copra prices to
iting the uncer-
f world market
in 1968. The handicraft industry co f
since 1962 imports have been
tinues to expand as demand for qué
ing at a steady rate, mostly
mereas
ity Micronesian crafts produc
ts gro necuuse of accelerated programs utiliz-
Increasing
Territory’s larg},880 short tons
exported this
a 442-ton in-
i dollar increase
le to the rising
world market.
was
}n of copra
,
10 during the
ta Stabilization
w of $383,000
‘tent to which
pra may flucfar as can be
inue to be a
numbers of tourists ; Bae local construction companies and
Micronesia insure that the demand fy
Pproviding more opportunities for
handicrafts will remain high for sop
mployment. The large increase in
time. The greatest problem is meet;
revenue from copra export was prithat demand.
ble for ; an over-all
Pmaril¥ responsi
1
bincrease. Of about 30% in exports—
Total revenue from fish export, no
froin
including commercial export,
ve $3,025,571 in 1968.
557508 in 1968, a decrease
“44 from 1967. This was
line with this
2 upgrade the
through cococontinues in
this very Imincome
and
d inhabitants.
“export, scrap
465 was ex-
se of $93,083
ariana Islands
wrter of scrap
reased
from
000 in 1968.
¢ diminishing
‘ound Saipan
in
1967
making of a movie. An incr
ease
local sales and poor weather con j
de
tions may have contribut
ed as well.
The only commercial organizations
in the Territory which have a monopo-
F listic position in regard to a resource
are the Copra Stabilization Board and
Mobil Oil Micronesia.
Vegetable export has bee
n si
ant
ican
t only in the Mariana Isla
nd Protection and Conservation
District. During 1968, vege
table ex$ of Resources
Bnily
port totaled $15,161, a
decrease olf
$10,526 from 1967. The
fhe following safeguards protect
typhoon
which hit Rota in Nov
ember ang ‘Territory citizens from outside exSaipan, Tinian and
ploitation:
Rota
in April hawk
significantly hamper
ed agricultural
Production. Also, local sales
of avaie
(1) The High Commissioner perable vegetables have increased due
mits outside participation in the
tof
the larger number of Visit
ors to the development of resources subject to
Marianas, particularly Saipan.
controls necessary to protect Micronesian interests.
Export
of meat
in
$9,482 in 1967 to $18,615in 196
4
,
due mainly to sales to Guam by the ,
Micronesian Development Compan
y's
effects of new livestock ind
ustry on Tinian. Also
ed export for on the increase was
trochus ex
; po
decrease was which, after a low
of $4,375 in 1967]
alau, which increased to $15
,303. in 1968.
‘ap metal by Trochus, a major
export until plastic
1968.
replaced it in the button indu
stry
- increased several years ago,
has been finding
0 $14880
sed0 me
someenew popularit
i y on the jewe
i lry j|
Part VI—Economic Advanc
ement j
Chapter 2
COMMERCE AND TRADE
Corporations
by the creation by Selmur Productiong listed in
Appendix VII.
of temporary, high Paying jobs for
the
.
lative provisions for the conservation
of natural resources have been discussed above.
to
ie Private
marily due to a large dec
rease
Palau’s €xports, from $84
,000 I
The principal private commercial
$18,125. This may hav
e been Cause orvunizations in the Territory are
ne to a large
ry citizens for
$2,321,671
its agricultural extension service. Legis-
(b) Only Territory citizens may
hold title to land.
lhe Administering Authority encourages maximum possible owner‘hip and participation by indigenous
inhabitants in economic development
al the Territory,
I'ducation and training for conservation of natural resources is a conmung function of the Administering
\uthority carried out mainly through
Iiscal Year £968
The present pattern of merchandising (including food stores, general
merchandise, bars and restaurants) in
each Trust Territory district is characterized by one to three relatively
large enterprises operating as “‘General
{mport
Wholesaler
Retailer”
(IWR) and a host of small enterprises,
in effect economic satellites of the
IWR’s. Many of the small, often tiny,
retailers operate on a shoe string,
buying in broken lots of perhaps two or three items at a time from the large
IWR. Hence the latter in their forward
planning, in their importing of mer-
chandise,
in
maintaining
adequate
inventories, do so not only for themselves, but for a large number of
smaller establishments.
No methods of price control exist
in the Territory except in the case of
copra, nor of allocating supplies of
foodstuffs, piece goods and other
essential commodities.
The Territorial Government levies
export and import taxes.
There is a 10% copra and trochus
shell export tax as well as the follow-
ing taxes on the export of scrap metal:
Non-ferrous, 25% ad valorem; ferrous,
5% ad valorem; lead and covered cable,
10% ad valorem.
53