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]
*%