AFRICA: A Bet on the Future

A crucial question for Africa: Will its nationalist explosions frighten away foreign investment capital? U.S. firms that cannot wait for all the returns to come in are answering the question with cautious optimism. In December, New York's First National City Bank, the nation's third largest, established its second branch south of the Sahara, in Johannesburg. The huge Chase Manhattan Bank has followed suit. Vice Chairman David Rockefeller, 43, just back from a five-week African tour, expects to open up other branches in South Africa. "After that, we will be thinking about moving into the Rhodesias," he said, last week.

"The nationalist...

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