Beginnings
In 1970, the newly independent government of Nauru purchased the mining rights to the islands lucrative phosphate mines from their previous colonial ruler, Australia, for A$21 million.
The mines brought considerable wealth to the tiny island of Nauru, with the industry bringing in around A$100–120 million annually. Annual government expenditures amounted to around A$30 million, thus giving the republic around A$80 million per annum. This surplus was then added to the trust.
Read more about this topic: Nauru Phosphate Royalties Trust
Famous quotes containing the word beginnings:
“Those newspapers of the nation which most loudly cried dictatorship against me would have been the first to justify the beginnings of dictatorship by somebody else.”
—Franklin D. Roosevelt (1882–1945)
“The beginnings of altruism can be seen in children as early as the age of two. How then can we be so concerned that they count by the age of three, read by four, and walk with their hands across the overhead parallel bars by five, and not be concerned that they act with kindness to others?”
—Neil Kurshan (20th century)
“The frantic search of five-year-olds for friends can thus be seen to forecast the beginnings of a basic shift in the parent-child relationship, a shift which will occur gradually over many long years, and in which a child needs not only the support of child allies engaged in the same struggle but also the understanding of his parents.”
—Dorothy H. Cohen (20th century)