failure to furnish lation to any of the government for the utation, assessment, 1y tax or license fee Chapter 18 of the de. A failure to pay taxpayer to a civil he taxing unit con» Section 1147(c) of ‘Yy Code. While the ide does not specif- nd to enforce or (xing unit mayavail losure in an execut. In cases of nonperty tax under the Trust Territory ng provision also sed or authorized ty shall be a lien tty, and may be y upon it in the the levy of an € section, land or y be foreclosed volved or interest solely by the his own right.” TTT or vansierof suchland that (a) jusie eect This revolving fund 1968 was $669,000, and this level is to be raised to $1,000,000. was The Economic Development Loan Fund provides direct loans and guarantees commercial bank loans to business organizations and individuals for development purposes. Details of Economic Development Loan Fund activities during the reporting period are given Jude Mexgtinucd until August 1964 when debtor will vemainine t ‘hav e (2)“su rae ficient es Public Law 487 transferred ing tO support himself ; 5 6s ad trom the revolving fund to those persons directly depend ent i;ust. ferritory Economic Develhim according to recognized log ponent custom and the law of the Loan Fund, bringing the Trg Janes’ oft the Loan Fund, established Territory.” (Section 288(c), yous, 1 $668,000. Total capitalizaSection 287 T.T. Code.) fon oi the Loan Fund as of June 30, Since the Territory does not ha in Part VI, Section 3, Chapter 2. SECTION 3: an ‘come tax, arrangements or Bs concerning international double tay. tion have not been necessary, Economy OF THE TERRITORY Under Sections 1116 to 1118 companies which h Orporations @ence barming and fishing. The eco porated in the Te vty been incodjounc development of the inhabitants Company, Micronesian Line, Micronesian Development Company, Inc., Micronesian Hotel Corporation, Mobil Oil Micronesia, and Air Micronesia. Bank of America and Bank of Hawaii operate branches in the Territory. Van Camp Sea Food Company employs 145 nonindigenous fishermen, who train Micronesians in live-bait tuna fishing. Two long-time Belgian businessmen reside in PonapeDistrict. tinent sections of the Co under pay a“ however, from the Sem in Appendix VII € Code are listed thanized residents of the district Major Economic Developments the Trust Territory Code, any gro gp up ¢ Chapter association of persons may form : corporation by submittin g the pes Posed articles of incorpora tion to t EF3 High Commissioner, and GENERAL . : F- ‘The economic structure of the rant theHigh Commissioner METerr itor Is based mainly on subsist- , #BCcnicns. participating in a money ‘Mfeconomy, to the dwellers of the outer Credit unions incorporated in islands who may receive only a small Territory are listed in Append ix XVI Fameunt of cash from the sale of copra #Bto aucment their subsistence resources. 4@The SECTION 2. MONEY AND BANKING ‘Y serves as legal owned trading companies for hoeand other : development y Re =~ Wisions concerning The cour t, however, must first d ; mine for itself before ordering the a Administration is promoting @Bdevelopment of the economy of PMicronesia so that it will become eBearcd to a world money economy Wand. thus, its subsistence aspects will Bank of Hawaii branches. TrukBbecome supplemental, | Zulations govern- District and Saipan in the Ma riana: hange have been Islan ds District are served by Bank off§ Noni ndigenous Investment 5. laws governing America branch banks. The branch have access to ban ks make some loans to indi viduals: Twenty-one firms in the Territory 1 Guam, Hawaii, and private business firms. dpmere , Financed mainly by nonindigenous das well as to NPCapial, Some are chartered under the Territory. In 1956, a revolving fund wasTertorvy laws. The shalls, Koror in establis largest firms hed from funds made available Finc lude the Bottling Company of n Ponape have by the U.S. Cong ress for loans tofMicronesta, Van Camp Sea Food Part VI—Economic Advancem ent Development of natural resources for the economic and social betterment of the Micronesian citizenry is receiving increasing emphasis. Findings and recommendations of such source material as the Robert R. Nathan Associates’ Economic Development Plan for Micronesia, completed in December 1966, are being used to devise new, practical plans for orderly, balanced economic and social develop- ment. Under a 5-year contract, commercial jet service was inaugurated in Micronesia on May 16, 1968, by Air Micronesia, a corporation formed by Continental nesia Airlines; Development If Fiscal Year 1968 United Micro- Association, a 4] *%