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
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
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—Ralph Waldo Emerson (1803–1882)