P 0 Box 65, //
THE CGR;EADA NEWSLETTER
For The Week Endina 2nd April 1977
CHAMBER QUERIES NON-APPOINTMENT TO GAIDC
In a letter dated March t7th addressed to Prime Minister Gairy, the
Grenada Chamber of Commerce has asked whether it "may now nominate a
representative to serve on the Boardof Directors of the Grenada
Agricultural & Industrial Development Corporation (GAIDC)."
In this letter (which was signed by the Chamber's President, Mr Iyden
Ramdhanny), it was pointed out to Mr Gairy that, at a meeting with
the Chamber's Management Council on November 1st 1974, the Prime
Minister had agreed that the Chamber should be represented on the then
Development Corporation. The letter pointed out that the funotions
of the Development Corporation and those of the Agricultural Bank
were now entrusted to GAIDC "which came into operation on 27th
September 1976", but the Chamber had not been invited to nominate a
representative to the Board of Directors.
"It is assumed", said the letter, "that this might have been an
oversight and that there is still a vacancy on the Board vdhich could
be filled by a nominee of the Chamber."
GAIDC was created by Act 20 of 1975 which repealed the Grenada
Agricultural Bank Ordinance 1965 and The Development Corporation Act
1972. Act 20/1975 was assented to by the Governor-General on
October 24th 1975 and, sating under section 1 of the Act, Mr George
Hosten, Minister of Finance, by Statutory Rule & Order (S.R & 0)
number 24 of 1975 (dated 15.12.75), declared that Act 20 was "deemed
to have come into operation" from slt December 1975.
Under provisions of this Act, the duty of the Corporation is set out
(a) to assist persons in establishing, carrying on or expanding
development enterprises by participating in share capital,
granting loans and providing other forms of financial
assistance to such persons,
(b) to foster the development of money and capital markets in
(c) to mobilize and co-ordinate available resources to be
utilised in financing industrial & agricultural projects Jr
THE GRENADA NEWShLTTER Week Ending 2.!.77
In the Schedule to Act 20, the Minister of Finanoe is empowered to
appoint a Board of Directors '0of not less than five Roc more than
fifteen" persons, and the Board shall be made up of :-
(a) Ex-officio members
(1) The Permanent Secretary, Ministry of Finance,
Trade & Industry.
(2) The Attorney General and
(3) The Permanent Secretary, Planning Division,
Prime Minister's Office.
(b) Four representatives to be appointed after .
consultation with the Farmers Club Council, Grenada
Farmers Association and the Statutory Marketing
(c) Seven representatives of the Commercial,
Professional and Trade Union Sectors.
The Schedule provides that the names of the Directors be published
in the Government Gazette and, in the issue of April 23rd 1976, the
following were listed as GAIDC Directors :-
Mr B N Davis Chairman
Sir Dennis Henry
permanent Secretary (Finance)
Attorney General or his representative
Permanent Secretary, Planning, Development & Training.
Secretary/Manager, Urenada Agricultural & Industrial
Mr Norman Williams
Mr Matthew St.Paul
Mr L A Purcell
Mr Phillip Davies-Lvans
Mr A Date
Mr D Wilber
Mr B Wilcox
Mr R Stewart.
Act 20/1975 was repealed by Act 11 of 1976 which was assented
to by the Governor-General on 20th September 1976 and "deemed
to have come into operation" on 27th September 1976 by
S R & 0 number 16 of 1976 dated 21st December 1976.
THE GRENADA NEWSLETTER Week Ending 2.4.77.
The new Act (11/1976) is basically the same as the one it repeals
(20/1975). It does, however, take care of certain transitional
matters (e.g. transfer of lands etc from the Agricultural Bank to
GAIDC) which the original Act failed to do. Also, in the Schedule
to the new Act, one additional member, the Manager of the Corporation,
is listed among the Directors.
As far as could be ascertained, no new list of Directors has been
Gazetted under provisions of Act 11/1976 and the Directors Gazetted
on 23rd April 1976 under Act 11/1975 have continued to function with
the exception of Mr R Stewart who, NEWSLETTER is advised, has been
replaced by Mr John Japal.
A reliable source advised NEWSLETTER, however, that GAIDC has bean
unable to make any loans because the Caribbean Development Bank (CDB),
GAIDC's main source of funding, does not approve provisions of Act
11/1976. certain amendments have been proposed which, if approved
by CDB, should be incorporated into the Act at the meeting of
Parliament scheduled for April 6th.
In connection with the Chamber of Commerce's request for representation
on the Board of Directors, a spokesman for the Chamber advised
NEWSLETTER today (1st) that no reply has been received to the Chamber'f
letter of 17th March.
"PFINY BANK" EpANDS
The Grenada Cooperative Bank (popularly known as the "penny bank") is
to establish its first branch before the end of the year.
This was disclosed by ir Gordon "teele, Manager of the Bank, in an
exclusive interview with NEWSLETTER today (31st), and Mr Steele said
the branch would be located in Grenada's second largest town,
Grenville, and in the building now occupied by a branch of The Royal
Bank of Canada.
This building was purchased by the Cooperative Bank some 15 months ag&
for the sum of EC060,000.00 and, in the mean time, The Royal Bank Is
constructing its own premises for its Grenville branch. This
con tr.t.ction is not proceeding as rapidly as was anticipated and,
THE GRENADA NEWSLETTER Week Ending 2,4.77
because of this, Iar Steele could not say when the Royal panki woulr
vacate the premises and enable the Cooperative Bank to establish
its branch. He did feel, however, that this wouldbe before
the end of 1977, and he said the branch would provide employment
for at least six persons.
The Grenada Cooperative Bank was established in 1932 and is the
only locally owned bank. It has an Authorised Share Capital
of 300 preference Shares of EC4300 each, 8,500 Ordinary Shares
of EC$100 each and 120,000 Ordinary Shares of EC$0 each, making
a total Authorised Share Capital of 32$1 million. Of this
Capital, all the Preference Shares and all of the EC$1 Ordinary
Shares have been issued together with 2,217 of the EOlOO0
Services offered by the Bank include ordinary and special savings
accounts, chequeing accounts, fixed deposits, loans and mortgages.
The Bank does not deal in foreign exchange.
Mr Steele said the Directors of his Bank feel that establishment
of a branch in Grenville is the first step towards eventual State-
wide on-the-spot representation. "Essentially, what we have
is a people's bank owned by Grenadiana", he said, "and our expansion
to Grenville will provide that service which we feel should be
given to the people of that area. It is my Directors' hope
and aim to expand this service throughout Grenada, Carriacou and
E CA STATEMENT PUBLISHED
According to a Statement of Assets and Liabilities published in
the Grenada Government Gazette of March 18th, at 31st December
1976 the East Caribbean Currency Authority (BCCA) had
EC$60,789,744.00 circulating in notes. At the same time,
circulation in coin was EC06,183,017.00 .
The Statement, which was drawn up to 31st December 1976, shows
that the Authority's total demand liabilities (including notes
nnd coins in circulation) totaled EC$87,100,579.00 Other
THE GREIADA NEWSLETTERS Week Ending 2.4.77.
liabilities are shown as "Bankers Depoait" EC$101,429,490.00, "General
Reserve" EC$6,806,734.00, "Special Reserve" EC$3,093,120.00, and
"Other Liabilities" EC$2,582,130.00.
The assets of the Authority are divided into "External" and "Internal".
the farmer being made up from "Fixed Deposits & Money At Call"
EC$156,351,636.00, "UK Government Securities" EC$4,056,146.00,
"Other Securities" EC$8,622,410.00, "Regional Currencies"
EC$1,657,725.00 and "Bankers' Balances" EC$3,201,428.00 The total
of External assets was EC$173,889.345.00 .
Internal assets are represented by "Participating Governments
Securities Including Treasury Bills" EG024,447,612.00 and "Other
Assets" EC$2,675,096.00 .
According to a footnote on this ECCA Statement, External Assets held
under Article 17 (2) of the ECC Agreement as a percentage of Demand
Liabilities is 83.19
STRIKE AT TELEPHONE COMPANY
On :Ionday 28th March, workers at the Grenada Telephone Company staged
a three-hour strike to protest certain hirings and dismissals by the
It is reported that the problem dates back some two months when there
was a vacancy on the staff of telephone operators and, in accordance
with terms of the Industrial Agreement between the Company and the
Grenada Technical & Allied Workers Union (TAWU), the names of two
persons were submitted by the Union to the Company for selection.
Neither of these names were selected and the Union accepted the
Company's decision that there was a third person highly suitable for
the post. This third person was employed from February 1st but
was dismissed at the end of the month, allegedly without any reason
As the bargaining body for all employees of the Company, TAWU
requested to be told the reason for this dismissal, but a spokesman
for the Union told NEWSLETTER this has not been given.
THE GRSEADA NEWSLETTER Week Ending 2.4.77
On ibonday of this week (28th), the Company took on a new employee
to fill the vacancy on the staff of telephone operators and,
against the background of the Company's failure to give the
Union any reason for .dismissal of the previous holder of the post,
the entire staff withdrew its labour in protest.
It is understood that Union officials held discussions with
Management of the Company and, on the Company's agreement to
withdraw the new employee, the staff returned to work.
Neither Mr Ivor O'Brien, Manager of the Telephone Company nor
,r Curtis Stewart, President of TAWU, have been available for
GSA: "POOR ORGANISATION ON DOCKS"
In a document submitted by the Grenada Shipping Agents (GSA) to
the Seamen & Waterfront Workers Union (SWWU) in current negotiations
for a cost-of-living allowance demand by the Union, GSA has
charged that there is "extremely poor orgenisation on the docks
as far as the interests of the Grenada Shipping Agents are concerned"
Figures submitted by GSA show the following tonnages moved
through the port of St.Georges over the past six years :-
xear Inward Outward Total
1971 47,489 19,465 66,954
1972 35,805 15,739 51,544
1973 37,187 14,639 51,826
1974 18,457 11,604 30,061
1975 25,554 17,452 43,006
1976 30,279 20,174 50,453
Other figures produced by GSA indicate hours worked on the docks
as follows :-
XAR Ordinary Time Overtime Total O/Time % of Total
1973 116,606 91,340 207,946 43.91
1974 67,760 52,863 120,683 43,80
1975 90,681 67,668 158,349 42.73
1976 89,248 82,293 171,541 47,97
THE GRCREADA NLW,
iLETTER Week Ending 2.4.77 Pare 7
,f cargo handled with hours worked, GSA puts forward
Hours per Ton
Ier of men employed on the docks has remained constant
, 240 since 1971, says GSA, and, on this basis, the
;o moved per man was as follows :-
Tons per Man
ie work was evenly distributed, GSA submits that, on
Above, the number of hours worked per man would have
Hours Ter Man
be a clear case of underemployment, if not disguised
I the docks from the data available", says the GSA
however, this can be attributable to the Grenada
only if they were responsible for the hiring and
>s and the organisation of employment on the docks.
la Shipping Agents have these responsibilities on the
be seen as the victims of the system."
with SWWU was scheduled to discuss the GSA document
)stponed when Mr Eric Pierre, Secretary of SWWU was
Comparing tons c
the following :-
The average numt
quantity of carE
Assuming that ti
the basis of the
been as follows
"There seems to
firing of docked
Until the Grenal
docks, they music
A meeting of G8a
but had to be pc
THE GRENADA NENISLTTER Week Ending P.4.77
not yet returned to the State.
CRUISE LINER ALLS
During the week ending March 26th, the following orauj.l liners
called at Grenada :-
March 20th "Stella Oceania" 266 Passe' gers
"Vistafjord" 576 do.
"Atlas" 423 do.
21st "Pairsea" 904 do.
22nd "Cunard Countess" 733 do.
23rd "Amerikanis" 618 do. '
"Mermoz" 311 do. i
26th "Sun Viking" 751 do.
"Angelino Laura" (not available)'
On March 29th, the 8 8 Geesttide" sailed with 17,392 boxes of
bananas weighing 512,753 lbs and valued at ECO53,839.00. There
were 990 boxes of rejected fruit.