Word: krugerrand
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Hong Kong, which earlier this year banned imports of South Africa's gold Krugerrand coins, extended the sanctions to iron and steel. Imports of South African coal and diamonds, however, will still be allowed. Hong Kong also asked firms in the British crown colony to halt voluntarily new investments and loans to South Africa. Said Piers Jacobs, financial secretary of Hong Kong: "The measures would bring Hong Kong in line with those governments that are our principal trading partners...
...bill, which was passed by large majorities in both houses of Congress, are a ban on new public or private loans, investments or extensions of credit and an embargo on the import of South African uranium, coal, textiles, iron and steel, arms, ammunition, military vehicles, agricultural products and Krugerrand gold coins. The legislation would also prohibit the export to South Africa of crude oil, petroleum products, munitions, nuclear-energy equipment and computers, and cut off direct air travel between the two countries...
...South African Krugerrand was far and away the world's top-selling gold bullion coin for years. Then the U.S. banned imports of the item last October in protest against South Africa's racial policies, and Krugerrand sales fell so sharply that production was halted. Canada, Australia and China, among others, are trying to take up the slack. This October the U.S. will begin selling gold coins in $5, $10, $25 and $50 denominations, though the sale price will vary with the value of the metal...
...Viet Nam, Kampuchea, Libya, North Korea and Nicaragua, the Reagan Administration opposes any similar action toward South Africa. So far, Washington has banned the sale of arms, oil and certain police equipment to South Africa, withdrawn from sports and cultural exchanges, curtailed government loans and stopped the sale of Krugerrand gold coins in the U.S., but Reagan opposes the adoption of additional measures. Moreover, the Administration argues that America's ability to influence the Botha government's policies is marginal, even though the U.S. is South Africa's largest trading partner. Still, Washington is clearly miffed at Pretoria...
Boston City Councilor David Scondras '68, who participated in the sit-in compared the symbolic importance of the Krugerrand with that of the Nazi Swastika, adding. "You can't expect to finance the of concentration camps and expect that there with be no day of reckoning...