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