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Stabroek News

Economic developments and activities ... this week in our past
published: Friday | April 7, 2006

SEAGA ASSESSMENT

April 7, 1961: Legislative Council Member Edward Seaga said Jamaica's social problems were the result of the interplay of economic discrimination and racial discrimination, an involvement in which the former was the principal determinant. Citing statistics to support his assessment in a speech to the Legislative Council, Seaga pointed out that in 1957/58 gross national earnings were £177,077 million. Of this total he "haves" - those earning above £300 per year and who numbered only 115,000 or seven per cent of the population - earned £56,944 million, while the "have-nots" - those earning below £300 - and who consisted of 93% of the population earned £120,133 million. One year later, 1958/59, the "haves" increased their earnings by £8.8 million while the "have nots" earned £3 million less than they earned in the previous year. This, he said, was the root cause of Jamaica's problems, and the cause of the strikes and warnings of strikes and strains and tensions in the society.

QUALITY DEBT

April 8, 1953: A loan floated by the Government of Jamaica on the London market was oversubscribed. The subscription list for £3,590.000 at four per cent opened at 10.00 a.m. and closed at 10.05 a.m. The loan was redeemable in 1972-78 and the funds were to be used for development projects including irrigation, soil rehabilitation, railroad improvements and domestic water supplies.

CHEAP LIFE

April 9, 1977: Vincent Morgan, 33, of John Reid district near Borobridge, St. Ann, was stabbed to death during a gambling dispute over 20c.

FINANCE FUTURE

April 10, 1947: S.E. Hamilton sold premises at 26 East Race Course in Kingston to A.B. Crawford for £2,150. This is now the site of the Ministry of Finance.

SNAKE SCAM

April 11, 1927: A woman and her money were parted, but the culprit, Leonard Giscombe of 9 George's Lane, Kingston, was soon arrested on a charge of fleecing his victim, Emily Simons of Mitchell Town, Clarendon by false pretences. Giscombe met his victim at the Government Savings Bank earlier in the day and told her with accompanying sobs that he was looking for a woman to save his sick mother. In sympathy, she accompanied him to George's Lane where he took off her shoes, told her there was a snake in it, poured a liquid in it and assured her he had got rid of the reptile. For this service, he charged her £3. He accompanied her to the bank again where after drawing £10 she became suspicious. She shouted demands for her money, got back £10, but an accomplice left with the deposit of £3. She reported the matter to the police and Giscombe spent time behind bars until he appeared before the Courts.

TELECOM ADVANCE

April 12, 1938: A new feature, a classified section, was included for the first time in the Jamaica Telephone Company's telephone directory now off the press. This classified section grouped individual businesses and professions. Members of the public who did not know the name of a particular firm but knew the products and services it provided could find it by looking at sections such as 'Hardware Stores', 'Electrical Goods'. 'Tailors'. Another innovation was the listing of emergency calls - Police, Fire and Ambulance - under the same number, 110. Previously customers had to dial different numbers for these three services. The number of telephone subscribers was about 8,000.

- Compiled by Hartley Neita

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