Economy
Comphania de Diamantes de Angola, the Diamang diamond company of Angola, was established in 1920. The government maintained a 5% stake in the company, gave it a thirty year lease to mine diamonds, and allowed it to operate without paying taxes or import tariffs. The company employed 10,000 workers and attracted investment from South Africa. In 1922, the Anglo American diamond company purchased a 16% stake in Diamang. The London Diamond Syndicate agreed to buy 125,000 carats (25 kg) from Angola annually. Under the rule of Governor General Norton de Matos, the colonial government spent 13 million pounds to bring 9,000 immigrants from Portugal, expanding construction of Benguela railway and roads. The settler population reached 36,000 by 1924. By 1929, mined resources made up 25% of Angola's exports, 600,000 pound sterling.
Read more about this topic: 1920s In Angola
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“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
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