Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694869577416.pdf (Guyana)
,.

.

'��GUYANA AGRICULTURAL COOPERATIVE DEVELOPMENT BANK ANNUAL REPORT & ACCOUNTS 1977 REPORT OF THE CHAIRMAN During 1977 the Guyana Agricultural Co-operative Development Bank approved loans totalling $31.6M, a sum which is greater than the cumulative approvals for the period 1973 — 1976.

This provides strong evidence of the Bank's growing role in the development of Agriculture in Guyana.
To enable the fulfilment of such a heavy lending programme the Bank had recourse to an $18M loan contracted between the Government of Guyana and the Canadian International Development Agency (CIDA) for the development of the sawmilling and logging sub-sector of the forestry sector.

In addition the Bank itself borrowed directly from the Caribbean Development Bank (CDB) sum of $10M for onlending to the Agricultural Sector.
The Bank's geographic distribution of loans emphasises development of Agriculture in all the regions.

In this connection it should be noted that since its inception some 36% of total appficattGes approved were in respect of the Essequibo Region, some 34% in respect of Demerara and West Coast Berbice, some 25% in respect of East Berbice with the remainder distributed among the North West District, Bartica and the Interior and the Rupununi.
There is an additional point which needs to be stressed in the present financial circumstances of the economy and that is that prompt and adequate repayments in respect of loans made are essential to the Bank's operations on two grounds.

The first is that the Bank's viability must be demonstrated to the International lending Institutions if the latter are to be encouraged to lend for the development of the Agricultural Sector in Guyana.
Beyond this, however, repayments by borrowers form an increasingly important source from which the Bank could onlend to other potential borrowers and thereby promote faster growth in the Agricultural Sector.

On behalf of the Board of Directors, I wish to place on record our sincere thanks to the staff for their hard work and dedication during 1977 and we look forward to their continued co-operation in the year ahead.
Winston Murray CHAIRMAN 1 REPORT OF THE MANAGING DIRECTOR , 1977 is the Fifth Year of existence of the Guyana Agricultural Co-operative Development Bank and is a year where unstable development took place.

It was in February of 1977 that we saw the establishment of the Co-operative Finance Administration.

The function of the Administration is to exercise supervision and control over the Financial Institutions established under the Co-operative Financial Institutions Act 1976.
1977 also saw the Bank expanding further in the field of agricultural credit.

AGRICULTURAL CREDIT PERFORMANCE DURING 1977 GENERAL REVIEW: In 1977, the Bank granted loans totalling $31.6 Mn.

to 958 applicants compared with $7.7 Mn.

to 1,341 applicants in 1976.

The 1977 loan amount indicated a percentage increase of 310 over the 1976 loan portfolio.

The cumulative total approved since the Bank began operations amounted to $56.4 Mn.

representing an increase of $0.4 Mn.


or 14% over the 1976 figure of .$2.8 Mn.

Investment in the livestock sector, primarily for beef and dairy, amounted to $7.6 Mn.

compared with $2.1 Mn.

in 1976, a rise of $5.5 Mn.

or 261%.

Funds committed to the forestry sector, mainly for the rehabilitation of the sawmilling and logging sphere, totalled $20.4 Mn.

as against $1.0 Mn.

in 1976 an increase of $19.4 Mn.

Investment in the fishing and shrimping sub-sector declined by $0.3 Mn.

from $0.7 Mn.
from $0.7 Mn.

in 1976 to $0.4 Mn.

in 1977.

Only one loan was granted for deep sea fishing because of lack of interest by applicants caused by the high operational costs in trawling for shrimps.

Seven Co-operative Societies had loans approved in 1977 amounting to $3.0 Mn.

of which $0.7 Mn.

was to be used for logging; $1.6 Mn.

for dairy; $0.1 Mn.

for beef production; $0.1 Mn.

for rice harvesting and $0.5 Mn.

for mixed crops and livestock.

Funds disbursed during the year totalled $7.3 Mn.


(including Lines of Credit) the highest level since 1973; an increase of $1.5 Mn.

over the 1976 figure of $5.8 Mn.

In addition to $7.3 Mn.

disbursed, a further $18.0 Mn had been fully committed to purchase machinery and equipment to be used in the forestry sector.

Of the $31.6 Mn.

approved in 1977, $3.2 Mn.

was committed to arable and tree crops, Of the total funds disbursed $2.0 Mn.

was expended on crop development of which $0.3 Mn.


2 In addition, increased operations and land was used for drainage and irrigation and $1.8 Mn.

to provide inputs clearing , materials, fertilisers, viz.

planting insecticides small implements and tools, replacement of tractors, steer to small rice farmers.

mainly in the rice industry and providing A total of $4.0 Mn.

was spent in the livestock sector of which $2.4 Mn.

was used to provide pig of lands, pastun, Development and broiler feeds.
improvement for $1.0 Mn.

and fencing and $0.6 Mn.

was spent on acquiring construction pen equipment.

and purchasing accounted stocks, The fishing sector accounted for $0.3 Mn.

boats with to equip fishing which was utilised engines, fishing gears.

constructing In the forest� sector $0.9 Mn.

was used to new boats and providing replace out-moded machinery and equipment.

the year.
the year.

Fish production throughout but shrimp output remained at about the same level when compared with 1976. improved, of building by which more its programme framework could be reached and during the year The Bank continued up an operational farmers opened· a new Farm Credit Office at Wauna in the North West District, Mabaruma and Kumaka bringing in the country to twelve.

units for land and water transport tbe Bank's fleet.
and temporary offices at the overall were added to total Apart from the coastland, regular visits were made to appraise and supervise loans in the Rupununi, Demerara, and Abary Rivers.

terms of both the material interior Berbice, Canje, Mahaica, points and the Pomeroon, Mahaicony These services were expensive and human resources.
in During the year the Bank continued prominent to operate among within certain constraints, which were: In 1977, the Bank was appointed trustee of the Association (World of the for development Development Development The Bank was successful International Bank) Fund to be invested beef and dairy industry.

a second loan of $10.

Mn.

from the in obtaining Bank to be used mainly in Caribbean the agriculture sector and $18.0 Mn.
from the Canadian International Development invested concluded Economic lending in agriculture, started with the Inter-American Development Bank for a $10.0 Mn.

loan for lending Crop sub-sector.

sector.

Negotiations for a $2.0 Mn.

loan from the European Community while discussions had for small to medium term in the torestry in the Food Agency to be were 1.
The integrated approach among relevant h ad showed some signs of agencies improvement, but was considerably the level expected more meaningful agricultural for the Bank to play a role i n p r o viding credit.

below 2.

The non-availability of some essential inputs with 1976.

The Bank's to $4.3 Mn.

compared Overall fishing $0.5 Mn.

and rate improved pertormance in 1977 was agricultural much better in comparison collection with $1.9 Mn.

in 1976.
in 1976.

Crops accounted for $1.3 Mn; livestock sawmilling/logging $1.9 Mn; $0.6 Mn.

A review of the agricultural and farmers to cultivate performance the year revealed that favourable conditions prevailed of the opportunity attend to livestock.

recorded when compared with 1976 for most crops with the exception fall of about 91,000 332,460 tons.

mainly to labour problems of the year.


of sugar which showed a tons from the 1976 figure Substantial took advantage their crops and were increases of was due The reduced production during the last quarter during weather private Nevertheless, cane farmers' production 3.

The operational costs for providing the crop credit to small loans, especially p ig feed credit schemes had increased significantly.

services and 4.
services and 4.

The meagre difference between rates of interest the lending operational on funds borrowed by the Bank and rates to farmers decisions.

had affected 5.

Non· av ail ability of technical increased staff turn-over.

staff and showed an 35,025tons in 1977. increase from 34,744 tons in 1976 to products With the exception of pork, production of other livestock than in was less favourable eggs and chick supplies were 1976.
Hatching curtailed mainly through in the U.S.A. With the record marketing of pork, were evident and distribution unfavourable production problems conditions to be a lack of appreciation 6.

There continued by some farmers on the role of the Bank.

An analysis, o n t h e r easons f o r loan withdrawal/rejection that there was a positive association o f i n te r e s t b y a p p l i c a n t s of loan applications.
withdrawal/r between lack a n d in 1977, revealed ejection 3 at store5 in Georgetowm and at production not to rrention the increased location£, prices, was another factor which had severely curtailed those circumstances b etween s u s p ending disbursements d e p e n ding on the situation, staggering d i s b u rsements t h u s creating further bottlenecks the Bank's activities.

the Bank had to choose in its operations.

or, In 7.
or, In 7.

Funds for providing loans under the Crop the Pig Feed Credit from other sector since there was a restriction Credit Programme, Scheme and most other loans less than from $ 5,000. were obtained entirely surpluses on investments loans, of foreign evaluation returns $819,000 in 1977. loan funds for those purposes.
on the cost for servicing from those loans showed a deficit An and of on the use LOAN PROGRAMIIIE As from July, 1977, a new lending procedure was introduced by the Bank under p rogramme with the objective emphasis on project additional tests, feasibility of placing formulation and was made.

before an appraisal its normal loan visit it was envisaged, approved in relation that the ratio of Consequently, applications to the amount processed would be higher than that obtained in the past.
The system would also operational speeding farmers.

costs of loan appraisals up and providing timely credit to minimise on ttle In 1977, a significant proportion of the loan processed, was considered because of the nature and more intricate and applications magnitude, complex and needed indepth appraisal Hence, although less applications when compared with 1976, the volume of funds was significantly higher.

on the loan situation for the period 1973 -1977. were approved techniques.
Table 1 provides details and allow for TABLE 1: LOAN APPLICATtONS AND APPROVED 1973 - 1977 RECEIVED, PROCESSED ITEM S 1973 1974 1975 1976 1917 1973-1977 No.

ApplicatiClllS Received 1,304 1,317 1,603 2,257 1,252 7,733 No.

Applications Processed 351 1,380 1,359 2,641 1,573 7,304 TOTAL No.

Applications Approved 587 1,341 958 3,603 $Mn.

3.6 7.5 6.0 7.7 31.6 56.4 Amt.

Approved Amt.

D'Bursed $Mn.

1.8 4.5 5.1 5.8 7.3 24.5 216 501 A further $ 18.0 Mn.
was committed on orders The following loan applications table shows the distribution by regions:- of TABLE 2: DISTRIBUTION OF LOAN APPLICATIONS BY REGIONS 1973-1977 REGIONS Applications Applications Applications Pending as Received Rejected Approved at31.12.77 No.

$ NO.

$ No.

$ No.

$ NORTH WEST DIST.

277 1.8 88 0.7 124 0.9 65 0.2 2,713 21.6 1,242 14.3 1,303 5.8 161 1.5 ESSEQUIBO DEM.

l nclud.

W.C. BCE E. BERBICE BARTICA & INT.


POINTS RUPUNUNI 3,196 56.3 1,854 26.9 1,225 25.0 117 4.4 1,460 12.9 494 7.1 904 4.3 62 1.5 73 20.7 21 0.5 41 20.2 11 0.04 14 J.3 2 0.07 6 0.2 6 0.07 TOTAL 7,733 113.7 3,701 49.6 3,603 56.4 429 7.7 4 Table 3 gives details on lc;>an size.
TABLE 3: DISTRIBUTION - 1977 AND APPROVED 1973 OF LOAN APPLICATIONS RECEIVED LOAN RANGE Less than$ 2,000 5,000 2,000 5,000 10,000 10,000 20,000 20,000 50,000 100,000 50,000 100,000+ Total Received 1973-1977 Total Approved 1973-1977 No.

% 2,767 36 1,940 25 893 12 839 11 493 6 139 2 107 1 No.

% 1,888 53 25 891 291 8 267 7 171 5 1 44 51 1 Unspecified 555 7 TOTAL 7.733 100 3,603 100 SECTOR LOANS Guyana Agricultural Bank since its inception, in all the principal forestry.
these sectors are provided Co-operative Development loans and The total loans made by the Bank in had been granting sectors of agriculture in Table 4.

TABLE 4: DISTRIBUTION AND 1973 - 1977 OF LOANS BY SECTORS, 1977 SECTORS 1977 'OOOG$ 1973-1977 'OOOG$ 1.

AGRICULTURE 9,917.5 24,011.8 ( 1) Annual or Short Term Crops (2)Tree Crops (3)Livestock 2,973.8 13.422.0 63.5 6,880.2 618.5 9,971.3 2.

FISHING (mainly shrimps) (1) Trawling (2)Inshore/Offshore 367.7 367.7 5,660.2 2,989.2 2,671.0 3.
FORESTRY (1) Logging (2)Sawmilling 2,551.3 1,561.7 989.6 5,686.9 3,016.8 2,670.1 4.

SPECIAL PROJECTS 18,694.2 19,854.8 ( 1) Crop Credit (2) Pig Feed Scheme (3)C.I.D.A.

-Logging/Sawmilling17,891.6 17,891.6 185.2 617.4 416.9 1,546.3 5.

MISCELLANEOUS 92:0 1,215.1 TOTAL 31,622.7 56.428.8 5 D ETAI LS ON SECTORAL INVESTMENT DURING 1977 The Bank continued 1977 on supervision projects which were financed.

Funds disburss to intensify and evaluation in aspects of its etforts during the year aggregate operations.
provided amounted of $24.5 Mn.

since to $7.3 Mn.

the Bank began areas of investment The specific by categories: hereunder reaching are an INVESTMENT AREAS NO.

AMT.$ ACREAGE BENEFITS Tractors Oxen (No.

Pairs) Combines Estab.

Crops Land Development 13 Misc.

Services 34 38 2 7 936,413 69,225 200.474 81,087 84,606 102,286 5,100 360 1,000 285 750 TOTAL 1.474.091 7.495 ANNUAL OR SHORT TERM CROPS: RICE: Number of applications approved amounted to 118 for $1.8 Mn.

in comparison 141 for $1.4 Mn.

in 1976.


Funds disbursed during the year amounted to $1.5 Mn.

and were distributed in 1977 with as follows:- For the period 1973 -1977, the sum of $6.7 for use in the rice approximately 34,000 Mn.

had been disbursed acres of industry, rice land.

Of the total, $3.9 Mn.

was spent on 175 tractors which were expected to service 18,000 benefiting in land services.

total of $0.3 Mn.

was expended of 1.400 acres of rice I and and provide acres annually.
A to purchase 188 pairs oxen to assist preparation The sum of threshing and transportation expected to $0.9 Mn.

was spent on 17 combines, 150,000 bags of harvest 8.400 acres or threshing paddy per annum.

The sum of $1.1 Mn.

was used and for providing to 5,500 acres while $0.6 Mn.

establishing crops was used to purchase small equipment sprayers etc.

and provide other miscellaneous services.

drainage and irrigation facilities viz.


pumps, APPENDIX 1 shows an analysis main purpose for 1973 - 1977. of investment by 6 SUGAR CANE: Funds disbursed purposes:- following to sugar cane farmers in 1977 amounted to $0.3 Mn.

and were used for the INVESTMENT AREAS NO.

AMT.$ ACREAGE BENEFITS Establishing & ing Crop Maintain Land D11velopment Tractors Transportation Others 41 15 and implements 2 8 70,649 87,053 54,633 20,398 30,127 273 109 87 TOTAL 66 262.860 469 For the period 1973 - 1977, $1.6 Mn.
was LIVESTOCK disbursed to cane farmers and approximately 3,400 acres were likely details provides for the period 1973 -1977. to benefit.

APPENDIX 2 OTHER ANNUAL OR SHORT TERM CROPS New loans approllld for plantains, bananas, $869,694.

ground proviSion and mixed crops vegetables, tQ1Jlllad 121 involving amounted to $239,647 of which $81)367 was spent , for the cultivation $124,255.

vegetables for ground provision; and $14,095 for plantains/bananas.
of mixed crops; Funds disbursed $19,930 for The main arks of investment were in the North Pomeroon, West District, Bank, Essequibo.

Acreage financed for ground provision 1, 1QO for 1916 aQd 1977. alone amounted to Essequibo and East 650 aggregating to TREE CROPS Only fourteen (14) applications were approved of in 1977 for th.e establish.ment/reh.abllitation tree crops on farms amounting to $63,498.

disbuned for on-going projects totalled $40,281.


The m a i n areas o f. expenditure were on lnfrastructu !IROILERS ral works.

Funds FISHING & SHRIMPING SHRIMPING Approval to one ( 11 unit involved in shrimping was approved giving an overall total during 1973 - 1977 to eight 181 and funds approved to $3.0 M n. of which $2.9Mn.

was disbursed.

FISHING· LAYERS The sum of $304,862.


was disbursed during 1977 of .which $19.6,008 for 47 boat engines to small fishermen, $32,372 six1H:n ( 161 fislling boats and constructing was invested to provide OTHERS Twenty-four (24) new applicatioos were 21.8% of the toial funds approved a p p r oved d u ring t h e year for $6.9 Mn.

representing the year.

The cumulative period 1973-1977 amounted to $10.0 Mn.
BEEF AND DAIRY for total approved for the Thirteen ( 13) new loans were approved f.t,r and of this amount a major part is to $6,390,727 be funded by the International Association.

Amount disbursed $1,227,842.

of stocks, infrastructural PIGS to be used mainly pasture development, for.the fencing t o t a lled work.

purchasing and other Development Marketing of hogs was very unstable during the year and only two new loans were approved for $26,782.
which were used for the following Funds disbursed amounted to $274,868 purpose s:- stocks $6,107; improving housing Purchasing and sanitation $9, $2 ,473; pun:hasing 199; purchasing equipment feed $257,089.

.

Funds disbursed during the year totalled $289 ,575.

Of this amount $227,105 feeds and p un:hesing chicks, $54,076 was expen ded on the pun:hese of equipment and the construction of new pens and $8,394 was uSt!

'd for miscellaneous was used for inputs.. $84 ,778 was disbursed in 1977.
Of the total •.606 was used for feeds and the purchase of was spe nt on providing ehlcks, $14,817 new pens inputs.

end $7,366 was used for ·miscellaneous .$76,482.

for J)Un:hasing fuel and fishing gears.

$275,098 was disbursed for other livestock APPENDIX 3 gives details period 1973-1977. enterprises and feeds.

on investment for the to be used mainly for pun:hasing stocks 7 CO-OPERATIVE SOCIETIES In 1977 loans amounting to $3.1 Mn.
were approved The total for to 7 Co-operative the period 1973 - 1977 reached $5.0 Mn.

33 Co-operative involving membership Societies.

Societies of 1,008. with a total harvesting facilities to 2,400 acres of land provide per annum.

Three Co-op.

Societies undeveloped providing infra$tructural funds.

Three applications for logging/sawmills for bringing were approved the sum of $100,100 to 6 for $989,416.
lands under rice cultivation by works through loan in 1977 the total approved brought of which 4 of them specialised Nineteen Co-operative Societies rice cultivation machinery services.
providing r i c e land were expected investments made during 1973 -1977. were engaged in in Over '6,000 aeres �f from to benefit d issatisfaction Co-operative ( 1 I Management T h e B an k continued to point out its on the performance of some and(2) lack of interest by members as the main Societies and identified -- Funds disbursed tractors services and implements, and 3 combines which are expected were used to purchase 4 trailers 20 for transport to The following to Co-operative constraints table gives the distribution of loans Societies by main activity.
DISTRJBUTIONOF LOANS TO CO-OP.

SOCIETIES BY MAIN ACTIVITY 1973 -1977 1977 1973-1977 ACTIVITY Loans Appr.

No.

Amount Loans A.mount Appr.

$ Appr.

Appr.

No.
$ Appr.

Appr.

No.

$ Rice 1 Logging/Sawmilling 3 Mixed Farming 1 Cattle 2 Sugar Cane Fishing 110,474 19 700,700 6 530,000 3 1,717,873 3 1 1 1,177,779 989,416 606,724 1,779,063 394,915 73,500 TOTAL 7 3,059,047 33 5,020,397 SPECIAL PROJECTS CROP CREDIT SCHEME The Bank, conscious for the development in 1976 by I iberali of its role in providing of agriculture, sing its loan with the introduction credit facilities experimented making procedures Crop Credit Scheme for small scale farmers.
of a in the far-reaching especially, of maize, black-eye the production bitter cassava, yams and sweet potatoes.

areas and to step up peas, peanuts, By the end of 1977, a total of 864 loans was made under the scheme involving cultivating 4,400 acres land.

for $264,622 The requirements for a farmer to qualify for a loan are:- 1.He should have land; and 2. he should be willing to supply family labour.
A maximum credit limit was assessed per acre and per crop and was used as the basis for the total loan amount depending establishing the proposed acreages to be cultivated.

Hence, no elaborate securities financial demanded.


analysis was required on and no The objective c r e d i t facilities of the programme Wi!S to make more accessible td farmers, It was assumed that the programme would have had a high cost to return ratio because of the remote location of farms, As s e r v i cing, supervision and collection envisaged a consequence, were proposition.
to be an expensive This was evident at the end of 1977 when an position evaluation of the financial showed a deficit of the objectives moderately successful.

The following provides of $237.000.

However, the Bank was of the programme table output for 1976 and 1977. of the scheme in terms the projectl!d 8 CROP CREDIT SCHEME -PROJECTED OUTPUT, 1976 & 1977 CROPS & AREAS CORN Pomeroon Berbice Rio.

Canje Rio.

1977 1976 TOTAL Ac.

'000 lbs.

Ac.

'000 lbs.

Ac.

'000 lbs.


6 6 1,504 2,256 369 554 540 540 546 546 824 824 2,328 3,080 - - 369 554 TOTAL 1,879 2 ,816 2,816 1,364 3,243 4,180 BLACK-EVE PEAS Pomeroon 8.8.

Paider Berbice Rio.

Canje Rio.

38 63 - - 3 5 7 12 201 120 264 250 150 250 150 16 27 13 22 - - 12 7 159 TOTAL 80 48 473 283 553 332 PEANUTS North West Dist.

.OTHERS .,Pomeroon North W. Dist.


23 23 48 48 71 71 49 392 13 104 - - 445 3,560 494 3,952 13 104 TOTAL 62 496 445 3,560 507 4,056 In assessing the performance of the scheme, the Pomeroon was the first district in the response of the maize farmers in the Canje B a n k was very much encouraged by the enthusiastic Berbice River and, to a lesser extent, River.

It was estim11ted projected output would be achieved in those areas.
Major setback to the programme experienced the grading system used and the haphazard collection was the difficulty their crops, that over 90% of the by the farmers of repayments on behalf of the Bank.

the Bank was disheartened in selling However, about the.

scheme was tried.

but despite sucr.essful very unsatisfactory.

The response crops, loan recovery was where the was oven/Vhelming and ·In 1977, five trips were made in the Berbice E'ighty spray cans were imported tor Canje Rivers.
.distribution were purchased the area while cheques for land clearing tending crop operations to maize farmers, to and on site.

a Farm Credit In the North West District, 632 pieces of tools were disbursed in Georgetown and transported performance in the Black Bush Paider.

Only about 40% of the black-eye crop was achieved in 1976 due to non-availability Some material.
of planting farmers who had their land prepared permission to plant VQ98tables and successful crops of a were reaped but the lack of appreciation significant number obligation programme.

had jeopardised the expansion were given of the of them to honour their at Wauna.

Twenty were purchased and transported peanut crops.

on the scheme were Service Office was established tons limestone the area Fertilisers made available on behalf of the Bank.
tor the 1976/1977 the Ministry by farmers required through to of Agriculture The credit supervisors, to farmers' stationed requests and supervised attended i n t h e Pomeroon • River.

The expenses for procurement, were absorbed by the Bank.

at Charity, farms transportation and disbursement In the North West District, 80% of an estimated viz limestone the crop was reaped.

Lack of inputs, and planting delay and amendments had to be made to the operational schedule.
caused unnecessary material, APPENDIX 10 provides data on amount approved and disbursed in 1976 and 1977.

9 PIG FEED CREDIT SCHEME The Pig Feed Credit Scheme was absorbed by it had the Bank in December, 1976.

Previously, been supervised By of Agriculture.

by the Ministry the end of 1977, 504 loans were made totalling $1.5 Mn.

Disbursement which included a proportion amounted to $1.9 Mn.

of re-cycled funds.

teed.


An interview were receiving that 419 farmers of 383 or 91% of them was conducted data and to permit an analysis changes and to derive indicators performance.

to measure the to gather on inventory The following table shows the changes in inventory over one year.
An inventory taken tor the year 1977 showed CHANGES IN INVENTORY -PIG FEED CREDIT AUDIT SCHEME INVENTORY INVENTORY DEC.1976 1 Year after DIFFERENCE CATEGORIES 346 BOARS 2,313 sows 4,711 WEANERS FATTENERS 2 - 4 Mths; 4,557 3,239 FATTENERS4·-6 " FATTENERS 6 · 8 " 3,105 FATTENERS 8 + .. 1,218 246 1,619 3.411 3,379 3,282 2,958 650 - 100 - 694 -1300 -1178 + 43 - 147 - 568 3 944 TOTAL 19.489 15 545 From the analysis it was observed that the sow by 694 or 30%.
In December, declined population 1976, the number of sows on farms totalled compared with 1,619 in December, 1977.

The overall terms $442,000.

less than the year before.

383 farmers interviewed reduced stocks when compared h erd composition was 3,944 or in value 244 or 64% had reported 2,313 Ot the with a year earlier, For Essequibo farmers, to distribute pig feed to pig were on the scheme.

A total of 165 farmers transport and the Bank continued purchase, rearers receiving feed as at December, 1977.
The number of breeding stock declined while the total herd composition when compared with the inventory before.

by 38% was 23% less one year There was a constant complain from pig rearers on the discriminatory ho Further resulted their system of purchasing in the industry inefficiencies trom:- 1.

Farmers had to wait tor considerable periods before they were paid for hogs and 2. pig rearers had to keep their hogs .for long periods weights incurring after they had obtained ddditional costs.
marketable The marketing problems c aused great among pig rearers frustration adversely and this l)as of the scheme .. A mount of principal outstanding the performance affected as at December, 1977 was $0.8 Mn.

about 50% of the 10 value of stocks.

In many instances less value in stocks than their outstanding balances.

borrowers had T h e cost of servicing the scheme was significantly of $262:,000 deficit to the.

Bank.
Bank.

higher than the returns resulting in a FINANCIAL OPERATIONS INCOME During 1977 income from operations increased $1,843,663.

by some 35% on our 1976 income and amount to approximately Areas of increase and other were from appraisals quite a fees, as ii:i 1977 the Bank had appraised few sizeable loans.

Also, the interest on loans and by some $300,000.00.

advances increased was also a substantiat from rents and other income in 1977 over the 1976 figure.
The was the taking over of major cause for this increase the Livestock Project Bank and for services this project.

EXPENSES Division rendered from the Central by the Bank for increase There There was a sharp increase iri expenses in 1977; as high as 71 % abov.e an increase of approximately $1.439,544, amounted to $2.465, 122. e�penses for 1977 The major areas of the 1976 figure increase were in the interest other operating expenses.
expense, salaries and is mainly due to the retroactive payout which was announced few increases in staff numbers.

minimum wage in 1977 and also a Interest expense increased from $397,589 to $604,418.

an increase of 52%, approximately.

The major amount of interest Development was paid to the Bank which totalled more expense on two loans which Caribbean than 80% of interest the Bank acquired from them.

Salaries expense moved from approximately $574,805.

in 1976 to $816,068.


in 1977 and represents a 42% increase in salaries.

This increase In 1 976 t h i s e x penditure amounted to $467,159 while in 1977 the figure approximately for our operating expenses amounted to just over $1,044,635.

Under closed scrutiny the major in the following increases were accounts.

The major jump in expenses was under the heading "Other Operating Expenses" which increased 123% over the 1976 figure.
by approximately SELECT,l:D OTHER OPERATING EXPENSES (Local) Charges and Subsistence Expenses Training Expenses Electricity Travelling Motor Vehicle Stationery Motor Vehicle Charges Telephone Computer Rental Security of Premises Pig Feed Expenses Provision for Bad Debts and Supplies Insurance 1976 $ 5,188.04 14,510.04 28,700.85 83,977.59 26,542.62 17,000.00 17,391.09 7,225.00 10,807.49 1,262.08 150,000.00 1977 $ 17,669.16 3 4,065.74 66,283.19 118,464.99 47,968.55 23,107.50 25,631.12 36,300.00 50,510.54 10,088.33 500,000.00 362,604.80 930,089.12 INCREASE OF 157% TRAINING EXPENSE Training Expense increased by some 240% ovei the 1976 figure.
The Bank, because of the more complex nature of loan applications continually levels efficlency .· '=' received, is programmes for all a higher degree of of staff in order to display running training During 1977, training for Bank staff was of the Canadian by the assistance Development supplemented International partly for a training one of their officers Assistance was also received from the Caribbean Development for the Bank's Credit staff.

programme run in Guyana by Agency which paid Bank.


ELECTRICITY CHARGES Electricity charges in 1977 increased by 150% and was $34,065.

The Bank had moved its 11 operations to new premises thus, increased expense also the increased Guyana Electricity Corporation.

rates made by the TRAVELLING & SUBSISTENCE (Local) In 1976 t h i s expenditure amounted to $28,708.85, while in 1977 the figure mounted to 127%.
$66,283.19, an increase of approximately for This increase was due to the increased cost accommodation and meals paid to the staff and also the increased level of travelling Officers regarding supervision and loans.

by Credit appraisals of During this period the Bank went into more remote areas and in some instances, spent some two straight weeks working and operating in the Berbice and Canje Rivers this large increase in expenditure.
which also accounted for MOTOR VEHICLE EXPENSES There was a 40% increase in motor vehicle in acquiring in 1977 because of the increased price of with and high cost for spare parts coupled expense petrol the difficulty In some instances, parts.

spares in the United States and air freight Guyana so as to ensure that the operations institution increase in this expenditure.
some of these spare could continue the Bank had to purchase smoothly, hence the them to of the of many threats account to pilfer break and property entry.

and attempts of the Bank or attempts by persons of is only some of the direct expense the Pig Feed Credit Scheme and as the whole Pig Feed Credit PIG FEED EXPENSE This expense for running indicated Scheme has shown a deficit The $10,088.33 represents th rough damage.
salaries, earlier, reflected wages and loss of pig feed in 1977 Accounts of some $261,000.00 an 84% increase in in the price of STATIONERY Due to a constant and supplies AND SU_!

'PLIES increase in 1977, in this area is reflected would have been much higher if in 1977.

This the on most of its printing equipment and also move to the use of in most of its operations.
The many that are necessary for the stationery expenditure expenditure Bank had not done Gestetner newsprint forms and vouchers smooth running been reviewed and minimised levelling periods.

off of this cost during inflationary of the Institution have constantly so as to have a reflect in real terms it Operations for the period 1977 a deficit in some However, resulted had not these been carried on the operations on by the Bank, we would of some $763,593.13.
was shown that our loss on loans under $5,000.00 and Crop Credit Pig Feed Credit $819,000.00 whereby in effect operations have shown a surplus is difficult the service and Pig Feed Credit which all have social and economic value to the nation and the economy.

One must, however, only measured Institution on the economy both socially by its operations.
note that performance in a Developmental like the Bank, but also by the impact to see how the Bank could not provide Crop Credit of loans under $5,000.00 by surpluses in 1977.
It is not MOTOR VEHICLE INSURANCE and economically The 35% increase reflects insurance costs in vehicles which Project the direct 1977 and the addition were formerly under in of a few Division increase the Livestock TELEPHONE CHARGES to Telephone charges in 1976 amounted to $25,631.12 in 1977. for this $17,391.09 There were two factors increase:- and increased which accounted 1.The increase of rates put out by the Guyana Telecommunications Corporation of telephone services and 2.the expanding outlying offices communications rural districts.
so as to maintain in the with our offices to our constant COMPUTER RENTAL Computer rental in 1976 amounted to a small In the coming year the Bank intends to expand nature in the Crop Credit area by some from the Inter­ Bank.
At the same time, earlier, of, has had projects and management is closely its operations three to four million dollars American Development the Bank, as mentioned a more compl�,c watching t h e balance between these two operations The Bank will have to continue some more large projects equilibrium and the profitable for the small farmers.

to its Board of Directors review.


with a view of at least breaking to market for operations those ones which will support put the Bank has for this same question the small lending so as to have this At present, between even.

while in 1977 it amounted of some 414%.

The increase understated an increase amount of $7,225.00 to $36,300.00, reason for this tremendous 1976 figure is highly not pay for services inoperable 1977 figure rental.
SECURITY OF PREMISES during for a long period charge is a more realistic since the machine was that year.

The for computer projects In 1977, the Bank continued many and has been actively to play its role within the community and support&d community in other spheres The staff have been generally and must be complimented dedication management objectives and support which they have given in the last year so that our aims and to be realised.
of activity continue as the Bank did is that the for their continued involved other than agriculture.

of great assistance Security of premises has risen by 354% and is mainly because the Bank has now moved to a new location security Bank has had to double-up twenty-four Also in other areas on its security and has to provide for its premises.
hour the on The Board of Directors have also played an i m p ortant role t o wards t h e continued development Management support we received of the Bank and on beha If of and Staff, thanks to them for the in 1977.
12 M. Johac Yew SIGNATURE APPENDIX STATISTICAL ANNEXE made in the Rice Industry made to Sugar Cane made in the Fishing Investments Investments Investments Loan Approvals, Loan Approvals, Disbursements and Disbursements Repayments 1977 and Loans fully repaid- Industry 1973 -1977 Distribution Distribution Distribution Distribution Crop Credit Loans approved of loans by regions of loans approved of loan applications of loans approved 1973 -1977 by types and received by quarters and disbursed areas, by regions by quarters 1973 -1977 1973-1977 1976 and 1977.
13 1 4 X o _ 5 0 > - 0 * * E 3 C 0 c — , , , .

0 _ 0 L O 3 : 6 4 n I — .

c 0 , c o - v c e j, — .

0 .

0 " a / 72 4 - C a 0 C o g .

O • .

2 c y j 2 c i " .

c o I n E N c o o- O c t 0 41 ) c 0 > c o 2 E o .

- C 0 C c 0 N .

• 8 E 0 y .

s C L 7 c o ' 0 - 0 C O S g 5 p p U C • • • - - w C C C O C 0 4 - t i • APPENDIX 2 INVESTMENTS MADE IN THE SUGAR INDUSTRY, THROUGH LOAN DISBURSEMENT, TO SUGAR CANE FARMERS CLASSIFIED BY MAIN PURPOSE ' ' PURPOSE 1977 No.

$ 1976 No.

$ 1975 No.


$ 1973n4 Total 1973-77.

No.

$ No.

$ • ESTABLISHING CROPS & MAINTAINING t 41 70,649 12 46,992 17 194,913 18 312,205 88 624,759 ACREAGE BENEFIT 273 192 411 462 1,338 LAND DEVELOPED, INCLUDING D. & I.
15 87,053 10 81,821 6 33,827 5 169,116 36 371,817 ACREAGE BENEFIT 109 200 146 350 805 -CJI ACQUIRING DEVELOP & ESTABLISH LANDS, CROP - - - - 3 7,780 4 23,200 7 30,980 ACREAGE BENEFIT - - - - 11 34 45 TRACTORS AND IMPLEMENTS 2 54,633 5 122,234 5 86.401 7 127,863 19 391,131 ACREAGE BENEFIT 87 207 165 456 915 TRANSPORTATION CANE CARTS AND TAAi LERS 8 20.398 15 24,860 6 11,358 6 14,444 35 71,050 BULLDOZER ACREAGE BENEFIT - - - RS) OXEN (NO/PAI ACREAGE BENEFIT - - - - - - - - - 1 1,978 - - 3 - 1 41,659 1 41,659 300 300 2 3,100 3 5,078 10 13 MISCELLANEOUS 30,127 4,824 11,540 46.491 TOTAL 262,860 282,699 345,819 691,587 1,582,965 ACREAGE BENEFITS 469 602 733 1,612 3.416 APPENDIX3 INVESTMENTS DISBURSEMENT, MADE IN THE FISHING INDUSTRY THROUGH LOAN CLASSIFIED B'Y MAIN PURPOSE, 1973/.74 PURPOSE NO .. $ NO.
$ NO.

$ NO.

$ NO.

$ 1977 1976 1975 1073n1J 1973 -10n Out-Board and Marine E11gines 47 196,008 53 250,964 36 225,606 20 163,345 156 835,923 Construction of Fishing Boats 16 32,372 25 42,881 16 40,913 14 38,220 71 154,386 Fishing Gears, Fuel, Lubricants 76,482 95,394 50,485 42,125 264,486 TOTAL 304,862 389,239 317,004 243,690 1,254,795 THE AMOUNT DISBURSED CONTRIBUTIONS ARE NOT INCLUDED.

REPRESENTS G.A.C.D.B.


SHARE - BORROWERS' " APPENDIX4 LOANS APPROVED, 1)1S8URSED AND REPAYMENTS MADE DURING 1977 BY TVPES LOAN TYPE NO.
$ $ INTEREST PRINCIPAL TOTAL APPROVALS DISBURSED Rl:PA YMENTS ARABLE CROPS 42 286,764 262,860 118 1,817,382 1,474,091 231,238 669.454 900,692 155,703 Rice Sugar Cane Plantains/Bananas 9 18,643 Vegetables 15 Ground Provision 62 159,073 124,255 9,295 21,548 30.843 13,300 14,863 3,691 5,965 9,656 Arable Others 5 28,250 50,224 78.474 Arable Mixture 30 639,688 66,504 31,682 14,095 25,951 19,930 2,556 16,087 1,571 5,772 7,343 52,396 103,307 .
TREE CROPS Coconuts Citrus Coffee Cashew Oil Palm Other Mixture LIVESTOCK Dairy Beef Pigs Broilers Layers Others Mixture 2 1 2 - - - 4 5 2,569 5,589 8,158 10,300 9,811 10,000 11,100 2,775 5,329 8,104 267 - 569 239 3,390 300 - - 6,250 347 80 - - FISHING Inshore/Offshore Deep Sea 65 300,738 304,862 56,139 171,965 228,104 67,000 3,000 291,412 37,800 329,212 1 TIMBER Logging - (C.I.D.A.)
6 1,561,718 762,870 91,887 266,344 Sawmilling 4 989,600 186,041 97,339 108,220 205,559 358,231 SPECIAL PROJECTS Logging/Sawmilling (C.1.D.A.l 7 17,891,633 Crop Credit 315 185,133 92,510 5,904 36.491 42,395 Pig Feed Credit 231 617,383 1,750,558 51,326 1,123,069 1,174,395 OTHERS Agric.

M'ery Transportation Estb.

1 Services 9 .


5,500 - 3,870 48,733 52,603 86,529 47,327 188 424 612 TOTAL 958 31,622,747 7,316,208 1,057,541 3,282,063 4,339,604 17 APPENDIX 5 GUYANA AGRICULTURAL CO-OPERATIVE LOAN ANALYSIS MAY, 1973-DECEMBER, 1977 DEVl,;bQPMfi!III �AIIIK LOAN TYPE jNO.

APPROVALS I DISBURSEMENTS NO.
I FULL y REPAID ARABLE CROPS: $ $ Rice 821 8,554,159 6,693,740 165 676,463 Sugar Cane 175 2,755,736 1,582,965 12 354,055 Plantains/ 8ananas 27 72,615 41,117 2,100 Vegetables 73 98,126 69,917 9,369 G/Provision 147 407,740 245,852 3,040 Arable Other 29 185,121 149,121 4,050 Arable Mixture 252 1,348,475 556,188 26 42,648 2 9 4 3 TREE CROPS: Coconuts 24 113,362 50,177 Citrus 26 244,771 171,255 Coffee Cashew Oil Palm Mixture Other 3 5,450 4 7,123 5 8,275 3,460 1 660 1 142,760 60,871 - - 35,648 32,644 - - 2 15 52,116 21,462 21,536 16.482 2 - 4,800 - 6 LIVESTOCK Dairy Beef Pigs Broilers Layers Other Mixture FISHING: 26 4,496,269 701,284 10 2,345,054 842,978 - 97 1,154,829 998,954 10 58,523 78 1,018,328 913,154 15 67,580 27 384,134 297,331 41,356 14 47,789 33,387 5,384 18 524,902 452,571 4,880 - 8 4 3 44,004 2 Inshore/Off sh ore 280 2,671,000 1,254,795 38 169,484 8 2,989,178 2,899,695 - Deep Sea - TIMBER: Logging Sawmilling 14 2,670,12 C.I.D.A.
27 3,016,845 1,902,927 4 7 17,891,633 - 1,493,998 - - 7 29,950 - - OTHER: 1 1 1,825 1,825 - - 800 800 Plantain Mill Starch Mill 800 Agri.

Mach.

50,000 - Food Processing 1 201,500 Services 18 151,899 54,613 Transp.

2,500 Crop Credit 864 416,942 264,622 101 30,161 Pig Feed Credit 504 1,546,331 1,872,483 - Estab.

5 859,017 853,517 1 1 - 1 - - TOTAL 3603 56,428,841 24,534,185 419 1,614,380 18 APPENDIX& DISTRIBUTION OF LOANS BY REGIONS, 1973 -1977 REGIONS AND SUB-DISTRICTS RECEIVED APPLICATIONS NO.]
AMT.$ NORTH WEST DISTRICT: Moruka Barima River Morawhanna/Yarakita Matthews Total N.W.D.

178,055 718,701 591,347 337,114 277 1,825,227 36 50 184 7 Ridge APPLICATIONS APPLICATIONS APPLICATIONS REJECTED APPROVED PENDING NO.

I AMT.$ NO.

I AMT.$ NO.


, AMT.$ ESSEQUIBO: 1192 9,626,166 Essequibo Coast Essequibo Islands 514 4,178,296 731 3,276,707 Pomeroon East Bank Essequibo.
276 4.481,276 Total Essequibo 2713 21,562,445 571 6,302,812 523 2,430,901 98 556,535 29 284 3,535,340 201 973,041 31 235 2,009,262 465 152 2.465,961 114 1,108.n3 10 1242 14,313,375 1303 5,759,200 168 892.453 86,421 294.404 216.592 1.489,870 DEMERARA !Include W.C. BERBICE) 420 6,064.699 W.C. Berbice Abary/Mahaica 431 7,583,766 Mahaica/G'Town 933 9;050,618 105 6,103,257 Georgetown E.B.D./Timehri 337 8,210,289 Soesdyke/Linden 363 12,641,124 607 6,646,633 West Demerara Total Dem+ W.C. Berbice 3196 56,300,286 13 River (From No.
19) 884 EAST BERBl!,E: Corentyne Corentyne East Berbice 124 1,509,601 Berbice Int.
Savannah 972,321 Total East Berbice 1460 12,881,089 262,948 10, 116..219 River + 4,287,97::.
62 1.491,707 BARTICA/INTERIOR: Bartica/Mahdia/lssano Interior Total Bartica 46 1,358,790 27 19,439,998 73 20;798,788 Points 15 6 21 367,106 22 971,527 9 168 2 456.946 41 20,295.685 11 99.840 19 19.32!1, 30,167 16,000 46,167 RUPUNUNI:.

South Rupun�ni North Rupununi Pakaraima Total Rupununi 8 56,170 5 .
270,060 Mountaint 1 14 330,230 4,000 1 1 2 - - 1,900 76,000 3 2 1 77,900 6 37.476 4 144,060 2 4,000 - 185,535 6 16,795 50,000 - 66,796 GRAND TOTAL• ··7733 113,698,066 3701 49,662,346 3603 66.428,841 429 7,706.678 19 z X LOAN TYPE ARABLE CROPS E 8 'Sugar Cane c r .

0 0 N C C c o i c & > 0 c..0'I+: Ground Provision Arable other Arable Mixture 2 0 TREE CROPS c 3 8 o ICitrus c . )

. )
. )

c i , c ' Oil Palm 'Tree Crop Mix I....._____.. 1 I l a n a 1 E a c 13: o - E ) I Livestock other = 0 I - 0 Z 0 4 0 E'BO 4 9 I 3 DEM Ond.W.C.B.)

4 EAST BCE I D Z i - I A E 0 c c Z 0 4 4 Z o I $ Z 0 4 0 t o Z 0 I n E z $ 1 Z 0 TOTAL I 4 % I I I I - a ) .

- c o I 1 k 4 I N I N 1 ^ 1 1 1 I I I I I I a D i 8 .

c C - o O C O .

1 r a — : " - ) . '

I r i c' : , 0 I i u n 3 i 0 3 I • • • " A 0 S ) ' § i a m I r ) 8 : 2 8 — 8 C O 8 1 N 0 .

.
.

- — c e ) I I 1 C O N .

.

- C O N C l C O U C 4 ) .

5 1 M i e n 1 427,958 49,473 o c a a [ c a 8 Q I c n i 8 C O a P 1 C 4 0 0 0 4 1.. N I I I I I I I I I a c s i u ) 1 - 1 1 1 1 .

- 21,980 137,845 I I 70,997 M C 4 N .

.

.

.

1' f • r i a 0 C I 8 8 M F .

.

I a n I I c a I I I I § s g R c o .

- c .

i I I N 8 1 1 1 1 0 , - .

.

c o I I 1 .

- c o I I .

- c .

.

.

I I I • .

- - I I •- • I I I ^ I I I .

- N I I I I c l • 0 1 C O .

.

- N I I I I I .

- O l I D e l • .

- C 4 .

- I I .


4 , I l l .

I 1 1 a 0 1 ' ' ' .

.

8 1 1 1 C O • - I N D C O I n 0 a ' ' - 8 N i I- % 0 n h .

8 I C s 1 N : l C N N ' o C 4 C O N N 0 ' ' ' " c C O .

, O .

1-711.0 s .

- c ; •" ' .

.

^ g C O v .

.

8 . )

.

.

4 * N N U C O ) .

.

- - N C O : i I : .

- '6 1 113.362 N 4 ' 14 , 6 fAR aaa I : c; C C D n l I I .

- D 2.020 C N D ^ 35,455 O N 0 ) C O N V C C .

.

.

.

e s N I .

l • • • • I I I ?

d !

c o O C .

o C O I n A i i o a V .

.

: •- .


4 - a ; G c o r t C O N N C 0 2 l C A C O •i t r • •- 7 .

It 8 ' N a l g f .

I - :- c o N c l i 8 C D 0 1 N0 1 ' c o .

- i x 8 3 N 72,115 3,300 N u C O % a X r , i l I C O N M .

- I I n D .

- - C 4 C O N .

- C O 471,210 D I C 4 103,247 C I 0: — 0 c O - i .

- .4 .. .

- .

- ; : 500 41,353 S 8 3 t o .

F .

1 1 a 0 1 ' I 4 1 L O ' F A L a 0 1 763,218 i n r s .

.
.

s c n a r - F 0 i n 0 8 I I I C D 0 C I c o 22,580 59,000 247,121_ 53,101 g 2 V O c S o D c o ) i a c o 0 N 190,580 I I I C 4 s - r 4 , .

.

C 4 c c i S .

c i: .

- ' t C b 4 1 3 8 c o 3 C O 1 1 8 ?

8,1 r " : r s .

s a a o , s c ' ' a s s 7 .

r ` .

.

7 .

.

c l • C V .

- .

C 4 I I I C O 0 * .

- C O I D N .

- C C O OO 0 1 c a T r .


- - c o 4 0 .

Ui a O 'FISHING I Inshore I Deep Sea I - 0 1 c e r s a q A , .

N c o C O I I I .

.

.

, 2 c o i c c o - - - r a 0 E i C • C — c c I - 0 1 v .

.

I 1 l e l N C D c o 8 .

I C O L e l I I 2 1 = 7 2 'OTHERS !Plantain Mill 2 .

.

c3 'Agri.

Mach.

Estb 'Processing 'Trans.

Services .


1 I I I I I 1 I .

s - I N 1 I X c o .

8 L D SPECIAL PROJ.

ICrop Credit IPig Feed Credit TOTAL COUNTRY C O e l ' e t 0 ; .

4 .

a 0 .

1 I ' C O C 11 N 8 I N I e t 0 ) N I C i. .

L e i N 8 I s - D C D N C O 0 ) e s .

1 - s - e t s - C A e t N C D N N I N C D 2,015,882 N c N o — C D i 2 i s , N C °.

008 853,517_1 8 I l l N g C I 1 D .

- I N I I I 1 I N A 8 C e 0 — I m i .

c o 8 .

I 1 1 4 c o 4 , C I 1 I 1 I 1 C I s - .

N I - N C I O A S A a e l 5 S t 1 .


C e l 1 1 1 I 1 1 1 ri .

1 1 ' 1 1 1 I I O N ' C C c o : I 1 1 1 1 1 1 1 I 1 1 I C O 1 1 1 I 1 l u l l I I .

N .

N N N v .

- a c q ra — r .

r i ( C t • .

- s - I D e - • C O 0 ) I D r a N § 0 3 0 ) C s 1 .

- P .'

g § e - 2 2 C C > ; X .

4 C N I C O R s - S 1 ° .

i l e r i C * ) C D 4 .

C O 4 e • ( L i C D .

— c d .

- M 0 1 g N A r 8 - N c c ; 8 r ) S N e n o C s ) n r N X N < a .
a - W z a 2 2 4 4 4 APPENDIX 9 2 3 APPENDIX 10 2 4 EXPLANATORY NOTES: 4 .

4 LOANS APPROVED, 1973 -1977 $G 32,000,000 28,000,000 24,000,000 20,000,000 16,000,000 12,000,000 8,000,000 4,000,000 1973 1974 1975 191e 1977 25 VALUE OF LOANS APPROVED BY SECTORS, 1973 -1977 2.2% .

.

Fishing .
.

Fishing .

D Pigfeed lling Logging/Sawmi • Livestock Arable & Tree Crops � Others 26 16 14 - 12 - 10 - 4 2 0 J AVERAGE MONTHLY PERCENT DISTRIBUTION OF REPAYMENT 1973 - 1977 F M A M J J A s 0 N D REPORT OF THE AUDITOR GENERAL ON THE A CCOUNTS OF THE GUYANA AGRICULTURAL CO-OPERATIVE DEVELOPMENT PERIOD ENDED 31st DECEMBER, BANK FOR THE 1977.

I have examined the accounts set out on the attached pages 1-8 which are in agreement Bank a n d have obtained I have required.
explanations with the books of the and all the information these accounts which have been on the historical a true and correct 2....

In my opinion prepared this basis, the Bank at 31st December, operations generally consistent for the accepted basis period cost basis of accounting give on of view of the state of affairs of its 1977, and of the results with then ended in accordance on a principles applied accounting R.P.

FARNUM, A.A.

AUDITOR GENERAL.


OFFICE OF THE AUDITOR GENERAL, 121, PARADE STREET, KINGSTON, GEORGETOWN, GUYANA.

DATED: 26th JUNE, 1978.

28 BALANCE SHEET AS AT 31ST DECEMBER, 1977 1976 LIABILITIES ASSETS 1977 1976 Authorillld Shire Capital $30.000,000.00 10,732,140 112,475 Issued & Fully Paid Shares 1,107,405 shares@$10.
each (Note xiv) 5%% -10 yr. Debentures (Note xv) Loan Payable Caribbean (Note xvi) Development Bank 6,000,000 7,849,472.00 t,500,000 380,123 Development 806,498.77 1,500,000.00 Bank (Int) Ltd Barclays International Association (Note xviii) Guyana Co-operative Service (Note xix) Nil N Insurance 312,000.00 Other Liabilities 74,659 89,952 t Accrued Loan Interes (Note xx) Gratuity & Pension Provision (Note xxi) Leave Passage Provision (Note xxii) Other Creditors Scheme (Note xxiii) 32,850 444,251 148,106.92 155,587.03 5�.990.00 Cash at Bank and in hand (Note xxiv) Petty Cash Imprests 193,692.53 2,312.41 11,074,050.00 170,153 (Note XtiV) 39,183 · Prepayment 116,390.00 160,586 Accounts (Note xxvii) 1,527,648 Accrued Interest 109,779 Contribution due from Ministry (Note xxvi) Receivable on Loan 196,004.94 21,779.80 178,544.31 2,019,215.63 of Finance 206,403 Add Deficit (Note xxix) 322,242.78 763,593.13 1,085,835.9 1 14,878,936 Loans & Advances (Note xxx) 18,180,221.32 180,000 Less Provision 680,000.00 10,467,970.77 41,310 Stock ( Note xxxi) 17 ,500,221.32 37,765.26 40,238.26 32,315 Stationery (Note xxxiii) & Supplies 1,648,859 Investments 133,215 Agricultural 834,591 Fixed Assets at Cost (Note xxxv)1,170,504.8 236,530 ·Less Depreciation (Note xxxiii) Project 2 340,786.20 (Note xxxiv) 699,472.00 31,038.03 639,439.36 Nil Other Assets (Note xxxvi) 999,123.31 f 22,657 ,534,Qll 829,718.62 17,700.00 $ 22,657,534.08 J,) .. �, � MANAGING DIRECTOR INCOME & EXPENDITURE ACCOUNT FOR PERIOD ENDED 31ST DECEMBER, 1977 1976 INCOME 1,175,369 Interest on Loans & Advances (Note I) 18,729 Defau It Charges 46,882 Appraisal 67,323 Income From Investments (Note IV) 48.478 Rents & Other Income (Note V) & Other Fees (Note Ill) (Note II) TOTAL 1,492,373.98 33,167.00 98,316.20 64,421.21 155,327.91 1,843,606.30 574,805 Salaries & Other Staff DEDUCT EXPENSES Benefits Expenses 397,590 Interest 467,159 Other Operating Expenses (Note VI) (Note VII) 604.418.34 816,068.47 (including provisions below) (Note VIII) 1,044,635.86 Leave Passage Bad Debts (Note IX) (Note X) 82,774 OPERATING/DEFICIT 116.414 Depreciation (Note XI) 122 .6 7 2.465, ( 621,516.37) 150,306.51 771,822.88 Less: Surplus of Asset on Disposal (Note XII) 8,229.75 123,629 DEFICIT 763,593.13 Transferred to Ministry of Finance (Note XIII) 763,593.13 30 GUYANA AGRICULTURAL CO-OPERATIVE DEVELOPMENT BANK EXPLANATORY NOTES O N THE INCOME & EXPENDITURE ACCOUNT AND BALANCE SHEET -1977 JNCOIIIE & EXPENDITURE ACCOUNT G$1NCOME 1,492,373.98 (Note I) Interest on Loans and Advances This represents January, 1977 to 31st December, 1977. interest on all loans calculated for period 1st 33,167.00 (Note II) Default Charges This represents schedules amounts charged to borrowers when their repayment are not honoured within the prescribed time.
98,316.20 (Note 111) Appraisal and Other Fees Jhis figure other related charges.

represents charges for appraisal of loan applications and 64,421.21 (Note IV) Income from Investments This figure funds.

represents the gain realised by investing excess short term 155,327.91 (Note V) Rents & Other Income This figure represents services and other facilities.

income from the rental of management G$ EXPENSES 816,068.47 (Note VI) Salaries and Other S1aff Benefits This figure benefits.
represents salaries to all staff and includes ancillary 604,41B.34 (Note VII) Interest Expenses payable interest to the following This represents (a)CARIBBEAN DEVELOPMENT BANK (bl INTERNATIONAL DEVELOPMENT ASSOCIATION (c)BARCLAYS INTERNATIONAL (d)GUYANA CO-OPERATIVE INSURANCE SERVICE and also lending LIMITED agencies:­ interest on Pension Scheme and Debentures.

1,044,635.86 (Note VIII) Other Operation Expenses This represents rent, electricity, all running telephones, costs of vehicles, etc.
security, appraisals equipment, stationery, 32,540.00 (Note IX) Leave Pauge This figure represents accrued benefits for 1977.

31 500.000.00 (Note X) Bad Debts of the natur.e of the Bank's operations and the accounting Because norms, it was decided that a sizable However, provision.

to the end of 1977 it was not necessary this to utilise sum should be provided.
150,306.51 (Note XI) Depreciation A breakdown of this amount is as follows:- Rate $ Furniture Equipment Motor Vehicles Leasehold Buildings & Fixtures 20 or 1()% 21,005.B7 & M achinery 10% 15,904.51 25% 95,131.21 Improvements 10% 4,665.00 5% 13,599.92 Total 150,306.51 B,229.75 (Note XII) Surplus on Disposal of Assets During 1977 it was necessary which yielded a surplus.
to dispose of two (2) motor vehicles 263,593.13 (Note XI II) Transferred to Ministry of Finance This figure Financial the Consolidated Fund.

represents Institutions the 1977 deficit Act 1976 Section which, under the Co-operative 50 (2), shall be changed to 32 G$ LIABILITIES 11,074,050.00 (Note xiv) Share Capital BALANCE SHEET The Share Capital Guyana.
Subscription is held solely by the Government of 116,390.00 (Note xv) 5%% Debentures This figure represents by members of the public investments of Leave Passage Assistance etc, at an annual interest rate of 5%%.

7,849.472.00 (Note xvi) Caribbean Bank Development represents (a) the total drawdown This figure G$6 m from the C.D.B.

and (bl a drawdown the C.D.B.

loan of of an appro11ed loan from on a further 1,500,000.00 (Note xvii) Barclays Bank (fnt.)
Ltd. a loan payable at the end of ten ( 10) years of the Public Loan Act 1973.

The Rate of This figure represents under the authority Interest the twenty-fourth twenty-fourth day of August, day of February, 1984. is seven (7) per centum per annum, payable half· yearly on 1975 and ending on the 806.498.77 (Note xviii) International Development Association This figure represents I.D.A.

at an annual interest Livestock rate of 6%.


Loans made available through the 312,000.00 (Note xix) Guyana Co-operative Insurance Service This figure G.C.I.S.

represents at an annual interest a short-term rate of 6%%.

loan made available through the 148,106.92 (Note xx) Loan Interest Accrued This figure represents not yet due.
Payable Interest at Balance Sheet date on Loans 155,587.03 (Note xxi) Gratuity and Pension Scheme Provision This figure the Pension interest represents Scheme which commenced the employer earned thereon at the rate of 3%% per annum.

on 1st January, 1975, and and employee contributions to 55,990.00 (Note xxii) Leave Passage Provision This figure represents accrued benefits at Balance Sheet date.

639.439.36 (Note xxiii) Other Creditors This figure represents equipment Bank's use.
for the amounts outstanding for machinery and Bank's borrowers and stationery etc, for the 33 G$ASSETS 193,692.53 (Note xxiv) Cash in Bank and In Hand This figure represents placed in night depositing Sheet Date.

cash collected on 31st December, 1977 and and also cash held in Bank at Balance 2,312.41 (Note xxv) Petty Cash Imprests This figure represents cash and stamp imprests at Balance Sheet date.

21,779.80 (Note xxvi) Prepayments This figure insurance represents etc paid in advance.
contracts for maintenance of Bank equipment, 178,544.31 (Note xxvii) Accounts Receivable (al Income from computer This figure represents services Bank's staff (cl Amount due from Bank of Guyana for Livestock Project staff.

to the G.C.M.F.B.

(bl Loans and Advances given to the and other related 2,019,215.63 (Note xxviiil Accrued Interest on Loans This represents Balance Sheet date.
amount owing by borrowers for interest accrued at 763,593.13 (Note xxix) Contribution due from Ministry of Finance See Note xiii.

18,180,221.32 (Note xxx) Loans and Advances This amount represents sum of $56,600,000.

at Balance Sheet date.


loans outstanding out of a total approved North West District $ 342,794.89 Essequibo 2, 173,538.86 Demerara Berbice 1,669,080.8 Mazaruni/Potaro 32,572.10 Rupununi 12,936,250.66 7 114 755.31 SUB-TOTAL 17,268,992.69 Guyana Credit Corp. 911,228.63 TOTAL 18,180,221.32 37,765.26 (Note xxxil Stock This figure represents stock.
stock of spares for motor vehicles and pig feed 34 40,238.26 (Note xxxii) S1ationery and Supplies This represents value of stationery in stock at Balance Sheet date.

699,472.00 (Note xxxiii) Investments This amount represents short-term accounts at the Guyana National Co-operati ve Mortgage Finance Bank .

5,88% per annum fixed deposit Co-operative Bank and the Guyana 31,038.03 (Note xxxiv) As,icultural Project This amount represents the GACDB.

Any income this account.


expenditure over by that would accrue would be credited to on a farm project taken 1,170,504.82 (Note xxxvl Fixed Assets This figure represents follows:- depreciation as various types of Assets at cost less COST ACCUM.

DEPREC.
DEPREC.

BOOK VALUE & Machinery & Fixtures Furniture Office Equipment Motor Vehicles Land - Freehold Buildings Leasehold Improvements 144,759.34 160,063.49 394,224.39 29.66 301,957,44 63,203.37 52,021.14 194,123.24 81,555.97 108,042.35 200,101.15 Nil 31,438.45 29.66 270,518.99 & Renovation.

Loose Tools 156,636.62 12ll;3;3.._8 .

!I Nil Nil TOTAL .

1, 170,504.82 340,786.20 156,636.62 ,2.a3a,aa 829,718.62 17,7'IO.OO (Note xxxiv) Other Assets This figure represents a boat that was taken over by the Bank.

35