The Grenada newsletter

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Material Information

Title:
The Grenada newsletter
Physical Description:
v. : ill. ; 36 cm.
Language:
English
Publisher:
A. & C. Hughes
Place of Publication:
St. George's, Grenada, West Indies
Publication Date:
Frequency:
twenty no. a year
semimonthly
completely irregular

Subjects

Subjects / Keywords:
Periodicals -- Grenada   ( lcsh )
Politics and government -- Periodicals -- Grenada   ( lcsh )
Economic conditions -- Periodicals -- Grenada   ( lcsh )
Social conditions -- Periodicals -- Grenada   ( lcsh )
Genre:
newspaper   ( marcgt )
newspaper   ( sobekcm )
Spatial Coverage:
Grenada

Notes

Dates or Sequential Designation:
Began in 1973.
General Note:
Description based on surrogate of: Vol. 11, no. 1 (Jan. 22, 1983); title from caption.

Record Information

Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
oclc - 24157414
lccn - sn 91021217
Classification:
lcc - F2056.A2 G74
System ID:
AA00000053:00269


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NEVLET7ER

FQUNPED 17TH AUGUST 1973
For The Mee ainoin Jgan'iy V sW d 19 3
'ltlh Year of Pub'lication - 280th Issue
Volume 11 Number 1




ROYAL SELLS TO PRG
The Royal Bank of Canada announced onJanuary 21st that, as ,a
result of i"rationalising its Caribbean ,and other operations,"
it had come to an agreement to sell its business in Grenada
to the Peoples Revolutionary Government (PRG),

Interviewed on that day, Royal Bank Manager in Grenada,
Mr Frankie eAbreu, told NEWSLETTER he does not know how much
had been paid for the Bank's Grenada assets which include the
Manager's residence. Mr DeAbreH said he expected to leave
Grenada early in February for Barbados where he will be tem-
pb6ally befKore behind reported.

This bank will now be known.as ,the "'renada Bank of; Commerce",
it wil, be managed by MN Maurice Mathlin, at present the Ass-
istant Manager of the State-owned National Commercial Bank
(NCB), and the take-over of the new management is scheduled
foir January 28th.

Minister of Tourism Lyden Ramdhanny, who is Chairman of the
Board of NCB, will be Chairman of the Board of the new bank
also and, after the' signing, bn January 19th, of the Sale
Agreement, Mr Ramdhanny addressed the 38 member staff and
assured them that there would be no adverse consequences
for them arising out of the change of management.

Members of the staff told NEWSLETTER that, for about two
weeks, thera had'beed unconfirmed but growing reports that
The Royal was' to be sold to the PRG and this created some
anxiety as it was not known how this would affect them,
-Cottti iued -


Produced & Printed by n ater & Cynthia Hugha
I F. --."5, St-- -- --"- ac-s. Mte.'- :





m_ ii -rT --~ TIrIuur


"Oug anxieties wre taeeove whew-Mnister Ramdhanny spoke to V* one
staff member said, "because he assured us that we would all be reem-
ployed under conditions similar to what we have now".

Efforts to reach Mr Ramdhanny for confirmation of this were unsuccess-
ful, but a release by the State-owned Radio Free Grenada said the staff,
would be "extended offers of employment" by the Grenada Bank of Com-
merce. An informed source_.qd 14WSLBETER these,pffers were made on
January 20Qh a;plthey include reemploypent, 4tt he salaries received now.

The RoyalBR- Canada, which opened its doors in "reniada7 on Septembe4
1st 1913, is the second oldest banking institution in the island and thb
second foreign bank to be purchased by the PRG.

Six months after the revolution of 13th March 1979, the PRG opened the
National Commercial Bank (NCB) o the premises of a branch office which
the Canadian TMa ria1 Bflnk of Commerce (CZBC) had closed Iin 'the island's
second large t~V" W,' Orenville: and, early in 1980, I he CIBCO H4ad Office
in St Georges- was :purchased by the PRG.

the purchase price in that deal was never disclosed, but informed
sources told NEWSLETTER itV wvFig HltyIf less than half a minlidn. ust
Caribbean ,do&i*rs. It- is understood, however, that there were
certain "liabilities4i~ cftNB under&tok to4honour, but then nature of
those obligations. was, never iWade public,. i .: -.-

Up to November 1981, the Royal Bank had a branch ,ift Grenville and a
sub-branch on the Carenage in St Georges. Late in 1981, the Gren-
ville branch, whith had been in operationn for' over' 20 yeaTs,: was off-
ered for sale toi the PRG and,' after successful negotiations, that
branch was, taked over by NCB on Nbvember 18th 1981. :

The sub-branch on the Carenage was kept open until September of last
year.

Signing the Sale Agreement for the Royal, .1ank of.Canada was Mr Gle,
Geib, Regional Manager Adpinistration.,for the Caribbean and Latin
America, and Mr John Purchon, Regional Manager Credit for the Caribbean
and Latin America. _Sign.ing for the PRG were Mr Bernard Coard, Min-
ister of Finance, Minister of Tourism Lyden Ramdhanny and Mr Lauriston
Wilson, Permanent Secretary in the Ministry of Finance.

In addition to The Royal,. two other foreign banks are located here, one
being Barclays Bank International, formerly "The Colopial Bank", the
oldest bank operating here, having been established on August 3rd 1837.
The other foreign !-bk i- the Bank of Nova Scotia which started bus-
"ness here on 17th May 1963.


j."'3, VS"""*




.1 . i ; i ,
Week Ending 22.1.83 THE GRfMNAf fEWStEETER Page I~


PRG CANCELLS METI-ODIST MINISTER'S biORat E ~ '

Following a controversy over the holding of a funeral Service for
the Chairman of the Now Jewel Movement, MagadmtW "Caademo" Grant,
the Peoples Revolutionary Goverinent '(PRGYhaMs reVoked the work per-
mif'of British born Reverend Keith Ledson, Head of the Methodist
Church in Grenada, wh6 took up his appointment her, 3ast September.

Grant died on December 16th and, according to a statement made to
NEWSLETTER by Revetend tedsbn on Janu&ry 4th before he ftle* oit with
his family to St Vincent, Grant's family approached rhim on the same
day as the death with a request-that the funeral be held on Sunday
19th.

"I explained 'to them that, as the nly Methodist Minister in Grenada
my schedule of Sutday services and other Church commitments. s very
heavy, and it is not possible to hold Sunday funerals", Reverend
Ledson said.

The Methodist Minister said Grant's relatives agreed to try to
arrange the funeral'for' Monday 20th but, on Friday 17th, he was
phoned by Commissioner of Police Ian St Bernard-who informed him
.that the dead man's relatives were no longer making the funeral arr-
angements. Grant was to be accorded a State funeral,
Mr St Bernard told Reverend Ledson, and it was expected that he
(Reverend Ledson) would officiate on that occasion.

Later that day, the clergyman said, he received a letter from the
Cabinet Secretary, Mrs Marcella David, informing him that Grant's
funeral would be held at the Methodist Church in Gouyave at 3.00 pm
on Sunday 19th December and asking him to be "guided accordingly".

"I called Mrs David to explain, as I had explained to Grant's
relatives and the Commissioner of Police, that I was not able to
take the service on that day", Reverend Ledeon said. "I told her
that, if there was insistence on.having a;Sunday funeral, .1 could
arrange or it to.be taken by a 'lqcal preacher' ".

Reverend Ledson said Mrs David told him that, if it is possible for
'local preachers' to take funerals, then it did not seem that the
Methodist Church in Grenada needs an ordained Minister, and she
warned him that she had his work permit before her.

Reverend Ledson told NEWSLETTER that this was not thQ first time-
he had had a difference with the Authorities .ooier Sunday services.
On November 5th; he said, he had been notified be-would be required
to hold -a:memorial, services on Nyerbber 7th; ,th -anniyerPary eof the
birthdayiof National, Herxo.b Alber MKartyshow,

According to Reverend Ledson, he advised the Authorities that the
notice ,-iven Aim was too short for him to rearrange his Sunday
continued -




THE GRENADA NEWSLETTER


services and hI4. suggested that early plans be made for the November 7th
memorial service in 1i83.

Grant was given 'k State' funeral on Sunday 19th with three Methodist
'local preachers?' presiding and,,three days later-,, the Labour Commiss-
ioher, Mr Franklin 'Philbert,. personally delivered to, -Reverend Ledeon a
letter which said, ":tale mnbtice that your wqork permit No., 260 is -hereby
cancelled with effect from January 10th 1983".

This development created concern in circles close tQ the Council of
Churches, Grenada (CCG) and,, in a CCG New Year's Message read in all
Roman Catholic, Anglican,, Methodist and Presbyterian Churches, ref-
erence,is made to it.

The CCG message calls the revocation of Reverend..Ledson's. work permit
lamentablee? The Church desires to have good relations with the
State, the message-continues, but i t.sees this development as, det-
remental to Church/State relations.

"However"', the message says, "the CCG appeals .to members, and, indeed,
to all Christians, to realise that we ate called upon to 'obey Gcod
rather thanimen ., '". .

Reverend Leonard Rock, Chairman of the South Caribbean District of the
Methodist Church, resident in Trinidad, came to Grenada and talked
with Prime Minister Maurice Bishop on December 29th, but no statement
was issued after that meeting.

Labour Commissioner Philbert confirmed to NEWSLETTER on January 31st
chat Reverend Ledson work permit had been cancelled, but said he did
not know why nor could he say who could give information on this
matter.

"If you want to know more about this", he said, "I cant refer you to
anyone except Reverend Ledson himself."

Contacted on January 4th, Cabinet Secretary Mrs Marcella David told
NEWSLETTER no Government statement had been issued and she suggested
that a statement be sought from the Methodist .Church before Govern-
ment be asked to say anything. Pressed for information, she said
she would refer the matter to Prime Minister Maurice Bishop and would
get in touch with NEWSLETTER.

There was no further word but, on the weekend of January 8th, the
Peoples Revolutionary Government branded as "distorted" a news story
carried by the regional press in this connection.

The? release :isued was not specific relative to the "distortions" but
said a letter had been written to the President of the Methodist
Conference, Reverend Edwin Taylor, explaining that Reverend Ledson's
work permit had been cancelled because he refused to conduct a
cont inued


Week BnaM_22.8~_3


Page 4




- I:


Week Endinh 22.1.83 THE GRENADA NEWSL8TTSR Paae 5-


memorial service for Marryshow and a funeral service for Grant.

The lett r'to Reverend Taylor says the PRG thinks Reverend Ledson's
attitude indicated consistent hostility and a fifm refusal to co-
operate. The letter reaffirms that all Churches in Grenada are
free to pursue their religious callings without interference from the
State but are expected to cooperate fully on matters of State
occasion.

The Methodist Synod which opened in Tobago on January 16th was due
to discuss the revocation of Reverend Ledson's work permit. This
was disclosed to NEWSLETTER on January llth by Reverend Leonard Rock,
Chairman of the Methodist South jaribbean District, and Reverend Rock
said the Synod may make a public statement on the issue.

Reverend Rock, who arrived in Grenada on January 8th to complete a
series of "Covenant Services" interrupted by Reverend Ledson's
departure, confirmed to NEWSLETTER that he had had discussions on
December 29th with Prime Minister Bishop on the "Ledson Affair".

"I did not ask the Prime Minister for a reinstatement of Reverend
Ledson's work permitl,,.Reverend Rock said, "but we discussed gener-
ally the relationship between Church and State."

Reverend Rock said he had assured the Prime Minister there had been
no hostility or lack of cooperation on the part of Reverend.Ledson,
and he had expressed.to Mr Bishop the opinion that a breakdown of
proper communications had caused the situation.

Reverend Rock completed the series of Covenant Services on January
llth and returned to his headquarters in Trinidad on the next day.





HUBBARDS HAS GOOD YEAR

Capital spending by the Public sector has had marked impact on trade
and has more than made up the shortfall of spending money from
Grenada's traditional industries.

This was disclosed on January 12th by Mr Fred Toppin, Managing Di-
rector of the island's biggest public company, Jonas Browne & Hubbard
Ltd, in his Report to shareholders for the trading year ended 30th
September 1982.

"Hopefully, an improvement in the World economy, coupled with the
improvement of the infra structure and the rehabilitation of agric-
ulture from now until 1985", Mr Toppin said, "should create an invest-
ment climate for private sector investment which, together with in-
creased earnings from traditional industries, would lead to contin-
ued economic growth."
continued -







THE GRENADA NEWSLETTER


Jonas Browne & Hubbard Ltd, with an authorised capital of EC$6 million -
of which EC$4.1 million is paid up made a net income, before income
tax, of EC$149 million in 1982, an.increase of some 37% over the BC$1.4
million made in .1981. ,

According to a.financialstatement circulated to shareholders, the
Company's sales rose significantly from the 1981 figure of BC$24.3
million to BC$28.8 million, an increase of over 18%.

A shareholders' meeting held on January 20th accepted the Directors'
recommendation that a dividend of 10% be paid on shareholdings,


JONASBROWNE & HUBBARO (GRENADA) LIMITED
.Balance Sheet ;
As At 30th September 1982


1982


Current Assets
Cash in hand
*Accounts .receivable, less allowance
for doubtful accounts
Due by associated Company
Inventory*
Goods in transit


Less: Current Liabilities
SBank Tindebtedness' Secred
Accounts payable .& accrued
liabilities
Deposit accounts
Long-term liability amount due
within one year
Provision for Income Tax
Unpaid dividends
Proposed dividend
.


BC$ 37,783 BC$


30,262


1,094,934 879,852
85,267 101,731
7,955,419 7,028,799
92,949 90,655
EC$9,266,352 ,C$8,131 299


EC$1,996,511 EC$2,177,234


1,561,687
1,722,096

171,432
1,078,880
1,477
411 .589
EC$6,943,672


1,217,718
1,385,865

171,432
712,865
38,500
308.692
EC$6,012,306


Working Capital

Investments
Shares in other Companies


EC$2,322,680 BC$2,118,993


202


202


Fixed Assets
Lands :& buildings
Furniture, fittings & equipment
at cost
Less: accumulated depreciation


Less: Long
11j%96 Ban

iNet Assets


-term liability
kLoan


5,036,852


5,036,852


1,037,984 983,508
(827,906) (803,697)
ES$5,246,930 EC$5,216,663


(85.690) 27 122)

EC$7,484,122 EC$7,078,736


Represented.by ,
Share Capital
Authorized 600,000 Shares of $10 each
SIsSued & fully id, 411,589sharesBC$4,1 8 4,15,890 EC$4115,890
Retaind Earzninigs' 3368.232 2..92,846

if ir7 AfA 1 '' T f2. 962j 84


uuyr )-ZV)Z) ~~~ ~lyl, iV19)1.3C)
**1~~
~..i I


-


Page 6


Week Ending 22.1.83


1981


1


/





THE GRENADA NEWSLETTER


"STAMP DUTY" INCREASED AGAIN

For the second time in three months the "stamp duty" on all import-
ations into Grenada has been increased and a new method of calcu-
lating Consumption Duties will yield higher revenues to the Peoples
Revolutionary Government (PRG).

For some time, a "stamp duty" has been charged on all goods imported
into the State and, in 1975, the rate of duty stood at a flat charge
of EBC25 on each bill of entry presented to the Customs. In that
year, the flat rate was dropped and a rate of 5% on the cif value of
4
the goods imported was introduced.

In 1978, that rate was increased to 7k%, early last year it went up
to 12% and., last October 1st, there was a further increase to 171%
of the cif value of the goods imported.

Peoples Law No. 1/1983, passed on January 1st, effected further in-
creased in the rate of "stamp duty". With immediate effect, all
imported goods will pay a rate of 20% which is to be calculated, not
only on the cif value of the goods imported, but also on the Customs
duty payable on those goods.

In connection with the increase in Consumption Duties, Peoples Law
No. 2/1983 repeals the section of the original ordinance which
specifies that, when Consumption Duty is to be paid as a percentage,
that percentage must be calculated on the cif value of the goods.

A new section in the law states that the percentage must be calculat-
ed on the cif value of the goods and also on the Customs Duties pay-
able on those goods.

Two other sections have been added to the law. In the first,when
the rate of Consumption Duty is specific, that is, when the rate is
stated as a sum of money, and when the Customs Duty is also specific,
(as opposed to being a percentage), then the new rate of Consumption
Duty is equal to the sum of the old specific rate charged for Con-
sumption Duty plus the rate of the specific Customs Duty payable on
the goods.

The other section added to the law relates to bills of entry in which
the rate of Consumption Duty is specific and the Customs Duty is a
percentage, or vice versa. In this case, the amount of Consump-
tion Dutv. payable is equal to the sum of what is payable at the
specific rate plus what is payable at the percentage rate.

Sources close to the Commercial Community told NEWSLETTER that these
taxes are expected to increase the cost of living by some 10% to 15%
and, following a meeting of the Chamber of Commerce Management Comm-
ittee on January 5th, Minister of Finance Bernard Coard was asked to
receive a delegation to discuss the increased taxation.

continued


Week Ending 22.1.83




THE GRENADA NEWSLETTER


At press time, a Chanber of Commerce-source told NEWSLETTER that
Mr Coard had not yet responded to the Chamber's request for a
meeting.

*lr



UK UNDER-SECRETARY OF STATE VISITS

Mr John Ure', Assistant Under-Secretary of State in the British Foreign
SCommonwealth Office, arrived in Grenada on a Caribbean familiaris-
ation tour.

Mr John Kelly, British High Commission Representative in Grenada, told
NEWSLETTER Mr Ure left London on January 4th and visited Bermuda, The
Bahamas, St Lucia and Barbados. From Grenada he flew to Antigua on
january 13th before returning to London on January 15th.

In Grenada, Mr Ure, who was accompanied by the Deputy High Commission-
er to Grenada (stationed in Barbados) Mr David Montgomery, paid court-
esy calls on Governor'General Sir Paul Scoon, the Dean of the Diplo-
matic Corps, Cuban Ambassador Julian Torres Rizo, and officials and
Ministers of the Peoples Revolutionary Government.


~as^----- 'Zf"-U.


RUSSIA SENDS FLOUR.
Caribbean Agro Industries Ltd (CAI), operators of Grenada's flour mill,
.ave purchased from the Peoples Revolutionary Gove'rnent (PRG) a ship-
.ent of some 8,800 hundred-pound bags of fl6ur which arrived here early
iq January as a gift from the Soviet Union.

source close to the mill told NEWSLETTER that the arrival of the
flour created concern at CAI that, if this flour was put on the local
.market by the PRG, it would adversely affect the mill's sales, and CAI
officials had an interview with Minister of Finance Bernard Coard to
discuss the matter.

"We told them that, whether they sold the flour or gave it away, it was
bound seriously to affect our sales", the source said. "This was
appreciated readily and it was arranged for us to buy the shipment from
Government and market it.""

The source.declined to disclose the price paid by CAI but it is under-
stood that the figure agreed is equal to what the landed cost would
have been if such a shipment had been imported through commercial
'vnnels

i;jiis Sovig.t gift was purchased by the USSR in West Germany and was
' ipped out of Kamburg. The quality is similar to the soft wheat:
lourr milled by CAI and it is being sold on the local market at the

continued -




Week Ending 22.1.83 THE GRENADA NEWSLETTER Page 9


same price as the CAI product.

CAI, jointly owned by the local firm of Geo F Huggins & Co Ltd and
Continental Milling of the United States of America, commenced
operations her4 on April 5th 1979 after a capital expenditure of
EC$7.5 million.

Local monthly sales are approximately 8,000 hundred-pound bags of
flour and 2,500 bags of animal feed of the same weight. Exports
average just over 2,000 bags of flour per month, Dominica taking
the bulk of this trade and the small balance going to Jamaica. A
by-product of the mill is bran, of which some 2,500 to 3,000
hundred-pound bags are exported to Trinidad every month.

CAI employs 32 people.





PRG BANS REBEL CRICKETERS

Taking what was claimed to be the first concrete action by any
regional Administration against the 19 Westindian cricketers now on
an unofficial tour of South Africa, the Peoples Revolutionary
Government has declared them persona non grata and said they will
not be allowed to enter the State of Grenada,

The State owned Radio Free Grenada said on January 14th that th;
Ministry of Foreign Affairs had issued a statement on the day before
condemning the action of the cricketers as "treacherous and obscene"
and said all Westindian sportsmen who go to South Africa will re-
ceive the same treatment from the PRG.

The statement suggested that Caribbean Community countries of which
the cricketers are nationals should cancel their passports and other
travel documents and, on the return of the 19 from South Africa, the
money they earned on the tour should be seized and handed over to
the African National Congress and the South-West Africa Peoples
Organisation to help finance the national liberation struggle in
Southern Africa.

!'It is shocking that, for thirty pieces of silver, sons of Africa
would become mercenaries for racist imperialism", the statement
said. "By this action they mock and betray their black brothers
and sisters who resolutely continue to fight against apartheid."

A contrast was made between the dricketers and the Cuban soldiers
who, the statement says, %re sacrificing themselves alongside the
people of Angola to defend that country against South African
aggression.
?^.*.i, .




THE GRENADA NEWSLETTER


CPE FOR ARMED FORCES

The adult education programme of the Centre for Popilar Education (CPE)
,has been extended to the Armed Forces and Radio Free Grenada said on
January 14th that, as he launched the prbgramme on the day before,
Prime Minister Maurice Bishop said that, with the modqrnisation of the
Armed Force, a higher level of education and skills will be required.

"That is the importance for the Army of the CPE", Mr Bishop said. "That
is why the CPE has such great strategic value, that is why six teachers
have been enlisted to come full-time into the service of our Armed
Forces to push the CPE adult education programme. That is why we are
saying to our people in general and to our soldiers also that, from now
on, a CPE certificate will mean something."

The Prime Minister said promotion in the Armed Forces will depend on
ie CPE certificate and he pointed out that possession of this certif-
icate will mean a difference to the earnings of members of the Armed
Forces





GRENADA DELEGATESFOR ANTIGUA MEETING-,

ANr Tod Payne, Acting Director of the Organisation of American States
(OAS) office in Grenada, told NEWSLETTER on January 1th that four
[.i:ople from Grenada will represent the Government at the second GAS
Coordination Meeting on Education, Science & Culture for the Carib-
!,.ah Sub-Region & Surinam, to be held in Antigua from 24th to 27th
.. nuary.

Sr Payne said there are likely to be other representatives from the
C, -nada Mission in Washington, but he did not yet have confirmed
information on this.

Those going from Grenada, Mr Payne said, are Ms.Judith Bullen, Projects
Coordinator in the Ministry of Education, Mr Didicus Jules, Permanent
-:'!cretary in the Ministry of Education, Ms. Candia Alleyne, Head of the
Food & Nutrition Council and Mr Terrance Moore, Acting Director of'
Planning.

" his is an' extremely important meeting", Mr Payne said, "because GAS
S:_d plans for education, science and culture over the period 1984 to
1985 will be discussed then."

'he Acting Director said the last such meeting held was in Grenada in
3'Y81 when plans were made for 1982/83, and the Antigua meeting re-
.-sents the take-of point for another two year cycle of OAS ass-
tance in these three fields.

i fgalrr~Sl.---^^2


Paut 10


Week Ending 22.1.83




THE GRENADA NEWSLETTER


SUGAR FACTORY EARNS B$2 MILLION

Mr Michael Kizton, Manager of the Government operated Grenada Sugar
Factory, told NEWSLETTER on January 21st. that the Factory produced
650,000 gallous of rum last year and earned EC$2 million.

The Factory ground 8,600 tons of sugar cane, Mr Kirton said,and, in
addition to the basic price of EC$50 per ton, cane farmers received
a second payment of EC$16 per ton based on the quality of canes de-
livered to the Factory.

"Our plan of operation is to convert cane juice into syrup", he
said, "so that, from that base, we can produce either rum or sugar
as we wish."

Mr Kirton said there had been no plan to produce sugar last year
but, because of limited storage space for syrup, the Factory had
been forced to make 50 tons of sugar. Sugar production for 1983
is targeted for 300 tons and it is expected that rum production will
reach 700,000 gallons.

Exports of rum are very limited, the Manager said, but there are
plans to improve labJling and to install a new distillation plant
which will increase output and efficiency by some 20%. There are
also plans to produce industrial alcohol' and syrup for local
consumption.





NEW GENERATORS FOR GES

Two new generators, each producing 1.5 megawatts, are expected to-
be purchased this year by the State-owned Grenada Electricity
Services (GES).

According to a release on January 21st from the Government Infor-
mation Service, this has been disclosed by Mr Winston Bullen, GES
Manager, who said it is expected that one of the generators will be
installed by the middle of this year.

Purchase of this equipment is being financed by part of a loan of
EC$6.3 million from the European Investment Bank (EIB), this loan
also providing for an upgrading of the transmission and distribut-
ion systems and for a feasibility study of the island's hydro-
electric potential.

The BIB loan is to be repaid over a.20 year period at an interest
rate of 2~. There is a grace period of 5 years.

ft... .-I~t.


Week Ending 22.1.83





Page 12 THE GRENADA NEWS LETTER. Week Ending 22.1.83


SIX DIED IN TRAFFIC.ACCIDPNTS IN 1982

According to statistics recorded by the Traffic Branch of the Grenada
Police Force, there were 609 traffic accidents in the State during
1982. Twelve of these were serious, taking the lives of six per-
sons, one of which was a child.

Of the total, 116 of these accidents resulted in injured people, 47
adults and 19 children.

July and August registered the highest number of accidents, both
months recording 64, but December was a close second with 63. The
low for the year was June with 37 accidents.

The total of traffic accidents in 1982 is slightly lower than in
1981 when 620 were recorded. Of these, 6 were fatal, taking the
ives -of 7 people.
*-... .% ; :.,



CDB PROJECT TO AID WINDWARD'S BANANAS

caribbean Development Bank (CDB) project to provide a revolving
`iund for the Windward Islands Banana, Industry was approved by the
Windward Islands Banana Association .(WINBAN) Board of Directors
meeting held in St Vincent late last year.

rubsequentlv, a CDB team met with WINBAN's President Mr H V Atkinson,
i-ting Managing Director Dr Edeel Edmunds, representatives of the
Jvernments of St Lucia and Grenada and other WINBAN officials to
discuss details of implementation of-the project.

':his project, which will be executed through WINBAN, will give the
dividual island Banana Associations the cash capability to provide
agricultural imputs, particularly fertilizer, at the right time, the
overall'objective being to increase the volume and quality of bananas
-oduced for export. :

me of the funds will also be utilized for improvement of existing.
rural storage facilities owned by the individual island Banana
Associations, and towards meeting administrative expenses for the
first !wo years of the scheme's operation.

.ader this project, 4C$8.4 million will be provided at low interest
terms in the form of a revolving fund which will service all pro-
ducing areas in Dominica, St Lucik, St Vincent and Grenada through
..he individual island Banana Assocfttions. It will cater for an
timated 30,000 acres in the first year cultivated by 19,000 a na
rowers and it is estimated that production from this acreage will
..e to an estimated 1590000 tons of bananas by 1988.
"""w




Week Ending 22.1.83 THE GRENADA NFE1SLETTER Page 13


KEY ECONOMIC INDICATORS

During the period January to November 1982, Government .revenue rose
by 19.2% as compared with the same period in 1981, actual figures
being BC$43,482,027 in 1981 and EC$51,836,831 in 1982.

These figures are according to statistics released by the Central
Statistical Office (CSO) of the Peoples Revolutionary Government,
and CSO says the 19.2% increase is "largely due to an increase in
the revenue from stamp duty, but increases have occurred in virtually
all areas of taxes, duties and licences with the notable exception
of additional export duty."

Statistics relative to exports of cocoa, nutmegs and bananas over
the period under review show decreases, compared with 1981, of 35.7%,
0.5% and 9.6% respectively. According to CSO, the fall in the
value of nutmeg exports occurred in spite of the higher volume of ex-
ports achieved, and substantial stocks remain unsold on hand due to
a high level of production.

The decline in cocoa exports reflects both the drop in production
and the fall in export prices, CSO says, but other exports, particu-
larly fresh fruit and clothing, showed substantial increases, off-
setting the decline in traditional exports to some extent and
resulting in the decline of all domestic exports by 6.4%.

During the same period, total imports rose by 3.6% from the 19-1
figure of EC$132,200,035 to BC$136,907,232, the figure for the month
of November being BC$12,452,140.

"It should be noted that, recently, it has been discovered that i-
consistency in the recording of visitors has led to the understate-
ments of the number of visitors visiting the island, mainly Gre-
nadian visitors", CSO said, "but that as this understatement seems
to have been consistent over the years, the trend of visitor arrivals
would not have been affected greatly."

For the period under review, CSO says visitor arrivals fell by 6.8%
from 23,296 to 21,716 compared with 1981, and cruise ship arrivals
declined by 185 from 117 to 96. For comparison, cruise ship
arrivals during the January to November period over the years 1977
to 1980 were, respectively, 163, 166, 172 and 222.

Private remittances and other private transfers through the commer-
cial banks and the Post Offices were up by 40.9% from the 1981 fig-
ture of EC$32,439,000 to BC$45,710 000, the figure for November 1982
being BC$4,322,000. The increase in private remittances in re-
cen$y..ars has been notable and, in a report issued early in 1982,
CSO said private remittances in 1981totalled EC$36,823000, an in-
crease of 21.6% over 19P0, at that time the-highest figure ever
recorded in Grenada.
4




E .GRNAD NtS LETTER
ThBGRENADA NEWS LETTER


Page 14


Week Ending 22.1.83
.


Cocoa
Nutmegs'
Bananas
All Domestic
Ex F ports


EXPORTS

In East Caribbean Dollars
w-- '- - J-- -'---,~ nk '
November Janua 6 To Novemjf -i
1982 1980 1981 1982
64,718 .18,220,969 18,82,%523 12,100,982

368,985 .7,986,180 7,639,103 7,600,763
S713,359 9,329,949 9,326,266 8,427,831


4,374,529


42,227,704


47,726,468


44,688,022


*^ ~- '*'*--



E..AST CARIBBEAN CURRENCY AUTHORITY
Statement of Assets & Liabilities
As At 31st October 1982
Liabilities


Demand Liabilities
Wotes in circulation
Coin. in circulation
Bankers' Balances
Unpresented Cheques
International Organisations
bankers' Deposits
General Reserve

Special Reserve
Other Liabilities


EC$109,241,786
10,327,674
10,340,277
28,263
3,343,122


Assets
External Assets
Fixed Deposits & money at call EC$ 14,965,386
Securities 108,131,294
Regional Currencies 1,932,773
Bankers' Balances .6,971,116:
Internal Assets
': Participating Government's securities
. including Treasury Bills
bther securities


Hughes ,|
22nd January


FC$133,281,122
12,863,479
14,716,168
1,546,560
34,018,352
SC$196,425,681





1-



EC$132,000,569'



50,579,871

13,845,241
EC$196,425,681


Cynthia Hughes
.1983


*0
printedd :& Published by t he. Proprieto s
S Alister & Cynthia Hughes, Journalise S'
of Scott Street, St Georges, Grenada, Westindies


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