SAF Stock Ownership

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BLACK SOUTH AFRICANS ARE RAPIDLY INCREASING THEIR OWNERSHIP AND 
INFLUENCE IN THE LOCAL STOCK EXCHANGE. HOWEVER, THE EFFECTS OF 
THIS ON THE DAILY LIVES OF MOST BLACK CITIZENS IS, SO FAR, VERY 
SMALL.

FIGURES JUST RELEASED INDICATE THAT BLACK-OWNED BUSINESS AND 
SO-CALLED MINI-CONGLOMERATES NOW CONTROL ALMOST NINE PERCENT 
OF THE JOHANNESBURG STOCK EXCHANGE, OR "J-S-E," ALL OF IT 
ACQUIRED THIS DECADE. BUT ECONOMIC ANALYST TONY TWINE SAYS THIS
DOES  NOT  REFLECT THE REAL INFLUENCE OF BLACKS ON THE MARKET.

         I WOULD SAY THAT THAT MAY JUST BE REPRESENTING AN 
         UNDERSTATEMENT OF THE RELATIONSHIP BETWEEN THE BLACK 
         COMMUNITY AND THE JOHANNESBURG STOCK EXCHANGE, BECAUSE 
         MANY OF THE TRADES UNION PENSION FUNDS ARE INVESTING 
         EITHER DIRECTLY OR INDIRECTLY IN THE JOHANNESBURG STOCK 
         EXCHANGE.

BUT MR. TWINE, OF THE ECONOMIC THINK-TANK "ECONOMETRIX," SAYS IT 
WILL TAKE SOME TIME BEFORE THE EFFECTS OF THIS OWNERSHIP REFLECTS
IN A POSITIVE WAY ON THE ECONOMIC LIFE OF ORDINARY BLACK 
CITIZENS, MANY OF WHOM ARE JOBLESS. IN THE MEANTIME, SAYS MR. 
TWINE, THE PRIORITIES FOR MANY OF THOSE CITIZENS ARE COMPLETELY
DIFFERENT.

         I THINK, HOWEVER, AT THE BOTTOM OF THE PYRAMID LIKE AT 
         THE BOTTOM OF ANY PYRAMID ANYWHERE IN THE WORLD, THERE 
         ARE FAR MORE DETERMINED EFFORTS OF TRYING TO GET TO OWN 
         (POSSESS) THINGS ... LIKE A ROOF OVER YOUR HEARD, A 
         PIECE OF GROUND TO PLANT SUBSISTENCE CROPS ON -- THAT 
         SORT OF THING.

MR TWINE SAYS HOWEVER THAT THE GROWING SPREAD OF STOCK OWNERSHIP 
INDICATES A MUCH HEALTHIER AND ROBUST ECONOMIC ENVIRONMENT -- 
WHICH IS GOOD NEWS FOR POTENTIAL FOREIGN INVESTORS, AND FOR AN 
ECONOMY THAT MUST DO BATTLE FOR ITS SHARE OF THE INTERNATIONAL 
MARKET. AND THIS, HE SAYS, IS ULTIMATELY GOOD NEWS FOR ORDINARY 
BLACK CITIZENS LOOKING FOR JOBS AND SEEKING TO IMPROVE THEIR 
LIVES. 

23-Apr-97
Source: Voice of America

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