50/50
Apologies to my readers for not bringing you the promised speech but I have not found the speech just yet in my collection of speeches but as soon as I do you will have it.
In the mean time, there is something of great interest that came up and that was the information on why investors did leave.
Following the "Bend or Break" speech, a new unwritten law was to come that would try to equalize the playing field for Bahamians of all colour, but at a great expense to investors.
It was said that business would be approved if they had Bahamian partners who were 50/50 without the Bahamian putting anything into the business but being able to have 50% of the profits.
This was the beginning of what was called "Bahamianization" and continued to say that all positions held by foreigners were to be held by foreigners for a limited about of time, while they trained a Bahamian to take over.
While this theory was said to have been great for Bahamians, for persons bringing their money into the country, they were not ready to part with it so easily as anyone can understand.
To Bahamians, this was an ingenious idea and they were ready to take on the challenge of new employment ideas and business opportunities.
This was not to be more many.
In droves they said, investors packed up, some not even packing up, left the island and the country never to return.
This was quite a blow for the burgeoning island economy.
Just coming out of its sleepy fishing villages with some farming, their was this minor set back.
I say minor because Freeport continued to limp on with the night clubs, hotels, with new schools and churches, and food stores, etc coming up.
"Black" Bahamians were allowed to live within the city walls and proud of it too, but many said there were still incidents of racism on the jobs and foreigners still being brought in for the higher jobs.
With economies around the world all taking off in the 70s and 80s Freeport did the same, but still not on the scale it was planned to be.
Despite it all, the planned city was built with the road works that still lead to places that never took off. Only in the past decade a lot of homes were build across the Cassurina bridge over the waterway.
Freeport was booming though as many would say who lived here in the late 60s, 70s and 80s.
There were many jobs in the tourism sector with such places as the El Casino and the Lucayan Casino in operation; the Princess Country Club and the Princess Towers next to the International Bazaar; the Lucayan strip with three hotels, and other hotels strewn around the island.
Such attractions as speed week and marathons and celebrity games, as well as the investments made by Sir Laker with junkets flights to Florida for persons wanting to come to gamble at the Princess... all made for lots of fun.
The native shows were seen at every hotel. Bahamian music heard in live bands also at the hotels. It was "the" time to be in or visit Freeport, Grand Bahama because it sparkled.
(Quite a number of the photos below are from oldbahamas.com. Get our copy of history by calling them today!)
In the mean time, there is something of great interest that came up and that was the information on why investors did leave.
Following the "Bend or Break" speech, a new unwritten law was to come that would try to equalize the playing field for Bahamians of all colour, but at a great expense to investors.
It was said that business would be approved if they had Bahamian partners who were 50/50 without the Bahamian putting anything into the business but being able to have 50% of the profits.
This was the beginning of what was called "Bahamianization" and continued to say that all positions held by foreigners were to be held by foreigners for a limited about of time, while they trained a Bahamian to take over.
While this theory was said to have been great for Bahamians, for persons bringing their money into the country, they were not ready to part with it so easily as anyone can understand.
To Bahamians, this was an ingenious idea and they were ready to take on the challenge of new employment ideas and business opportunities.
This was not to be more many.
In droves they said, investors packed up, some not even packing up, left the island and the country never to return.
This was quite a blow for the burgeoning island economy.
Just coming out of its sleepy fishing villages with some farming, their was this minor set back.
I say minor because Freeport continued to limp on with the night clubs, hotels, with new schools and churches, and food stores, etc coming up.
"Black" Bahamians were allowed to live within the city walls and proud of it too, but many said there were still incidents of racism on the jobs and foreigners still being brought in for the higher jobs.
With economies around the world all taking off in the 70s and 80s Freeport did the same, but still not on the scale it was planned to be.
Despite it all, the planned city was built with the road works that still lead to places that never took off. Only in the past decade a lot of homes were build across the Cassurina bridge over the waterway.
Freeport was booming though as many would say who lived here in the late 60s, 70s and 80s.
There were many jobs in the tourism sector with such places as the El Casino and the Lucayan Casino in operation; the Princess Country Club and the Princess Towers next to the International Bazaar; the Lucayan strip with three hotels, and other hotels strewn around the island.
Such attractions as speed week and marathons and celebrity games, as well as the investments made by Sir Laker with junkets flights to Florida for persons wanting to come to gamble at the Princess... all made for lots of fun.
The native shows were seen at every hotel. Bahamian music heard in live bands also at the hotels. It was "the" time to be in or visit Freeport, Grand Bahama because it sparkled.
(Quite a number of the photos below are from oldbahamas.com. Get our copy of history by calling them today!)
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