THE CARIBBEAN AREA — PANAMA 



3. The corporation be given special consideration as to its scope of operations (within 

 the limits of military necessity) by the United States Navy, Army, Canal Zone, and Panamanian 

 government authorities. 



it. The first activities of the corporation should be to utilize present fishermen and 

 production facilities as well as present handling and distribution units to the fullest 

 extent • 



5. The corporation be permitted to carry on exploratory and development programs 

 consistent with the demand for fishery products. 



6. The Board of Directors include representatives of both governments and the Army and 

 Navy. 



7. High priority ratings be established for essential needs of the corporation. 



8. Consideration be given to expansion of the fishery industries beyond the supplying 

 of existing needs of local markets. This, concretely, refers to the handling of frozen 

 tuna for export and to the establishment of canneries, ssQ.teries, and other processing units. 



Discussion of Recommendations 



1, Formation of Fishery Corporation ; 



It is recommended that a corporation be set up in the city of Panama. This is to 

 be financed v/ith United States and Panamanian funds either from governmental or private 

 sources. The advantages of such an agency are as follows: 



a. It will secure adequate cooperation frcan government and private persons. 



b. It will provide a responsible group to cooperate with the United States Canal 

 Zone and military authorities as well as with Panamanian officials, 



c. It will give freedom of action which probably would not be obtained if under 

 the direct control of any single government agency, either United States or Panamanian, 



d. 'It will present a public service approach instead of a profit approach, 

 although the agency is planned to be selfsupporting. 



e. It would provide for expansion after the war and conservation of the resources 

 under a definite management and development program, 



f. It will provide for civilian as well as military food supplies. 



g. It would insure efficient management, 



h. It will make possible immediate action in securing priority ratings on 

 facilities, materials, and labor. 



2, The Staff and Financing ; 



The most important element of business enterprise in Latin America is management. 

 Idanagement of a fishery corporation of this type requires men of unusual training, 

 experience, and business intuition. 



The corporation should be capitalized at the entire amount necessary to meet the 

 lUll local de nands for fish. This will involve an increase of production fron the present 

 level of about 2 million to 10 million pounds annually. All earnings of the corporation can 

 be placed in a ''eserve fund for further expension. The sum of .7750,000 is considered adequate 

 to seciu-e the desired increase in production, * 



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