Ministers must be careful

THE EDITOR: As a rice farmer with a minority shareholding in  National Flour Mills Ltd, I take very serious objections to the irresponsible outburst of Danny Montano, the Minister of Consumer Affairs, which appeared in the newspapers on Sunday January 4, 2004. In the first instance, the Minister is a representative of the majority shareholder and his statement could have a very serious effect on the value of the NFM’s shares on the stock market. I have since contacted a lawyer aimed at some sort of legal action against the Minister for any reduction in the value of my shares which resulted from his unwarranted attack on the NFM.

Secondly, as a rice farmer, we the farmers are very grateful to the NFM for the subsidy which we receive from NFM for the locally grown paddy. Because of this paddy, I have been able to educate my son and now my daughter at UWI. In the Minister’s statement he is trying to promote or create employment among the rice farmers in Guyana, but, at the same time he is increasing unemployment in our small but very significant rice farmers association in TT. Is this the responsibility of the Ministry of Consumer Affairs? Finally, the small dividend which I receive from NFM is re-invested in the credit union, thereby creating capital for further investment.

The Minister’s statement could very well result in the NFM experiencing a net loss or a drastically reduced profit for the year thereby eliminating or reducing my dividend. But I also intend to consult a lawyer on this matter. Based on the dividend I received, I imagine that Government with about 51 percent shareholding should be receiving about TT$13 million to TT$16 million annually as dividend. If the Ministry of Finance is prepared to forego such payment, I cannot afford to be deprived of my small dividend.

R  SINGH
Caroni Savannah Road