The top article in the 11 March 1976 issue of the Caymanian Compass was on the Turtle Farm being saved by a $4 million deal. “A German-British consortium comprising of Mittag family of Dusseldorf and Commonwealth Development Finance Company Ltd., of London has purchased as a going concern for C.I.$2,162,000 all Mariculture’s assets.”
To make the purchase, the consortium incorporated a new company named Cayman Turtle Farm Ltd. The new company had a capitalisation of $2 million to ensure the farming operations were adequately financed.
However, the article also said that funds were still insufficient to reimburse fully the secured creditors of Mariculture.
Mariculture Receiver and Manager Robert O. Moyle said, “… we reached a decision to terminate the company’s operations, slaughter the remaining stock of turtles, and close the farm. We had almost totally exhausted our resources when out of the blue the Financial Secretary Mr. Vassel Johnson brought Dr. Mittag to us. Dr. Mittag’s intervention at the twelfth hour has resulted in my receivership ending positively.”
A photo showed Sybil McLaughlin and Captain Charles Kirkconnell as he took his oath at the opening of the Legislative Assembly.
Another article shared Governor Thomas Russell’s Throne Speech to the Legislative Assembly in which he attributed the success of the economy to “the financial centre operations and tourism”.
He warned that “1976 calls for prudent financial housekeeping” to deal with the deficit that arose at the end of the year. He also said the recession had the “welcome effect of putting the brake on the rising cost of living”. Additionally, he mentioned that cruise ship visitors increased from 2,513 in 1974 to 22,451 in 1975. “I wonder what other country in a year of depression has attracted a number of tourists six the number of its own population.”
Another article appeared showing a package from Cayman Airways to Miami.
The editorial discussed the governor’s “timely warning about financial management” and said it “should be heeded by all residents of the Cayman Islands”.
It also said that it was regrettable that the proposed development plan and the draft five-year economic programme were unlikely to gain legislative assent before the general elections. Also, the need to work on the Terminal Building at Owen Roberts International Airport required “urgent attention”.
The editorial also welcomed the governor’s plan to engage a high-level expert in the structure of civil services. “The Governor’s view that such re-structuring could lead to improvements in efficiency and could possibly [lead to] economies in manpower we endorse.”
An advertisement for Kirk Plaza Supermarket appeared on page 16 showing the cost of various food items, including $1.99 per pound for striploin steaks.
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