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Vol-um 20 Saturday 12th September l9.i --Number 15
T HE NEW NATIONAL
PI P arty (NNP) of Dr Keith
I Mitclill has made public the
Atig'epment between the Grtinada Goverm-
" nimeiit and Pepublic Bank of Trinidad &
Totb.a:. for the sale of co.ntr.:'lling interest in
the Govermnent-o.rvned National Com-
mercial Bank (NCB).
S At a press corderenuce
,. ,n August 24th, Mr
NNP Deputy Politi-
c.-l Leadier, said his
part_7 is con-
cernad '._r the Ya. T
in v1id.h the
MR DAN.Y WtILLIAMS The people"
of Grenada have
had a very por- de-l", he said.
Under te A~g-ipr nt, d ated i. id July l1.. t,
Government sold 51'; of NC"E -hlec to
Republic E.ard: at EC$16.50 per share,
realizing the sum of EC $:.K 3 ndillion.
Mr Williams said NNP has a copy of the
Agreement (a photocopy of vhich was given
to NEWS LETTER) and the Deputy Political
Leader said thele are several aspects of this
document which give cause for gmrave.
Without Time Limit
One of these he said, is tht. under Section
7 (a) of the Agreement, Government has
undertaken, without time limit, to maintain
Please &e BANK Page 2
IN TH IS ISSUE
NNP Discloses RBINCB
Minister Defemds Terms
Of Ban Sale ........................ 3
No Tourism Increase For
Grenada in 19925................... 5
Grenada Anticipates Tourism
Growth in 1993_.............._........ 6
| Caribbean Tourism Has
Up-hill Task.......................... 8
CHA Vice-President Slates
Grenada Government........... 9
SNew Welcome Centre at
S Grenada .--... -......... ...o.. 10
Nevs Shorts........... ...........~ 1
The Greanada Nevsletter Saturday 12th September 1992 Page 5
OncC auain the. Cntomirninta subtvrntion to develop
and mt. rt. Tourism.... his bee further Dr-opped bjy
over 20% as compared wtth 1991
RRICHARDC H ERMAN,
Channnan of the Grenada
Board of To'ris;', address-
n i t g he B.F-r--'s A.i-.: l
rMairetir. Ph:anming ,,eetinig on August
31st, predict .,: t-a. Grenada. is unil:eiy to
see any increase in the T:'.rism lat..csf in
Economies: of the. mcAr tr... "pneri"g
markets continue to be in tef-2-s-ion, he s.:-id,
and there vill be no incr:.:r, in CGrenada's
room ca.ip.ciy t'befoi 1993.
"Worst of ,!," the Chainmr-ar said, "once
again the G:inm-eni: ubention to develop '
THOMAS frLO Page 4
difficulty in intelpriEtAtion of the Agr.ee-
m.-ent, but Ih read it that Pepuhli- Bank
cannot e:'rcise its option to purchase
u:.ld har.:-: until the expiration of a year
after 31st October 1 ~2.
The Agreement says Pepubiir B.:' may
e:-.n:ise its option i"..ithir, a ve," .and,
Mr Joseph conceded that lTisT does not
mean ".after a year but, he s:-,, his, is an
iconsns: i. y."
"Nevertheless," he .:i, "t? muder-
standing with Repu'lirci E.. is ,t- -ftier
the e:piration .:f a a: .R y .ill have
the option to pui~zzhse."
Senator Th:m.. ':..1 he had led a ..e-
gation to Wsr".r!.n-!,;in Ne, Y,:,k', Torontoi
and Lr-oon t ev-i-ate sale of t C
shares and iF resp- r-e h'. beern "quite
'isc ..". --: -J .-.
and market Tourism.... has been further
dropped by over 20% as compared with
Mr Chermran said, over the last tvo e-ears,
as a rsult of an
aggressive, well d
Tou:ism in e
ernment, but, in
spite of this, an a
originall sub- HtR RICHARD CHERMIAN
EC$4.8 million for 1992 vas reduced to
EC $37 million.
Forced The Board
This has forced the Eomnd to reduce st4ff,
cut down on marketing and pnm,.otionali
.jtcivitties and mollify and reduce advertising
plans, he said.
The Board's thmre year Marketirig Plan was
prepared on indrications and pv.ssible p,-
jet.i.: as, the Chairamn said, and, with Gov-
eiTAnent support, the BEr1d. had "delivered
the goods" ovei the pxst tWo years.
A momentum had been L.te..ed, he s~id, but
the Board will not be able to maintain the
desirable pace of activity urdess Govenment
considers faw,.mrbly the Board.'s plans and
Please fee CHERKAN Pale 6
The Grenada Nevsletter Saturday 12th September 1992 Page 6
OIRM TADA ) A TREPiATI13
RRICHARDCHERMAN Hovever, he said, growth in the industry
Chairman of the Gre- can be achieved only if there is support
nada Board of Tour- from both the private and public
ism, said at a press sectors, and the Board is to make a
conference on September 2nd request to Goverment for a 1992
that the Board hA set a target for 1993 subvention of EC $5 million.
of 15% in the growth of visitor
arrivals. Q 60% fA hi A h i;
"We believe that, based on the
current trend", he said, "we may,
end 1992 somewhere just belov
.//,JgJLkI .'U/~V.J IY4U, Y1I3ai*1l ba>2IL
/ vill be devoted to ove is eas marketing
The airlines seeing Grenada,
American Airlines, BWIA, British Air-
,tvays, liat and Aerotuy, have all
c.iv.n ass mranpces theyv will tco-
The press conference was called at j1 ope,. ithth
the end of the Boad's Annual/ and pmxmo,
Marketing Planning Meieng, and he / ha an sai
said the anticipated grv)wth in 1993 \
is based on the fact that m.rnket m The sum
constraints existing now are not : earmarked
expected to continue next year. PI--
e Board inits marketing
ional activities, the
of US$400,000 is
for advertising in the
e See TOURISM Paze 7
CERMANI Fmun Page 5
programs, and provides adequate bud-
Reporting on i:lelk.prments in the hotel
plant, Mr Chenrn,-i said over 300 neBw o:,xma.
vill be added next ye;tr, a fitther 300 .iil1
be ready in 1994 and three other rrmajor
projects are due to start construction :-7.1itly.
Indications ar., he said, that _Gren.da.'s
present room cap;-:ity of 1200 vill ,.:.-s
2000 by 1995.
Additional morn- will bring fur-ther air
tirnspoit links, he said, for which eff:.ts
have already 'beer. initi.-ted In this
connection, LTU nternari.:onal Airways, a
German airine, in _.?-'perati''n with
Aerotuy, will start part pe. in
No:',ember, as a f-r.m nr)ier of a directed i:ly
flight to Gr n,-. ___
Addit.fi.:.illy, BWIA now has increased
services out of Eiuope with onestop
,*',mec tio:s to mrenada, the Chairmnnan said,
and this airline recently has started a New
Yorki:iGrnaJa "ttan-around" service pro-
vidinrg morn extra seats for Grenada.
All indicators point tovards significant
growth in the coming years, he said, but
there must be a simultaneous thrust
towards marketing the product, and this
requires adequate financial support from
the Government andi other agencies.
The future looks good provided the Tourism
Sector is supported, the Chairman said, and
a minimum support au.xantee must be
forthcoming if the Board-s cbjes:.tivPs are to
be t.urned into reality.
Please ee CHERMAN Pme 7
Ilt'~t' ' ' "'
3ft TOURM Pam
E,1 - I
The Grenada Newsletter Saturday 12th September 1992 Page 7
TOTURIM From Pa~e 6
United States nmfket, he said, .:md thra c..st
will be b:-nra by the .,,Board of Tourism,
American Aiine BWIA, tl:he Gren i.
Hotel Assoition and the to ur oper..ton?,
In Europe, the Ch.mnair said, US$280,000
Villa be s pent. on r d irtising; this stmn being
provided, rmirnly, by the B.oard anB' BWIA.
Opne Major Carrier
"InC :and .e have only one n-jor cI.i-~r-
AdT.entur 00,. c':un,_ i .,ty .:A a :hr
service," Mr :'.heni..i said;. "?jJ the
.ll,..t.i.on !e is US$0i,-00 tf be sh.Fed
by the BR-... and Adventure Tours."
The Ch;:iirrnmi refinred to ihe c':,ntroe ;
which has arrren between ihe Crmuse Ship
jLine; and the G','-.nv nent: of the rgi..:n
with rfenie to thie pr'pos. that the hdJ
tax on v'1iitois be n1c-cre d.
Discussions have been held with Mr Art,
Kane, Px. id ent of the Florida-C-.ib1e .:a
Cruise A.ss.i: _ition, he said, dLct.sii'Tr4- .:
,:-:,ntinu.hg and it is hoped that, befor-e the
end of the e.-', a final deI:si,:i.n will be
Inaddifi.- n to the narl:etniig bud'etofUS$3
million, Mr 'C:he rnan said, the suri of
US$150,00 has been .dl.:..cate& for local
CHERMAN From Pa 6
Most of the pI -rammes iMcI'd d in the
1991-1993 Action Plan have been
i t.'eLpted .'ith a high u.ces'.. r.-i.:..: Mr
Chei r, s.:i strng ef forts .-.c t.inr
made to complete the PlA. bef.-* th- e "-id
"Next year will be the timn- for a rrajor
Seinir frcm ir .clh will flow the three
year Action Pla.i for 19'4 to 19 ".' he
said, ".n tid I am, t.dfiet shall ,,:.ei ve
co-p !-,- i .1- fr. all --e ,i.--: for the
event and for fut!. impe:-er-.-:'i.n- of
product development, and anm: thr E' $2.7
,illi,.,i from the European. C ,orimuniy for
-.nhancement of sites and fai'ilt- .
"If it is agreed by Govmrer n", he said,
ve intend to spend some EC $ 100,000 on
local public relations because ve see the
need to make Grenadians more avare of
the importance of Tourism."
The Chalirrman c:'rnirned the GB -an,
Hotel A::.:: iai: (GHA) for its ,:-
opeaiion with the E.:ad in the .i-"-: -i,
,-nipaiag, and sid, l.a: yexr, in the first
year of the Boaid.s e:'i~enrce, GHA had
c-.'t..ibuted US.$40,000. This year the
c.:nhtribution .v.x US$50,000, he said, .and it
is h'.ped, that the 1993 V-:..ntribut::n will not
be less than -.at has been given tibe'..
G, :miet. cut the E...arj's all: acti.:.: in
1992 to ordy EC$3.7 rlion, he :-i and
the (3GHA has lent its s support for the B .wu s
reque-t for EC $5 million in .1993, Mrl
Drop In The Bucket
The existing hotel plant is nov va ued at
EC$1OO million, another EC $100 million
is currently being added to it, he said,
and the allocation of EC $37 vas only 'a
drop in the bucket-'
Mr Jude Bemard, Grn.ada's Dire.,i. of
Tourii..mn, pe-rit. at the p- conference,
:ai, itis futile f reachCa-nbeari destination
to iun..eitake an ,'. ii.-1:ig ca -nairn of its
own and the .~ei-.i_'.:i:n 1-, been t-enr, to
nr:-il:tei the C .aibbea,. as a region.
The budget for this advertising, for the first.
'-e. is US$15 million, he said, JS$4
iilliii of hiTh will come firm ;jj
Go'reiTnmeits h and thie balance fi: the
p;r..'Tl se:to:.; that is, hotels, airlines arid
c..:.pni-s inv,-l'.'ed intomis m mh. rgi, -n
C i in i-n.... ....
The Grenada Newvsettar Saturday 12th September 1992 Page 8
Art HP-ffLThLL 1T2iM
Competi.ti.on- is fierce andc ilntnsi.f:yinrm" nt
Curri bbEi-M toM-rism f 0es a- serious up-h-ill tiask for thpe
rest- o tfw ucfdu:fe.
:R JEAN HOLDER,
S Secreiatl:-General of the -
Caiibbean Tom. L (C'r ;..-
,,+.. (C.I T ), .d, Gin -
a1ad.:- on A g.L.: 3;T- 1..d ::-..,t-in to a
unique ,'rmbin.t1'i:.I of -A,.seie cfr:.u,-
stances, tourist arrival in TQe C .nibai:an in
1991 fell for 4te firt time .ince 1981.
Mr Holder Is coi.ir. wasm--e as .e
addrncsen the Annuial L..[.;i.ing PIl -..i .-
Meeting of the Grenada BE:. r of Tourism.
and. he irr..,se.1 the ad-i-.- cil"L-, .tInc-.,
as the :- in the Gvlf, p'e'-"r:. in ,t
n:i.'r tohnrt-" ner-tin- markets and the
collapse of PanA,-mei-.-an ALr- .mr c*
several large tour ':on.. rs.
H,-,.,,?-';.. the imajionty of ip,:irtirg des-
n.ini,.rns continued to experience ade, :e':-se.
in US.arnvals in the first --lf of --e. .. r
underway, and a bati_ of fawiirable
prognostications for increased travel byj
Americans Mr Holder said it no
appears that 1992 vill probably continue
to be a year of little or no overall growth
in travel to the Caribbean from North
Counter The Competition
There is i, ..- ,.,p t!t-,-,: for the U.S.
"H ov ever", ---. t". s ..,ri':.u ist dos'ii, the _- .s:
Geneall tt14.:1n MheO
I .S a le ., . : ; : + : : -: --- : .. ..--:-.. ..
:ttio i..4 i-'. .en- t that the
given' the rn.n i e. -
the decline -. relatively ::ty'" :s rt .l 'c .C . i i--- a
n.:de:t (about 1., an a f:1- 7' ot ratcsi mVfl
de irtu nations n L.abbvAmha B -.P.t ::: ...::. .." ovn
1 -+, i ^ i-^i\ ^- .-^-t 13i t. i 'I ",
Cuba, Grenr:.d Marn.q,., St .. St -
Lucia and & ni & T:.b,--T:., still managed
to achieve i"m" i;ve .'.'t, -di-,it o .th :,
l-es in l 1991 Mr holder d ir.
Another Brigbhto C:~nbbeanComi (Fj'K ARICOM):-
n.u. e Tou. i he_ ..r,1 h- ... .h._r onL n !. ;r ij ir Tanri.i:_a last Febraary
S m l.,l.n!- :i Tll C -:s ;.1 ,,r ,i agreed to a ru .:.::-. -put -fira r CTO
by 9.4%,he .hF sho an d Hoteis A i.ition
mbra, hofe 13.6- i contFur..est to a -i CHA), for :- initial investment of so
$15 miion in th l n:::: year of a l 'i..:
decline in pa,.-sne,r: r :.m the United States- U,-.... .?.-.
aJ.d'e !-,i:::- pro rm i-ne m ,.: ,; h Ami-ic.,a.
L.:.,inmg at fit.ipre rp..- -= Spr-:.T?.-c-.
General it hadi been rti.:-:;.e,! th-
viith he ,rng, of the UTrd- .-te:
ijcesion, tkere would be a -r..:, e-,. .i,
in U.S. ove! e:. 'e..s. l.
I h.'. n :r,. p :---c- .*Uri in;l cruse .- ,
.'"'.-. mrie ., and editdt c,:-. : ,; -, .-..:
have al some or all of their
contribution to the Fumd by the r;:.-i ue of
PTIMe Sm H OLDER Pay 9
The Grenada Ne wsetter Saturday 12th September 1992 / Page 9
R ROYSTON HOPKIN
Fnst Vice PnOi.d._jt of the
Caribbea nHHotelA. :ci.:,ti n
(C H A), prii E.:: int, G- r
nadian hotelier: and. irnflunriu !
member of the Grernadai Hotel
iAs,',,ci .:ti.n, or: August 31st,
addIs'lr:in the A ,'iucl i i:&eAtiig-I '
Fla-iing; Meetirg of :h GVa.J.
EBo-ird of TouriCnm, -'Altd ti.
Grenada Govn. r for its l.c of-
zupport for T:,,rismI_..
To-i.uisrnis the 'ry v-ctor of
the economy viel,:in -,
positive results, Mr H opin
said, the meeting .- ."A the
only fornun in hi-ch to plan j
Grernadis fute.i, and. he P's
expressed deep hurt.and r.f th'
Grena's entiree r-altic..-- diet.. "
w as Absent.
"I have to assume, he said, "th.t. (tis lack]
of interest) is the reason .'ep continue to get
decrea.ses in Tourism ezpenrdi!ire from yeaTr
Grenada nov has a dynimin: Pxoai.
of Toi ursm itlh, an Af;c.ient
structurE in pla-- t k Vice
Clhin-Z. .'-'idA, bj ecau.e of the
laE of fiunini1p, the staff of the
<.ve~~eas: offices cannot post. rit
Mr H,:pkin referred also to
criticisms that Government
corcessions to the Hotel
Industry are too libia_- and
said be wished to s!ear up
TO$ HQOPKI N i rat .f-r once anid for all.
Some people are plains withL statistics and
Pleae See HOPKN Pae iO
HOLDER From Par. ?
October, he z,:-id, aiJ- all ie-.- to be inp! r-e
for an early launch of dhe Regi.nal
Marketing Carrpai.gn i ii I'A,..l America-:.ni-c
the U.S. election is out of the way.,
Tunming to Eiupe.i- ;.;...pect3, l." Ho:i'e:
said the total size of the Eur.pe:, "long.
rhca" market is -t-:-i v'..- at aro-.mun 20
million depari.u'e- per .::r 3.-i, c.:.r ,.-_,
vith 15 rmllion for -Un-- te- dt'.s and 10
million for Japan.
Of the 20 million, he s,.iL 12 million -
holiday travellers to oe.:.-ic or be.:.--;.'.e
destinai:ions, with Norh An.e,'.a ia- i-:g
40% of thds inie. southh t A.
Far'Eas iPacific -L,. A frici. ,ne- nex in
order of popularity, with the Caribbe-i in
fifth place getting ,: :--- at::.. 8%.
The .Secre.t.ay17 General said .Ii total
European long-haul nm'ike' is ep;-ctid1 to
inL7ts; to .ir*i.umd 48 million by the year
v2000,, with boh TN-:-rh America arid the F.r
East. i:zemi.ig their si,.E_, vhile the
Carit-be r:ni exFp .tped to r.ilt.ai1. its pr-bent
"Ofcourse", hesaid, '"vitha growing iotal
market, the absolute number of
-ropeans visitingthe Canribbean vil also
Revi. v.ying the trends in the .avxj.:r %jorld
1,._ukt., a.Ld reoi:'gnisin" that the com-
peition is fierce and int.risiif'.',g, Mr H;',ld:?r
said, it is clear C -ib be an tr-.um : m fa:s a
se nous up-hill task for the rest of the dec ade.
Please S;ee HOLDER Pae 10
The Grenada Newsletter Saturday 12th September 1992 Page 10
M RS ELIZABETH GOR-
man, Grenada's Cruise Ship
and Yachting Officer,
announced at a press
conference on August 24th that facilities
on the St George's docks ire being upgraded
to meet regional competition for the Cruise
HOLDER From Page 9
This challenge corners at a time other
economic sectors in the Caribbean are
under enormous stress, he said, and this
shifts the burdenof economic development
more and more on to the shoulders of the
The Secretary General said Tourism now
faces the fundamental problems of
upgrading old products and. find ing capital
inve strent for new products, and he d"o-'s
not think that, in the :-hr:irt term, these
rnajor resori-rres can be found.
Can Be Secured
His advice, however; is that small things
which can be fixe be t;a:lled inmmed-
iately. The time gained hereby should
be used to decide reionally what. sort of
dJestination the Caribbean should be, to
establish a-greed regional objectives, a~i
to identify nEso' ces which can be secured
by co-operation and unified i' gio'nal
A start has already been made to..ands
the co-operative pr:..'cess, Mr Holder said,
and he has every confidence that it vill
succeed if the Caiibteani is firm in its
resolve, and does not falter at the first
sound of alarm
"The Cruise Shipping sector of the Tourism
Industry is the fastest growing in the world",
she said. "Most of it is passengers who
nov travel out of North America, and the
Caribbean is the largest recipient of those
cruise shipping activities."
This has resulted in fierce regional com-
petition for the trade, she said, and it has
become urgent that Grenada upgrade its
product, starting with the reception area on
the St. George's docks.
Has Been Launched
To this end., Mrs Gorman said, the EC$1.3
million "Burns Point Deveioprrment Project",
fineced by the Canadian International
Developrrent Agency (CIDA), has been
launched. Plese ee WELCOME Page 11
HOPKIN From Page 9
saving that, annrmully, enormous sums are
being given in duty free concesi,:.ns to
persors cor<.tructing hotels, he said.
"What they are forgetting on the other
side of the coin," the Vice President said,
"is the millions of dollars vhich are being
In the free world, he continued, nobody is
going to invest without getting concessions
and nobody should be fooled when the
,amontd. given in concessions is said to be a
loss to Govermrment.
This is not a loss, Mr Hopkin said, because
if the project is not started, no concessions
are. given, and or.nicessions must continue
and be expanded if Grenada is to attract
invest tme rnt. and benefit f:.,m its positive
Please See HOPKIN pMe 11
The Grenada u'-,- Saturday 12Li Se-tember 1992 Page I1
DipAcmatic Re.flan ."th AIDS U date
TL:s C 14- :.d.:, nt^ y of Health reports that,
Withffecfrom 31,st Au':; ':,' G..d.a ,ip to the -en. of July last, 58I HI positive
A Government. Ihfomnation Service (GIS)
A r"-":ase fim thIe Go-mi ..e:.. IfrmTion 1Mease says that. offthese,42arermale, 15 ae
Service (GIS) s- bti-h G:. v.nmeisi vil! -.fermae xaithe sex of I is unknown.
name r teir CleE i of ..r :..:1.: :.a F,. o I:f. ,-,
and, in the rna3ntme, t11- Gi: a Embassy At the rnme date, 30 AIDS cases Vi:ere con-
.ad the Co'-r, Rica Enr1.:-y in hin.Ar:n :r f fwh 23 have died.
ill : as Li;& onOffi :
T '; reort .;. rn.:,'t of t ofe HIV cases are in
Fleap he PEWS SHORTS Page 12
Uil n1 1a n-- -r nrul-1 -- -_ _ _
WI.QOME From PF.i 13
The I--ai of the FI..j: ct is the ,,e..-Pe
Ce:**-" she 2.-_ Ti1ds is based on the
pier, p r.-; -e ,i'I di.:: c:.v': t!c.:,u h it,
rind a.! per:.--,n and hee;,i'-s irvo'.ved in
L- :ir; 1'-" visitor aill ay e haent-
T I:n11 stri'iit the seri toi pass-
zn.. M (3s Go1 ,11 q. V_, and tht serniip
.ill be ba d up ith ..q te seating and
with to.ie. n, other .tci:ities.
OEpected TO B.3 Compk 'LE!
The "'eo-ime Cient is ph'.e one of th-
Pio, je, : 3 :ad9 has :.aly begun -
and is e:p i. to be c:.,.!:-' -. by
HOPKIN Fiw-a Pim 10 |
The Vice Fi rdet v. i ao- i:
the Go,--.Trrz--.,-' :. '" iustn l
he said. is pr.. .i ":.-: :i?. ,t ,!F.tfi,
po-lic s .-hi-'!: ,-:'tate - st --' local
Mr Hop,.ii-i c':. .-' 1 2d: by calling
on l tlp Govi:.,:-:; :t ',4:.. .:-' z.s J.-- of
Tounsmabudgetof ECS7 nL:-nin 1993
'/Licb, ..he .:;,' is xal, in .-..i :0 ts, to
the EC$5 Inillioni :. m in 90.
t ,.>!.*.>:, '.* L ^ r ^ NJ~ t J '- ^:^ -'; :^
The i:- : ::.. ;.. ,t she said, Vill isolate
the .-,itor from the k,.dino' and unloading
ofr hi., .- vith pre-paid tours Vill flow
sm<,: -d;i thrU ,:".h to the lazi loading area of
the tour oper-:.I, she e:-:plained, while
others 7.1L -::'c on to the Crena-er advay
: _er tp.p.'y i-..- engage a taxi or valk on
into th" -?7n as z y h
The :--r.4 .p ias of the project. Mr_
Go.m.:uA ".d,, will be "cr'isruction of ar
e:- sng building c.rL the pe _imeter of the pier
cormp:..uid This building she explained,
Sili house 1 ti. t'i.irmi offices plus a
b'i que, and tUl phse is scheduled to be
completed in Jime 1993.
Will Be Torn Dov,
,... ..:. has t-.e-n completed", she said,
S. ... ..jdii..i in the area which are not
'n ::or' ;s .:..-,ti or Government offices, Vill
, t.p.;M:d :.;.t-.ern forlandscaping"
Inc1.:-. in -" project she said, is
c',: -..'',.ior of a water r T-:ai" dock which
will "f"!':... the e ,,-rirq' and dis-
em'niri.i. -of p-~-:e--g- Additionally, the
area r?-',4. for ,tdcj fror- the crnie
ships is tobe r, .'. :'d' a -n. ::--nded so there
vill be no v-'. i.: queue to l..mi
Prese r. :.t the con.r-!- ncre, Mr Vinod Duggal,
PIae See WELCOME Page 12
The Granada Nevseter Saturday 12th September 1992 Page 12
IMWS MSHO RTS From Page 11
teage gtoup '; to 34.
Community Projects Get
Twelve cni.m ity self-help projects are to
benefit from th: Special Development
Activities Fund of the Uriited States Agency
For Intbmational Development (USA ID).
Total of the gnt is EC $29, 875 and it vill be
used to construct two cornnurity centies,
reconstuctaroad, purnlh e school fumitune,
finance craft and business skill training
pr,:.g]an-nes andr develop a tecieatiknal park
CATVET Holds Workshop In
Twenty-six persons drawn from the
Caribbean region attended a workshop of
r~~~~ ~ **: ------- --- -*r -
WELCOME From Page 1
Tourism M.. rke'tg A,'-i:?r to the 'E..ld
of Tourisnr, sWl d '. Burns Point
DevelopmentPr:-jei i :e notconflict with
the (,owrrTrnent .pp-:.-ed plan for
impirvyrie m of St George's port.
That plan (vhich include: TImc'val of the
docks to the ve fem side of St Ge::ge's)
is iujil:ely to be implemented in the near
future, he said, ani, in any ,cae, hO-e can
be no better landing area for c nise liner
passenger. th.-: ii *he ,ir? nov being used.
"Ten :e:-ir down the li-pe, if a new port
does: cobe up and tiis is found. to be
red und uiat, he ._ "te : V Centre
will h..'e paid back n r -: its share of
e money we are now :-":. on it."
K J ,. .._ ... ^,. m .... ._.'-.. : :
the Caribbean Association of Technical &
Vocational Educators and Trainers
(CATV ET) held in Grenada. from 24th to
The v.:i:sih:-p, which v. funded by the
S asktche.an Institute of Applied
Science & Technology, the Caribbean
Development Euk and the Oganisat.ion,
of East Caribbean States, focused on t~hi
:ina _ent, n-aintb nance and repair of
tools and equipment.
Programme In St Vincent
G.r.Vn. will be represented at the second
ph.:e of a regi,-nal Corinummi'y Develop-
ment Training Programme which runs in
St Vinrcent from 14,th to 25th Sertember.
12l' S. pt b er 1992
1 'I & P.. ublshed By Tie Proprietor,
A:'.stCr Hughes, Jounalist,
Of S_* St-ex;, -i .George's Grenada, Westimdies
(P.O) Box 65: Pth, 91 440 2538: Cables HUSDN, Grenada
The Grenada Nevsletter Saturday 12th September 1992 Page 2
BANK froa Page 1
over fifty specified "creditor accounts" at
Those accounts include the Grenada
Supreme. Court, the Government of
Grenada Accounts, the Government of
Grenada Subsidiary Accounts (Public
Library, Fire Fund, Savings Bank etc),
the National Insurance Scheme and the
Agricultural Rehabilitation & Crop
"One can understand that these accounts
were kept. at NCB when it "':,s the Govern-
Mr Anloine referred t:;- to what. lie called
'an inequity in the eimm of sale offered to
,Republic: Fank and i-:. G.(.re.diians.
Thirty-nine percent of NC F s-i a rpe have been
resernPd for purc-hawe by G3enadians, but,
according to the Agreementr, t ihc'. s'
must be bought by .31st Oc L'ber next., that
is, within a pe nid of just .:.er three months
after flle Avi ir.nlt was signed.
Option To Purchase
H: evewr, whatever shares have
K.. Id within that period, Pp.ublic
the option to purchase th-rem or
.:. ...-soine to do so, and
WrLM must be g:,rn
tlCrswCffiatyi' nith l
m e nt
bsi NCbut NCB
is not our bank nov, i
provision is made in
the Agieemnent. to
keep these accounts % "
there, giving no coni1 erati...n to the
Gi-enai.. Bank of COnLtrnen.e (.BC), a
bank vhich Gov"eiminent still ovns.,"
Will Not Privatize
Also vith reference to GBC, Mr WilliamIis
pointed out that, il though the Government
has stated it will not privatize this Bard:, the
Agreement gives Republic Ba.-;: the option
to buy it "-h,.;it'd h~ie -reiiada Governmient
-,late the said Bank to be privatized."
Mr Alphonsus Antoine, another prom-
inent NNP member, present at the press
conference, pointed out that, vith
reference to the purchase of the shares,
the Agreement exEmpts Republic Bank
from paying any fees due under the Alien
Land-holding Lav or under the Stamp
This loss of Government revenue, he
said, reduced the stated sale price per
share from EC $16.50 to some
"We find that rather
Jodd, Mr Antoine said,
jhy our Gowm-
A ment v who is
supposed to be
Sneteotiating on our
V behalf, would
',:.ant. to go along
with such a lop-sided agreement."
Before the Za.1 was cc:.riluded, Mr Williams
said the matter shoiud have been debated
in Parliament because "this bank and its
res,,urwres don't belong to a lhuidfiIl of
people." Dr Mitlhell vill nowv raise the
matter in P.:rli,.unett, he said
Nothing C an Be Done
Mr Anf :ine said NIC is ,r. and noth-ing
can be done about that, but he p.ointied out
that Governmrent has expressed its intenti..n
to sell the Gteiiadla Electicity Company
(GRENLEC) and he flt something-must be
done to make sure "this basic: utility
c..cripaa-iy does not go the Fu.nme wayl"
"This is not a question for NNP, it is not a
question for any one tr: up," he said, "it is
a question for everybody "
---- -- --~I~-----.
The Grnada Nevstetter Saturday 12th September 1992 Page 3
Bfsed. on the profit of EC$ S,129 and on the fuJwt
sAmt, up to January 1992 Otl ban was
showingwt a loss, and will continue to sFow a
Iass up to October 1992, it is maS vlw that the
received was fair and equitable
sf ,ENATOR TILMIAN THOMAS, In arriving at a valuation, he said, vhat vas
Ministerin the Grenada Ministry taken into account vere the assets, liabilities,
of Finance, has rejected pub- the profit made this year, and the anticipated
lished criticisms of the Agree- profit.
nment under vhich Govenurmnt sold
controlling shares in the National Corn- He has heard criticism, he said, that the
mercial Bank (NCB) to Republic Bank of buildings vere undervalued in the offer-for-
Trinidad & Tobago. sale document Those huildinr he
"To look at concessions giwn to an
investor in the banking business and say
they are generous," he said, "is unfair
and not in keeping vith vbat is expected
from those vho should be fair and honest
in analysing vhat is taking place in the
The Sernat.:.r's coju-ients were iradW. at a
pri.-s conference .:,n September2nd ind ve re
in reply to chlages mriade on August 24t1h by
the New Najttin.r.l Party (NN P) of Dr Keith
Under a still-to-be-published Agreement
dated 23rd July la,, Gov.nurrirnen. sold to
Republic Bank 51% of NCB shAzres at
EC$16.50 per share, maliinr the sum of
EC $..3 million.
Price Was Too Lov
NNP chag1Pe-: hli.:a tie sicale price :'as too lov'.,
but Mr Henr-y Joseph of the audiunm fini of
Pannell Kerr Forster, present at the press
conference, denies this.
Pauiel! Keir Fort.er vas consul'i:mt to the
Go.,. rmenrpi rel.-ati,:e to the sale, .-aId Mr
I:-eph said, b-.ed on the eiluation made,
the rice could not have bei-n higher
explained, were taken at their "book"' value,
that is, their "historical" cost less depreciat-
ion, and he rakes no e:cus e for this.
"You hae to consider that the price that
vas applicable in 1975 is not necessarily
the price that is applicable in 1992," Mr
Very H igh Provision
NCB has a very high pro vision for doubtful
loans and adva.nce-, he .ai'd, .md when this
Please See THOMAS Page 4
Founded 17th Augut 1973
MNAA MOORE CABOT AVARD 1984
Su. scription Rates
Payable In AdTvace
Postage Paid By Second Class Airmail
(Inland Post InGrenada)
o0 lsues $115100 $ 43-00
20 la es $07,j0 $ 77J00
4D Issues 390.00 $146-00
Aboat 20 Issues Published Annually
The Grenada Nevsiter Saturiay 12th Sep ternber 1992 Page 4
THOMAS From Page 3
is e!h 1i ag-unfSt the incrp ise in the vluie
of the bu.Jiin Tth l J'.,. 1 ; do .nott
e: .e e d the b. .:: value.
Additionr1ly, he saul. NCB's pr.i:fit, 19.i -.
vas EC $5,129 afterr dPedt,,uLkii of taxes. -
This means, h1-e e:plii1e .that fpom assets.
of EC' $110 million 'he profits are only
Fair And Eauitable
in 1989, EC$1.8 r-llion and in !990,
EC $2.01 million. After-tax profits, b
said vould be about 80% of pre-tax
Two things .-. r- p'.-:blie f:r t.hi r-
meri:..1 in tI, f;:i-uie? of the F.-L:., he
*. o, one being hat "the icorne base
has been er:led.' and the other ti.:t
adv.-:ces 2--en are provi. to be
Without Time LLz-ait
t_.:-i.:.,r TL,-."n .,.:-a .rked to *.:-.nu -ent on
the clause in the Agreement viich .-'- :that
:..:--: *.r itt. u1 r1: -.e-, .it,1.ut fmle limit,
to maintain .:"e fifty .'-ifiec "i'-ditor
.:xi ,,unts" at. NC.
Those accounts include the Grenada
iSupreme Court, the Government of
Grenada Accounts, the Government of
Grenada Subsidiary Accounts (Public
Library. Fire Fund, Sa-vmgs Bank et),
the. National L ~urance Scheme and
the Agricultural Rehabilitation &
Crop rification Scdnme
Both Senator Thomas and Mr Joseph.
attempted to justify this concession t
Republic Bank, but the reason for it va
not made clear :
Mr J.: e.: l.i'J Republic t..F rm had mr '.gJ
r' -get that NCB Tas a ":1,-: i,.1.i ,
and. is c':.nce.sin ha--.b.-n Iii ,n 3, t.::
.as "a bit of ':mf:r". He -:*uld not -:.;
Trtrty-r ne percent of the NCB h:,.: h e
been re.- for purchase by G.i:a!i2r
tt. punihases must be vcmpii : by 31t
Oct .ber 1' -2, some th-me Lr n,? .:fi _. *te
si1,n:,n of the .A-.eme
Has 12 Months
Fol'..:,'rig that :ite, Repiublic B ;t: has ,
option to h,'- ..,y ms old shares and has 12
rnonths v it '_1 ri W -lh to e ,rcise -.:*p'i n.1
AnNNP Ap.:.ke-mai,.. rAph.. .. A" .i. ,
hlas v.T..!i .:tetI 1nto the fact th.t Republic
EBi:d: witr .,- re r ability to seci-e r.:ds I
for ir_.:estmnit, is gi',.-' a year to exercise
its pi'.. :* .i_' i _r_ ..i... have :, .' .. -.
tn: -i_, '.
"We find That. -'her *,.. he : ,, "-a" ':e
7ornd.er vhy ..r GoiTnn., -. is,
: .p:p.:.. to be negot ti:, on our behalf,
wvoi want to ro along, -.i; such a lop-
sided agrier,::;I :
IMr ..,:,-er.h -id ',h-a. night be some
Pleae See. THOMAS Page
"Laed on the pr -fit of EC$5,12.9 apd on 7ade .. the "7i-, Lae b.v
the fact th.1t, up to J- t .:- y 1992 the b : ade if te ".'. :"" haj :. .eer gi..'
w Tas s .. im:g a 1 ., ..iid will c :.-tiLhue to
h..v a 1.:., up to October L-2" he" i :i Nobody has been of anything b
"it is t th price r ved this claue- S r Tmas
*:.r and 1qu i )_ __b_ _._
millo -g19 .- ..U$rxd il -- .
Details Of. Vx, _,+.oa M._= a*-" V
_-..m i-x i, to
minion ; W.* V 3 P. .-