§ 69. Mr. David Steelasked the Chancellor of the Exchequer what was the value in the latest convenient year of British investments in Africa north of the Zambesi and in Africa south of the Zambesi; and what were the comparative figures 10 years previously.
§ Mr. HigginsThe available information is as follows:
ESTIMATED BOOK VALUE OF BRITISH DIRECT INVESTMENTS (EXCLUDING OIL) £ million End 1960* End 1968 South of Zambesi South Africa and Portuguese territories 299 635 Rhodesia 78† 89 — 724 North of Zambesi Malawi and Zambia 29 Rest of Africa 248 344 — 373 Total for Africa 625 1,097 * Information for end-1958 is not available. † Relates to the former Federation of Rhodesia and Nyasaland. Estimated value of portfolio and oil investments
The attribution by country of United Kingdom portfolio and oil investments is not precisely known, but holdings of South African securities (with a market value at end-1969 perhaps approaching £1,000 million) far outweigh other holdings of securities issued by African countries. Oil investments in Africa, perhaps worth £150–200 million at book values are heavily concentrated north of the Zambesi.