MEMORANDUM ON CHEMICAL BANK AT THE UNITED NATIONS
by American Committee on Africa
New York, New York, United States
The memorandum says the United Nations has led a campaign for economic sanctions against South Africa and the General Assembly has called on member nations to cut off investment in and trade with that country. The American Committee on Africa (ACOA), in furtherance of its own program and in support of United Nations policies, has initiated and cooperated with other groups in carrying on a campaign for disengagement in the United States. The memorandum says ACOA's first focus was the ten-bank consortium which provided a revolving credit fund of $40 million to the South African government. The memorandum says United Nations resolution 2202 (XXI), of December 16, 1966, appealed to all states "to discourage loans by banks in their countries to the Government of South Africa or South African companies." In February 1967, the U.N. Special Committee on Apartheid expressed its concern about the renewal of this revolving $40 million credit. The memorandum notes that Chemical Bank - New York Trust Company, a key bank in the consortium, is used by the United Nations and housed in the U.N. complex. The other banks participating in the consortium are Bank of America (National Trust and Savings Association), Bankers Trust Company, Chase Manhattan Bank, First National Bank of Chicago, Irving Trust Company, Manufacturers-Hanover Trust Company, Morgan Guaranty Trust Company of New York, Continental Illinois Bank and Trust Company, and First National City Bank of New York.
Used by permission Africa Action (successor to the American Committee on Africa).
Collection: George M. Houser (Africa collection), Michigan State University Libraries Special Collections