Evening star. [volume] (Washington, D.C.) 1854-1972, 1959-07-28
Second Of a Series


~-~---~-~---~-----~
Second OF a Series
On its two plantations grow II
million rubber trees which pro-
duce n million pounds of rub
Der each year. On its vast
estates work 10000 Liberians,
Biggest Private Employer
The company, largest private
employer in the country, pro-
vides free or heavily subsidized
housing, medical treatment,
schools, churches and food for
its workers. On its plantations
are 275 miles of roads, a tele-
phone system, hydro-electric
plant. radio station and an
airf1eld.
In addition to its own pro-
duction, Firestone issues free
seeding and technical assist
ance to Liberians who want to
become rubber planters, later
buys ther entire crop. In
recent year, the company paid
out 81 million for native-grown
rubber with SIT million Of this
going to a dozen big growers
who may be assumed to feel
that capitalism is a good thing.
In 1857, the latest year for
which figures are available,
Firestone rubber accounted for
S27.5 million of Liberals total
exports of S40.4 million, about
6S per cent.
80 U, S. Firms Active
But Firestone. which trig-
gered Liberals boom. is by no
means a lone wolf in the So
cialist fold. At last count, more
than 80 American companies
were doing everything in Ii
IBERIA from peddling earth
moving equipment to planting
coffee.
In little more than a decade,
United States investment in
Africa's oldest republic has
jumped from SO million to SOS
million. In the process, Lii
beria's foreign trade has
zoomed from $13 million to $50
million and government reve-
nues have increased from a
piddling $750,0O0 to $40 million.
Liberals young men, most Of
them trained in United States
universities, have been quick to
get the message. This influx
of American, Swedish and Ger
man capital has encouraged
the marshaling of local capital.
Within the last five years. Lii
berianS who once looked down
their noses at business have
formed a bank, an insurance
company, a hotel corporation.
two fishing companies and
numerous smaller ventures.
The boom, which began with |
rubber, gives every indication
of increasing and taking on
new dimensions.
Iron Mining Expands
Eight years ago the Ameri-
can-owned Liberia Mining Co.
built a 47-mile railroad to its
diggings outside Monrovia.
Production of SO per cent-pure
iron ore, the richest in the
world, has since increased from |
10000 to 2.5 million tons an
nually. Liberals iron exports |
have more than doubled inl
value to an annual figure of SO
million. more than 20 per cent
of the country's exports by
value.
And the iron story is only
beginning. The Liberian-Amer-
ican-Swedish Minerals Co., a
firm with substantial United
States capital. has discovered
200 million tons of high-grade
iron in the interior, will spend
an estimated 5000 million to
build 200-mile railway and
port to exploit the find. Con-
struction of the complex will
afford employment to $4,000
Liberians and production is ex-
pected to reach 10 million tons
a year by 1865.
A. third mining company,
also partially American-owned,
is mapping a $40 million prof.
ect which will add another five
million tons to Liberals annual
production of iron ore.
Many Other Companies
In addition to the 80 Ameri-
can companies actually doing
business in Liberia, another
thousand companies, most of
them American-owned, have
their corporate headquarters in
Monrovia.
Liberals generous tax laws
and labor regulations have at
tracted enough shipping firms
alone to make the republic the
third largest maritime nation
in the world and first in tank
ADVERTISEMENT