Object of the Day

Men unloading “Avicola S.A.”

We do not have much information on this record. What we do know is that the men are unloading boxes labeled “Avicola S.A.” onto a dock.


Can you tell us what Avicola S.A. is?

Can you identify anyone in this photograph?

Please share with us in the comments section below!


  • Richard Bailey

    Back platform, Balboa Commissary with the store manager second from left and the platform manager second from the right right receiving merchandise from a local ( Panamanian ) vendor.

  • Joe Wood

    Avicola S. A. is a Panamanian supplier of agricultural products. Here it is delivering goods to the Panama Canal Commissaries. According to WikiPedia, S.A. (and variants) designates a type of corporation in countries that mostly employ civil law. Depending on language, it means anonymous company, anonymous partnership, or share company, roughly equivalent to public limited company in common law jurisdictions. It is different from partnerships and private limited companies.

    Originally shareholders could be literally anonymous, and collect dividends by sending in coupons from their share certificate. Dividends were therefore paid to whoever held the share certificates; whoever held the certificate, owned the share. Share certificates could be transferred privately, and therefore the management of the company would not necessarily know who owned its shares. The shareholders were anonymous. (See also: Bearer bond.)

    Like bearer bonds, anonymous, unregistered share ownership and dividend collection enabled money laundering, tax evasion, and concealed business transactions in general, so governments passed laws to eradicate the practice. Nowadays, shareholders of S.A.s are not anonymous, though shares can still be held by holding companies, in order to obscure the beneficial owner.

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