163 15,471 10,212 1,213 65,206 98,097 31,470 25,674 598 12,564 304 10,217 7,205 5,798 382 32,681 1,409 98,96] 2,933 131,721 1,509 125 JOO 176 909 - - 190,406 125,610 140,923 233,584 317,053 354,275 w 39,960 61,380 25,610 28,563 J,052 23,095 42,651 22,054 12,185 375 23,741 57,767 35,107 26,218 4,555 39,194 49,844 32,683 44,097 424 27,934 52,083 24,875 23,667 2,912 19,768 57,308 30,800 51,373 3,540 8 1.376 3,669 25)49 - 31,108 198 21,126 JOJ 22,890 382 20,457 3,293 235 - 140 225 - - 241,845 126,109 178,834 187,694 154,743 186,539 Total for Year 440,372 771,288 343,858 314,101 23,053 494,648 21,385 1,910 2,437,615 Total June 1954 to June 1959.
• J,667,721 3,211,996 869,462 J,37J.8J 9 68,439 1,860,260 23,562 8,770 9,082,029 -1 C"O 0