Liberia's Open-Door Policy

^{Page 91 note 1} United Nations, Monthly Statistical Bulletin (NewYork), 05 1962.

^{Page 92 note 1} Monrovia has one of the best ports on the West African coast. In 1962 it handled nearly 2,000 vessels with a combined cargo of about four million tons. The registry is one of the largest in the world; in 1960, ships under the Liberian flag carried more cargo in the foreign trade of the United States than those under the flag of the United States.

^{Page 93 note 1} During the Tubman Administration, assistance from the United States has amounted to more than $150 million. In 1962 the United States gave Liberia nearly $11 million aid, plus a $4·8 million long-term loan.

^{Page 93 note 2} Quoted from President Tubman of Liberia Speaks, edited by E. Reginald Townsend (London, 1959), pp. 134–6.

^{Page 94 note 1} The value of iron ore exports in that year was $29·4 million, nearly $4 million more than that of rubber.

^{Page 94 note 2} Mr Fred Ryan, assistant to the president of LAMCO.

^{Page 95 note 1} The only current investment project exceeding the scale of the LAMCO Joint Venture is the Volta River Project, partly owned by the Government of Ghana.

^{Page 95 note 2} Bethlehem and L.I.O. are each putting up $60 million; $50 million will come from a pre-financed contract from Erzkontor (Ruhr Steel Mills), $30 million from the American Export-Import Bank, and $5·7 million from the First National City Bank of New York.

^{Page 96 note 1} The Liberian Mining Company is incorporated in Liberia. Ownership is divided as follows: Republic Steel Corporation, 60 per cent; Mr Lansdell Christie (president of L.M.C.) 25 per cent; remainder undisclosed. The chairman of the board is Mr Thomas F. Patton (president of Republic Steel).

^{Page 96 note 2} The ownership of DELIMCO is evenly split between the Government and Consortium Liberia (made up of five German steel interests).

^{Page 96 note 3} “This is owned 75 per cent by Consortium Liberia and 25 per cent by Societa Finanziaria Liderurgica (Finsider, Rome).

^{Page 97 note 1} The Liberian Government owns 50 per cent; Liberian Enterprises (owned by some 1,700 Liberian stockholders), 35 per cent, and the Liberian Trading Company, 15 per cent. Sources of finance for N.I.O.C. are as follows: Liberia Mining Company, $1·5 million; Government of Liberia, $5 million; Liberian Enterprises, $3·5 million. There are also two loans of $7 million each, one from the American Export–Import Bank, and one from Dutch brokers. N.I.O.C. is the only iron ore project in which the Government of Liberia has directly invested.

^{Page 97 note 2} Office of National Planning, 1962 Annual Report (Monrovia, 1962), p. 14.

^{Page 97 note 3} The budget bill, however, contains a provision under which the President has authority to cut where necessary in order to meet foreign debt commitments. The total national debt is at present $112 million in short-term loans.