nsurance provides ith respect to a When a member ce company will of his savings at the S is considered an ers tO save and to awing their savings eds. it unions have y bond coverage, n from embezzleis limited to sophisticated enterprises, are neeqlr to carry out economic ventures in most efficient and profitable manne i The law prohibits ownership of and py persons who are not citizens For the Territory. The High CommisFoner must approve land leases to pon-Micronesians. Approval for appliThe Director of Economic DevelogB eanens to lease land for commercial ment analyzes proposed outside invegs meént, obtains views of concern F poses is considered formally after persons, and formulates a recone: the applicant has received formal mendation for the High Commissio B approval from the High Commissioner to license or charter any enterprig¥Bfor iis business venture, including all involving non-Micronesians. E ssociated relevant activities. Such E approval or permission is manifested Bpy ficense or Territorial corp orate Mobil -Oil Micronesia, Inc. operates a petroleum supply, storage, and distribution system throughout the Territory. District managers are Micronesians. Micronesian involvement in the ownership and operation of Air Microhesia is an important feature of this new service. The airline is owned 31% by Continental Airlines, 20% by Aloha Airline of Hawaii; and 49% by the United Micronesia Development Association, most of whose stock is he Territory also In reviewing a business Ventugg charter application, the following criteri’ among others, are considered: numbered 33, an a) the economic need for \iicronesians are limited in the tht . os @)e or activity to be . E skills necessary for their ready partici Servic performed 4 . pation in economic development Micronesian Line, a locally chartered firm, operates the Territory’s three major logistic vessels and the M/V Majuro. Both government and om the previous ‘ives were buying rade goods, often ‘re there was no ny; catching and icing and markettructing low-cost and building and ther revenues of Operatives will for fiscal year of 1967, 7,499 nembers. Good led cooperatives f $453,201 and d $259,363 in so ITS _————___.____]} .uthority recogcapital and for large-scale, “B opportunities at present. Shortages (b) the promoters’ willingness fgr exist in managerial, professional, and joint Micronesian ownership ofth middle venture level skills, such as building and 4We service trades. The demands of ex- private vessels serve islands from each district center. % oe ‘ME panding activities will increase the (c) the degree to which such g P shortages. Therefore, when circum- operation effects a net increase { F stances require and when the econom- exports or a net decrease in imports ‘ffB ic venture is desirable, the Territorial Fe Government will allow entrepreneurs to import skills to meet schedule and (d) the extent of participation bye yocutional requirements. The intent of Micronesian citizens at the outset ane the Government is to ensure that in the future at the managementleve F Territory citizens are involved to the and at lower levels, and the provision “maximum extent feasible in the job for Micronesian personnel training @ structure of the proposed economic — volume of busifiscal year 1968, owned by Micronesians. F activity. [t is also the Government’s (e) the lack of capability-§ F intent that, when alien labor is financial, technical, managerial & imported, maximum effort be made to otherwise—of Micronesians to operate trum Micronesians to replace them as such a business now or within thee Soon us practicable. reasonable future. , and on-shore freezing, cold-storage, and auxiliary facilities to support this industry. The Micronesian Hotel Corporation has leased a portion of beach area in Saipan, Mariana Islands District, for a luxury hotel, the Royal Taga. The lease agreement is for 20 years and may be extended. The Micronesian Development Company, Inc. is developing a modern Ihe largest investments in the TerriInvestment which meets the above . tury are by Mobil Oil Micronesia, Enc., considerations, resulting in an inflowl of capital and needed know-how andi and Air Micronesia. Other large inVestors are Micronesian Line, Van increasing the productivity of Micro Camp Sea Food Company, Micronesian workers, is welcomed andfacili hesi.in Develo pment Corporation, and tated. * +e Micronesian Hotel Corporation. Part VI—Economic Advancement The Van Camp Sea Food Corporation operates a live-bait tuna fishery livestock industry on the island of Tinian, Mariana Islands District. Other non-Micronesian investments include insurance companies, a charter boat enterprise, banks, a bottling com- pany, and smail service industries. Fiscal Year 1968 47 s ™~