CHAIRMAN OF NCB, Michael Lee-Chin, has put his considerable financial weight behind the 'Buy Jamaican... Build Jamaica' campaign. At the launch of the campaign he called on all Jamaicans to make a concerted effort to curb their consumption patterns. Here is an excerpt from his speech.
"Usually when I am in an audience I ask myself, what am I going to take away from this particular meeting that will impact on me 15 years from now? So from the get go I want to suggest the theme of my conversation is Our behaviour today will be our history tomorrow.
"And the good news is we have control over our behaviour, so by extension that means that we have control over our history. So all we have to do is figure what kind of history we want to write, and behave accordingly, not a big problem, simple. We have control. So it is my pleasure to be associated with this inspiring leadership campaign between Jamaica Manufacturers' Association (JMA) and the National Commercial Bank.
"So, what are we taking away from this?
"Our behaviour today is our history tomorrow!
"Now it was just last month - and this shows how when one is inspired how things can get done quickly. It was at last month, in my January visit that Aubyn Hill said to me "Mike you have to meet Doreen (Frankson), she is one of us," Doreen I don't curse! She is one of us, she is inspired Mike, she is a nationalist. She is mad as hell just like us because she is one of us, she is mad for the same reasons we are mad. Aubyn reminded me what are those reasons
WE ARE MAD BECAUSE:
There is too much crime and violence
Interest rates are too high
We are mad because the currency is too fragile
We are mad because we don't have enough prosperity and wealth in the country to provide great public medical service for the ailing
We are mad because we don't have enough prosperity in the country for the country to afford great social services for the less fortunate than we are. Thanks for reminding me Aubyn.
"Those factors that are prevailing in our society, we have to do something about it if not we are going to slip and slide. Our behaviour today will be our history tomorrow.
"A year ago, I went to a lending hotel on the North Coast and I was thirsty; I drink a lot of water. I opened the refrigerator and to my amazement I saw brand name Highland Water, I thought to myself 'That's not a Jamaican name', I looked at the bottle made in Scotland. Isn't that appalling? I was floored. I thought to myself: what is the original name of Jamaica? Who remembers it?
"Xayamaca? What does it mean? Land of wood and water.
"So, can you imagine how we have slid from that to this where I am holding a Scottish bottle of water? That made me fire up. This can't continue. Our salvation is that we have to make sure that we create more wealth for our country and our behaviour has to be accordingly.
"When I met Doreen last month, I brought this example to her. So when we take a bottle of water or use toilet paper not made in Jamaica all of us have to ensure that this does not continue. What it means is that we have to eventually buy United States dollars to pay some foreign manufacturer of water, bottle and/or toilet paper.
"When we buy foreign exchange what are we doing to our local currency? We are depreciating the local currency - yet we are the first to complain about the weak dollar. Yet still our behaviour is pushing the dollar down. So my role today is to sensitise all of us to the connection that we have between our behaviour and the demise of Jamaica. Number one, the first stop - foreign exchange.
"Now the Bank of Jamaica seeing a sliding currency what do they do? Jack-up interest rate. When interest rates are jacked-up in terms of us being able to borrow? So production comes to a halt. When production comes to a halt what happens? No jobs! What happens to crime and violence? Up! No jobs, so you can see we are in a vicious cycle. Who is going to avert that vicious cycle? Who? All of us, because we are all mad for reasons given. So who started it? We did, so let's stop complaining and start behaving or am I too simplistic in my analysis here. So that is the basis, my mission today that our behaviour today will reflect very quickly on what we are tomorrow.
"I would like to leave you with a visual, and the visual is the following: Back in 1902 there was a magnificent hotel in Port Antonio - Titchfield Hotel - and I always keep this in mind, it reminds me of how much abuse we have doled out to our beautiful country. In 1902 in Port Antonio called the Titchfield Hotel it had 400 rooms, 102 years ago.
TRAVELLED 10 DAYS
"People travelled 10 days by steam boat to get to Port Antonio and 10 back - three weeks on the water, to get to Port Antonio, yet they saw it fit to build a 400-room hotel 102 years ago. As investors/business people we all think compounding so lets go back to the first principles here, if you take one dollar and appreciated it at six per cent per year - first year - $1.06; second year it compounds over a span of 102 years you will have $350 (take it as a given) one dollar at six per cent - $350.
"My logic tells me if you start off with 400 rooms 100 years ago, please my math does not go this high. How many rooms should we have 350x400 = 140,000 rooms in Port Antonio, alone. How many rooms in Jamaica? 15,000? I am sorry 24,000? It is not 140,000. How many in Port Antonio? Minister? Under 50? Not under 50,000, under 50! Okay, okay so it is 100, so it is 200 but it is not a 140,000. So let's summarise, if we were stewarding our assets prudently our starting point was 400 lets say we did not compound at six per cent growth over 100, less than six per cent, we did not have 140,000? 70,000 half that - 35,000; half that 16,000 half that 8,000, half that. So that tells us what we have not done. So it also should inspire all of us as to what we have to do starting today, we have a lot of catching up to do.
"So ladies and gentlemen it is in the spirit of that visual that I am fired up, that I am inspired to do all I can as a citizen of this magnificent country because I don't want to have to explain to my grandchildren right that I was a part of the abuse of this country. This country has given us too much for us to be so un-appreciative.
"So I this against that background that NCB was very receptive and is taking a leadership role in inspiring every single Jamaican to realise what their responsibilities are, what their duty is because we have a big catch up to play. So what NCB done - we said okay Doreen we want to educate consumers to start reading labels. So when you pick up that bottle made somewhere else you have an allergic reaction. So what NCB will do, whatever the JMA put up to this campaign to educate and sensitise the Jamaican consumer towards made in Jamaica product, NCB will match it dollar for dollar, because we have to start at the consumption level.
"Our present consumption pattern is ruining us. Our present pattern of consumption is determining a bad history, so we have to stop that consumption pattern we have to take charge. All of us in here have to be here disciples of this initiative. We must be fervent; and start leading by example. And so, on that note ladies and gentlemen, I would like to end off with the message I would like for all of us to have resonating in our minds 15 years from today, our behaviour today will determine our history.
"What type of history do you want to write for this beautiful country?"
