Word: stettinius
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...Stettinius and several other sponsors of the Liberian venture are also associated with a little-known company, the World Commerce Corp., which has many similar world development schemes on its agenda. It has been quietly organizing since 1945. Like Stettinius Associates, the corporation has a paid-in capital of only $1,000,000. But it has unlimited capital resources among its potent U.S., British and Canadian backers...
...deal to develop Liberia by stimulating trade was a mixture of free-trading idealism and hardheaded business. With an eye on all the backward countries of the world, Stettinius said: "With our technique and know-how, it just isn't necessary for them to live poorly. I would not, personally, be doing this on a purely commercial basis...
...supply the capital and know-how, Stettinius formed Stettinius Associates with such big wheels as General Electric's Chairman Philip D. Reed, ex-Under Secretary of State Joseph C. Grew and Admiral William F. Halsey. They will raise $1,000,000 in capital to form the Liberia Co., jointly owned with the Liberian Government. This company, in turn, will form up to 20 different subsidiaries to develop Liberia's iron ore, cocoa, lumber and other resources...
...Like Stettinius Associates, World Commerce Corp. plans to provide capital equipment and technological know-how. It already has representatives in 47 countries and six partially owned subsidiaries in Canada, Brazil, Mexico, Egypt, Panama and the Philippines. To overcome the world dollar shortage, it has set up a complex system of bartering currencies and goods. The corporation provided the dollars to buy raw materials from Sweden for a British manufacturer, took payment in British goods. It also started a $3,000,000 cement plant in Jamaica with capital in English sterling, machinery and supplies from Canada...
...Like Ed Stettinius, the other backers of World Commerce Corp. refuse to believe that when a country is without dollars it must cease trading...