Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694838775076.pdf (Guyana)
The British Guiana Rice Development Company, Limited.

(locorporated the 27th day of Dttember, 1952).

Report of Directors AND Statement of Accounts 1''0R THE YEAR ENDED 31st August, 1963.

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I i 1963 THE BRITISH GUIANA RICE DEVELOPMENT.

C0£1PANY1 LIMITED I REPORT OFTHE DIRE C'l'ORS and STA'IEMENI' Of I • 4cco!lNT$1 for the iear ended 31st AUfil!_Stl 1963 Notice is hereby given that the Eleventh Annual General Meeting of the .

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Company � 1 be held at_the offic� of the Co�pany� ?S Church Street, Georgetown, on Thursday, 2nd July, 1964 at 1.50 p.m. By order of the Ibara, D.Rarnsaran, A:c.c.s., Secretary.

1.Directors' Rep ort and Ba.lance Sheet at 51st August, 1963.

AGENDA 2.Election of Auditors.

• 3.

Remuneration of Auditors 4.Directors' remuneration.

78 Church Street, Georgetown, British Guiana.

15th June, 1964.

I • THE BRITISH GUIANA RICE DEVELOPMENT COMPANY,; I,J:MI'IED J\ddress by tho Chairman., Mr. J .L.
Raym':'11, at the Eleventh Annual I General Meeting held on Thursday, 2nd July, 1 9 6 3 .• Gentlemen, For the second time in succession are pleased has again made a profit.

This., however your Directors to be able to is far below report that your company what was anticipated strike during April/July have been much better, as during and our normal overhead expenses and the decrease was primarily this time our interest, had to be borne as usual.

1965.
1965.

Were it not for the duo to the 80 day general strike the results depreciation would.

charges, The net overall profit for the year under review amounts to.$1141951 after making provision for depreciat ion., taxation and interest charges.

You will note that we have been able to reduce our indebtedness to the and this has are favourable, been further reduced during the current year.

W3 believe, a regular that we should be able to make this pattern c.n.c., if conditions one.
Our Mills at'Mahaicony and Anna Regina processed 765.,150 bags of paddy with 732.,238 bags for 1962.

Due t o the strike there was a carryover compared stock of 154.,888 bags paddy.

As you are aware., Mr. R.E.

Mahadeo resigned his position as a Director year, and I am sure you share and General with me, the loss of his services to the Comp any • Manager at the end of our financial • During the 5 years ha was associa tad w ith this organisation ha was a ble to facilities·and a new system of parboiling.
increase drying and storage introducing which he has been able to implemeht, repeat that I regret the loss of his services There are severa.1 other improvements and which stand to his c redit.

I can only to the Company and the country.

also stepped up the throughput by s., and I feel that you will want to hear something of our future prospect will not maKe it would be very thin.
I am not at all pleased a profit for the current year, or if there is a profit, for this are well known but could stand repeating.

The reasons to tell you that I anticipate the company (1)The general ploughing a very poor strike during Autumn 165 crop.

their fields and from planting April/July 1963 prevented farmers from paddy, hence there was (2)It was hoped and endeavours were made to ·make up the ,\utumn Crop deficit did not materialise this' as there was no water or rain to grow a crop.
1 64 crop., but unfortunately with a very good Spring ..,, • - I I THE IRITISH GUIANA RICE; DEVELOPMENT CC!1PANY1 IIMI'IED Address by the Chairman., Mr. J .L.

Ra ym �., at the Eleventh Annual General Meeting held on Thursday ., 2nd July., 1 9 6 5.

Gentlemen, For the second t ime in succession your Directors are pleased to be able to report that your comparzy has again made a profit� This, however is far below what was anticipated strike during April/July 1965.
Were it not for the strike the results would· have been much better, as during this time our interest., depreciation and our normal overhead was primarily due to the 80 day general had to be borne as usual.

and the decrease expenses charges, The net overall profit for the year under review amounts to· $1141951 after taxation for depreciation, and interest charges.

making provision You will note that to the we have been able to reduce our indebtedness c.n.c., if c:ondi one.
and this has been tions are favourable, further reduced during the current year.

ll:l believe, that we should be able to make this pattern a regular • compared stock of 154 1 888 bags paddy.

Our Mills at·Mabaicorzy and Anna Regina processed 765,130 bags of paddy with 732,258 bags for 1962.

Due t o the strike there was a carryover As you are aware, Mr. R.E.
Mahadeo resigned his position as a Director and General Manager at the end of our financial year, and I am sure you share with me, the loss of his services to the Q,mp any.

During the 5 years he was associated with increase drying and introducing an:i which stand to his credit.

I can only which he has been able to implement, repeat that I regret the loss of his services to the Company and the country• a new system of parboiling.
There are several other improvements storage facilities·and this organisation also stepped up the throughput by he was able to of our future prospects, I feel that you will want to hear something I am not a-c. all pleased t') tell you that I anticipate the comp any will not mal<e a profit for the current year., or if there is a profit, it would be very thin.

The reasons for this are well known but could stand repeating.
and (1)The general strike during April/July ploughing their fields and from planting a very poor Au.tunm 165 crop.

1963 prevented farmers from paddy, hence there was (2)It was hoped and endeavours were made to ·make up the .\utunm Crop deficit with a very good Spring 164 crop, but unfortunately to grow a crop.
did not materialise as there was no water or rain this" i i. I (3)The det0nnination oy farmers to catch up with the deficit from 1964 Autumn Crop s0ems as if hoping and wishing for the rains to· come.

the last two crops, with· a bumper ·we are this may not materialise, as up to the time of writing, still waiting, How0ver, this is something therefore will only be hope is plac0d on the Tapakuma Project, and this will help our .

'Inna Regina di vision to some extent.

over.


You will realise that if we do not get a r,ood Autumn Crop ,-re our mills for a few months.

Much man has no control able to operate (4)Th0 ca!T'Jover stock of 134,888 bags of paddy has produced a lower it should, due mainly to deterioration quality of rice than resulting from long storage.
(5)There is also an unseen and hardly realised substantially factor which would to the welfare of your Company, and that contribute is the cpick turnover of our main product -Rice.

• --- If I might dare to bottle neck, it would the services and sell our country's rice on the export market.

offer a suggestion which would alleviate this be to advise that the R.M.B.
engage fully of someone with the necessary knowledge to promote • I am indeed sorry having to lay these matters before you today, but I can Officers of the possible to continue to keep opportunity your Directors, assure you that given reasonable company your Company and other employees on a viable b:lse.

everything will do I am most grateful to my colleagues on tho Board for the able assistan ce given me at all times.
I would like to record the death of my friend and fellow Director, Mr. Balli Latchmansingh, which is a loss to us, and I would also like to r my appreciation to the Officers, Members Company for their endeavours during a difficult reasons as I feel sure they·a11 realise that their welfare that of the Comp any.

have good will gi.vo of his best for the current year, of tho staff and employees of tho year.
I hope and is linked very that everyone for expecting ccord with strongly I now submit to you the report of your Directors and the Audited Statements for the year ended 31st August, 1963, and have pleasure moving the of Account adoption.

•• •• • • •• THE BRITISH GUIAN.\.

RICE DEVELOPMENT COMP!i.NY1 LIMITED REPORI' OF THE DIREGrORS The Directors submit their report fo� the year ended 5 l�t August, 1965.

Bnlange Sheet as at 31st August,1963.


Issued Share Capital - The issued share capital remains at $2,000,000 and issued in favour of c.n.c.

was reduced from C4,901,209 to capital debentures $4,800,000 during the year.

Cahital � enditure of whic 007,1 :-was spent on providing"ex:tra power for Mards and Anna Regina Factories -Capital Expenditure .

for the year amounted equipment generatin� to $1.S0,715:­ for electrical Assets retired amounted to $9,602:-.

· $1,982, 550:-.
· $1,982, 550:-.

Depreciation reserves were increased by $201,911:-making a total of • • The book value of fixed assets is now $4,252,779 • Profit & Loss Account for the year ended 31st August, 1 9 6 � • After providing �08;147 for depreciation, of 0553,561 on the debenture interest capital, the company made a net profit of �14,951, the previous year.

This reduces our accumulated loans and loss to $11494,866.
�,ooo for taxation, paying on world.ng $.104,319 interest which is-�6;238.less than Mards P.ice Factory The Autumn Crop 1962 was a bumper one in the Mahaicony/Abary · area, and and stored at the company's therefore the company received 6331911 bags of paddy, ·or which 621492 bags had to be handled Unfortunately, due to the strike this factory bags of rice and 70,627 bags of by products.

After providing depreciation and allocating a net profit of �031900:-.

$86,927 for showed operations bonds at No.


27 Abary.

�81569 for interest milled 502,840 charges, bags of paddy, producing 257,981 Mards Cultivation has carried The company was able to cultivate 618 acres for the Spring Crop 1965.

This is Company Fertilisers were used, which increased previous cultivation resultea·1n deprecia year to 18.2 bags per acre.

ti.on and Q67 1226 towards out such an extensive a profit of $85,757:- interest charges.
2104 acres for the Autumn Crop 1962 and the first occasion on which the Spring Crop and Autumn Crop cultivation.

the yield from 13.85 bags per acre in the Tliis increased yield plus tne spring crop after providing $32,589 towards • Anna Regina Rice Factory -2- I J The intake at this factory is still well below its theoretical breakeven completion but with the throughput, it is expected that this factory will now be able to attain its full.milling capacity of rice and 24,895 bags of oy products.
t,o,ooo·after providing char gos.

bags of paddy and produced · This division of the Tapakuma Scheme in December 19631 .
The factory milled 262,290 tion and �46,644 for interest showed a nett loss of sss,629 for deprecia 130,264 bags - • " - .l\Ca.JMUL1TED LOSSES Deficit to 31/8/62 $L,609, 797 :- less Profit for year ended 31/8/63 :- 114,931 Total accumulated loss to 31/8/63 �,494,866:- Board of Directors The following under the provisions Directors are due to retire at this Annual General Meeting of Article 93 of the Company 1 s Articles of AssociAtion:- 11 Mr. J. L. Rayman Henry David " Kayman Sankar 11 Alston H. Kissoon " H.B.G.
Greathead 11• E.E.

Burke Dr. Harry Paul The Auditors, Messrs. to accept re-appointment willingness .

Fitzpatrick, Graham & Co. have sieni.fied their Auditors 78 Church Street, Georgetown, British Guiana.

By order of the Board, D.Ramsaran, Secretary.

A.c.c.s.

31.8.6::-:.

LL'.,!

?.ILI':'IES Auti:.orised ')10,000,000.00 lOC,000 Sbares of e100: each 010,000,ooc.oo Issued 2,000,000.00 201000 Gb.'.

:u.•9s of $100: each fully ptiid 02,000,000�00 1,099,600.
79 950,400.00 950,400.00 950,400.00 950,400;00 II &� Debe:itures � &� II 7% 7% II II II II 1st ilpril, 1961 1st Hay, 1962 II au.e 3Ctb Sept .

II lat ii.pril, 1060 30tb Septenber, 1959 enber, 1959 090,4-00.00 950,400.00 950,400.00 950,400.00 950, �..00.

00 "" • • � � ... � 4,901,200.79 �4,200,000.00 • Note:-The notes attachecl.

I:ereto fore an intee;ral psrt of tbis :3ahnce G2eet.

SIGlJED: ;; .L.

21\."'.ll.

:UT c::.aiman L.C.

C2lN Llrs.

D. P ...

uf1l?..AN • C"' .I.

..>ecre ... ary.


Director/General Lil.

:.iae;er ee,000,000.�o --· AT 31st l:.OOU3'i' 1 l 9 6 3 I 31�0�62 ii.8S3'1'S I APPillNDlXA Lands, & Structures Freehold u Le&seholtl :Cuildine;s Plant er.
l.gricultural Sea Punts & other Motor Lo1Ties c� Other transport equipi:aent Machinery L�c�inery Vessels Ft:rniture & Equipoent $ 363,575.25 $216601094.00 2,802,716.84 462,857.79 30,070.79 380, l�:l ;59 32,878.43 .. .... 'l,l2,3Qt:,,t>l8.75 1,765,548.68 02,736.10 5,192.36 1,037,168.16 174,373;00 89 21G.39 1 1a1,G26.rn� 31,159.67 36,736.11 50,046�72 $6,235,320�01 $1,082,550�09 34,252,778.72 0 70,687.10 1963 lt!ahuicony Autl'\!Jll Crop 1963 Black Bush Lutm:m Crop 43,954·;01 14.065�79 � 70,687.10 68,019.86 CID.
:>..3tn' !�SETS �ice &By-Prod�cts expected 41,�84.70 to realise 803,213.67 500,006.92 12,461�51 412,302.01 293,645.90 3toc�rs, Stores & Livestock less reserve for obsolete spares Prepaid expe::2Ses less Sundry Debtors, for Doubtful Provision Debts Cash in !

::and and at :3anks 1,555,575'.07 11,326.46 681,555.39 5,217.75 ill33: c'tic.
!IJT LL'.3 ILITI:JS � 313,576�01 54,680.40 - as.ooo;oo 3Wldry Creditors 1 ccrued Inte:rest :3a.nlt Overdroft Provis ion for Income Tu C 560,864.97 69,175�12 1,327,c.11,71 105.000�00 � 433,256.41 $ 907.145.51 Hfill' CJ:'� AnSErS P.lO�IT 8: L03S ACCOtJHT .

;a ,6091 796; 79 AcctJI:1U.lated ..,,5,901,208.79 ., f'> Losses as per stateoent attached 994,335�54 1,494,865.88 $6,aoo,ooo:oo Tfil BP..l'l'IS3 GUIA.ltr.

2.!C3 �IW3LO:E-'1Ql� CCli?ANY llw.

':38 '£0 � D.1-':..:;.J�C] GSZ:..1'.'


J;!J M 31ST AOO:u:JT 1 1963 LiliITED 1:i?

?ElmlX A ( contd) 1 • In consiC.eration o:2 ooratorit'llJS Coloni�l on t�e cebent�res to 7%.

bas �een inc�easel Developnent Corpo�ation to 2,lst Deceti:er, on all tle�entu.res, by the the interest rate H)64, crantetl 2.

Fixed 1..ssets -Freeholt La::id � :Qilcincs -include:- (a)Cl50,000: cost of the orieinal property at Onverr,egt acquired wider Transport elt�ough tt� ereater L3nc:.

Settlement No.
Settlement No.

963 to Yrhich tee Co1;1l:,any pe.rt of such property uepartoent or its noninees.

still holC:s title by the is occupied (b)045 ,662.

71 for Pcr:ip�ouse b!ls been p�ovidetl.

no Deprec��tion tr Sluices .j Onvervraet, against which e J 3.
Current Ls sets - Gtocks, :J·'Gores c� Livestoclr cooprise:- " Sundry Stores �r up&res :Sags fr Tlrine 131,504�87 At lower of cost and net price repl�cenent Paddy at cost 0 532,823�89 968,004.38 Livestoc�, value at net realisa�le 54,747.00 4� Une�pired Letters of Crecit outst�nuinc; �t 31st �cgust, 1063, aoounted to e6,104.24.

5.

Cocnitwant for Ca�,ital :�,.,enC:iti.

:.re at 31st August, 1963 is Hil.

• .. • P.O.

FlTZP..:�ICie, 37; G!

:UJ.�:iil ::Z. CO•, �:m Geo...-eetorm, Det1erera.


30th npril, 1964� GUI.Jl!\ RICE TE;J; SEITI3S PEV$0?1Bi1r COiJP/JlXa I@.

'fie have the forec;oing Oueet of the Guiana Developcent a:.

:itlited Lir:rited, Balance the Britbh ilice· hove obtained Coopany, dated inform.tion 31st day of �ugus t, 1963 • expfon!ltions Ue that s�ch all the anc.1 lre have required and report to exhibit a enc.
correct Balance Sheet is in our opinion view the properly drawn up so as accorclinc to the best oi our in:formtion true of the Cot1pany's affairs, expbru;tiono eiven us, and oi state a:il the the as sbO\m by ":-oo�s of the � Coop:;:...Tl.y Siened: FITZ?LTJ,!CIT GRt£1H tt col C:::/.,:�T:J.
:aED ACC Cui lTAHTS AtDITORS 17 ... 1 To: Depreciation of Fixed Assets applicable to:­ Maauicony Rice Cul ti �ti.on Mahaicony Rice Factory lUlDa ae5ina Eice Fac-tory Interest:- e32,5a9�o9 86,927.78 88.529.93 $ 203,147�30 p�yable Interest Corpor�tion Other Intere3t to Coloni�l Loans on Dobenture �evelopwent $33313G0.08 104.318,90 - Directors Fees off Obsolete Stoc�s uritten down Net Profit for the year car�ied To: Accuculatec Provision for Texation Loss at 31st hugust, 1962 49560.00 851755.10 121,820.70 0 857,962.88 .. 01,609,796.79 �..0,000.00 - \ DE'"3LO?iJ:!
!I·JT C�l!.?

:.JTY I LII:ITTID ?OR YEt1.."1.

3:iIDED 31st .. �,'JG'JuT 1 1 9 6 3 APPillIDIX C By: Traclinc ?ro:'.
: its before cbargine Depreciat:i.on 3f Fixed :- _·_ssets LJaj::;a icony 2.ice Cul ti vat ion Uabaicony �ice Factory Anna ::-.ee;ina ��ice Factory Profit on Sab of 1"..ssets By: Net Profit for tbe year bro;;ght �own in 2.eserve for Decrease Accumulated Loss at 31st ojsolete -'.i.UGust, 1960 spares �269,096�78 410,640.27 167.098,92 $ 055,843.97 2,118�91 , C 121,020.10 33,110�21 11494,835.80 �' <Jl,649,796.79 -.. - •