by Stop Banking on Apartheid
San Francisco, California, United States
Undated, March 1979?
2 pages
Type: Report
Coverage in Africa: South Africa, Africa
Coverage outside Africa: United States, Canada, Caribbean, Europe
Language: English
Report prepared in advance of the Wells Fargo Corporation annual meeting on April 17, 1979 seeking support for a shareholder resolution on loans to South Africa, the text of which is included. The report cites a study by Corporate Data Exchange saying U.S. banks have at least $3 billion in outstanding loans to South Africa, which is one-third of all South Africa's foreign credit - and is equivalent to South Africa's defense and oil import costs. Campaigning to end loans to South Africa and to get these banks to make a public commitment that they will not make such loans in the future has been undertaken by religious, labor, school and community organizations throughout the U.S., Canada, the Caribbean, Europe, Scandinavia, and Africa. These institutions are seeking to persuade organizations and individuals to withdraw their money from these banks. People throughout California are joining in this NO to apartheid; most recently, the Student Body President's Council of the University of California and State College systems voted to withdraw student funds, the Stanford Trustees voted in favor of the shareholder resolution before Wells Fargo, and the City of Berkeley will vote to withdraw their public funds from banks lending to South Africa. It is unacceptable to use California monies to help maintain a regime condemned as a "crime against humanity" in the face of pressing needs at home. $TOP BANKING ON APARTHEID has coordinated activities throughout the State protesting loans to South Africa and promoting available alternatives. Various methods are being used: Days of Concern, mass leafleting, post cards and letters, telephone "jam- ins," and support of alternative institutions more responsible to local community needs. The report mentions the South African Council of Churches (SACC), economic and military self-sufficiency, banning, arrests without trial, torture, shooting of protesting school children, Chemical Bank, Mellon Bank, Irving Trust, European-American Banking Corporation (EABC), Algemene Bank Nederland, Chase Manhattan, First Bank of Pennsylvania, Maryland National Bank, TIAA-CREF (Teachers Insurance and Annuity Association and the College Retirement Equities Fund), Harvard, Columbia, the United Auto Workers (UAW), the National Council of Churches (NCC), Senator Dick Clark, the South African military, and the U.S. Senate Committee on Foreign Relations.
Used by permission of former members of Stop Banking on Apartheid.
Collection: Miloanne Hecathorn papers