THIS DAY IN OUR PAST

The following events took place on May 7 in the years identified:

1974:insurance A new equity-linked

policy, to be known as Mutual Growth, is formally launched at a ceremony at Vale Royal, the residence of Deputy Prime Minister and Minister of Finance David Coore. Under the policy, policyholders will have the benefit of normal life insurance coverage as well as the benefit of investment in various sectors of the Jamaican economy through the vehicles of the Jamaica Unit Trust.

1984:calls The Bank of Jamaica

the attention of importers and other relevant persons to a notice under the Exchange Control Act titled ‘Deposit Scheme for Payment of Arrears in Respect of Foreign Obligations’, which has been appearing in the press since last Saturday. The scheme relates to import lands and services rendered prior to February 1, and private nongovernment guaranteed debts and capital payments which fell due prior to February 1, 1984. A news release issued by the bank says, “The public is reminded that all applicants under the scheme must register with the Exchange Control Department of the Bank of Jamaica by May 31, 1984. “Except for transactions falling due after May 31, 1984, a prior condition for registration is that a commercial bank must certify on an approved Form FE, where such exists, or on an application on a Form FE that the applicant has deposited the Jamaica dollar equivalent of the claim at the prevailing rate of exchange.”

1993:paying Commuters will start

60 per cent more for a bus ride from May 8, 1993. Minister of Water and Transport, Horace Clarke announces the new fare structure at a press conference at the PCJ Auditorium, Kingston, yesterday. Adult fares for the metropolitan routes have been hiked by 60 per cent, while students, pensioners and the disabled will pay a 50 per cent increase, which moves their fare moves from $1.00 to $1.50. Rural fares have been increased from 45 cents a mile to 50 cents a mile for the first 40 miles, and 50 cents for every mile thereafter.