The_Open_Door_deel1

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1. Organization of a national bank to be called "The National Bank
of Liberia";
2. Commencement of mining operations insofar as practicable;
3. Organization of machinery for collection, grading, processing,
handling and marketing of agricultural products;
4. Organization of a company to import and export commodities and
act as the official procurement agency of the Liberian
Government and conduct internal trade in consumer goods;
5. Commencement of lumbering operations;
6. Commencement of fisheries;
7. Transportation and public service projects such as roads and
bridges; light, power and water for public use; and radio*
telegraph and telephone, and other projects as may be
practicable in this period.
It was envisaged that mining operations, agricultural projects,
lumbering activities, and public service and other projects, e.g.
the development of a ceramics industry, not previously commenced,
would be inaugurated not later than December 31, 1960.
The Liberia Company and the Liberian Educational Foundation were
thus given all legal rights to promote agriculture, initiate
industrial activities, exploite the country's fishing grounds,
rich forests and mineral resources - though no inventory had ever
been made of Liberia's forests and a comprehensive survey of the
country's mineral wealth was also lacking - , create
infrastructural and communications facilities, engage in commerce,
organize the country's banking system, take over the duties of the
Government's Procurement officer, provide medical and technological
training as well as educational facilities on a higher level, and
provide public services, in short, to develop the country.
By the same agreement, the 1947 Statement of Understanding, it was
understood that all public service type projects inaugurated by or
under The Liberia Company would be turned over to the Government
of Liberia according to definite plans as soon as the Government
would be able to assume the financial and managerial _ .
responsibilities thereof. The company would also undertake to
provide for health and training of Liberians who are employees or
prospective employees of it or any subsidiary thereof and to
employ Liberian citizens wherever possible.
Applicable to all projects under the agreement, and in lieu of any
special taxes or government charges other than those of normal and
general character, the Government would receive 25? of the net
proceeds of the Liberia Company by virtue of its ownership of 25?
of its common stock. The Stettinius Associates-Liberia, Inc. would
receive the balance of the common stock in the company by
assigning its rights under the Statement of Understanding to it.
Ten per cent would be held by the Liberia Educational Foundation.
The Liberia Company was given an option on the carrying out of each
of these projects. The privileges granted to the company though had
to be exercised within a reasonable period of time, i.e. within two
years after the completion of special arrangements for specific