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
™~