Number employed in South Africa 21,716 10,482 7,690 7,633 7,317 6,854 5,637 5,433 4,878 430] 2,669 2,594 ,478 ,442 1.972 1,837 ,063 THE TORIES have refused to take action against apartheid from the word go.
On 26 July Britain abstained on the United NaLONS believ Counci resolution calling for mandatory salliulis. When Common Market ministers passed a motion caling or an ena to ine state of emergency foreign Geoffrey Howe reportedly had the word "immediately' removed Even the USA called for the state of emergency to be lifted.
The reason isn't hard to find. Britain has about £12bn invested South Alrica direct live uncil British firms with subsidiaries in South Africa -and the other half consists indirect investment, which means that British firms have ninorit! inLCICALS IN South Africar firms.
This amounts to nearly 40 per cent of all foreign investment South Africa.
South Africa relies heavily on British banks for loans It has a total debt of nearly $23 billion of which $13.6 billion due within twelve months. Nearly a quarter of this has been lent by British banks.
The reason for their presence is bluntly explained by the UK South Africa Association: 'British investment South Africa is more profitable than most other areas of British overseas investment.
makes nonsense of the claim that business contacts with South Africa will move it in the direction of reform It makes nonsense, also, Reagan's assertion that tree enterensi democratising, liberalising Private prise is up to its neck in apartheid because it can make more money there than anywhere else in the That is why Thatcher won't back sanctions, and that is why we, the labour movemell, must impose them. dent on foreign capital and technology have maintain tight links abroad to get the money and know-how they need.
For example, the giant mining monopoly Anglo American, which dominates 40 per cent of all mining and has a stake in thousands of other enterprises in South Africa, very name suggests, as an alliance between local proaucers British American banking capital. The Oppenheimers who ran and still run Anglo were able to defeat their rivals because they had access to the financial resources of bankers such as America's J.P. Morgan, the Rothschilds, per cent holding in Meta Box SA, employing 11,000 in South Africa. • Pilkington Brothers, with a 48 per cent stake in Glass SA, employing 8016 workers. • Rio Tinto Zinc, with holdings in some of the world's most notorious dictatorships, has a 29 per cent stake Pallabor: Mining, with many other mining connections in Southern Africa.
This is why the codes of conduct, which apply only multinationals with a direct stake in a South African enterprise, have failed to change apartheid. It shows why all links must be broken.
Socialist Action 1 November 1985