GROWTH FUND OF SPAIN INC
3, 1998-01-16
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FORM 3                                              OMB APPROVAL            
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                                         OMB Number:              3235-0104 
                                         Expires:        September 30, 1998 
                                         Estimated average burden           
                                         hours per response ........... 0.5 
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               UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


            INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
              Section 30(f) of the Investment Company Act of 1940
                          (Print or Type Responses)

- -------------------------------------------------------------------------------
1. Name and Address of Reporting Person*

  Melville              Gregory                 L.
- -----------------------------------------------------------
   (Last)               (First)              (Middle)

                    Alexanderplatz 2
- -----------------------------------------------------------
                        (Street)

   Berlin               Germany               10178
- -----------------------------------------------------------
   (City)                (State)              (Zip)

- -------------------------------------------------------------------------------
2. Date of Event Requiring Statement (Month/Day/Year)

   12/31/97

- -------------------------------------------------------------------------------
3. IRS or Social Security Number of Reporting Person (Voluntary)



- -------------------------------------------------------------------------------
4. Issuer Name and Ticker of Trading Symbol

   The Growth Fund of Spain, Inc. (GSP)

- -------------------------------------------------------------------------------
5. Relationship of Reporting Person(s) to Issuer
   (Check all applicable)

   [X] Director
   [ ] 10% Owner
   [ ] Officer (give title below)
   [ ] Other (specify below)


   --------------------------------------------------
       
   --------------------------------------------------

- -------------------------------------------------------------------------------
6. If Amendment, Date of Original (Month/Day/Year)



- -------------------------------------------------------------------------------
7. Individual or Joint/Group Filing
   (Check all applicable)

   [X] Form filed by One Reporting Person
   [ ] Form filed by More than One Reporting Person

- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
                             TABLE I--Non-Derivative Securities Beneficially Owned
- --------------------------------------------------------------------------------------------------------------------
 1. Title of Security   2. Amount of Securities   3. Ownership         4. Nature of Indirect Beneficial Onwership 
    (Instr. 4)             Beneficially Owned        Form: Direct         (Instr. 5)                              
                           (Instr. 4)                (D) or Indirect                                              
                                                     (I) (Instr. 5)                                                
- --------------------------------------------------------------------------------------------------------------------
<S>                      <C>                       <C>                  <C> 
- --------------------------------------------------------------------------------------------------------------------
No securities owned.
- --------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------

- --------------------------------------------------------------------------------------------------------------------
</TABLE>

* If the form is filed by more than one person, see Instruction 5(b)(v).

Reminder: Report on a separate line for each class of securities beneficially
          owned directly or indirectly.  

<PAGE>

FORM 3 (continued)

<TABLE>
<CAPTION>
       TABLE II--Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
- ----------------------------------------------------------------------------------------------------------------------------------
  1. Title of Derivative   2. Date Exer-         3. Title and Amount of Securities   4. Conver-      5. Owner-     6. Nature of  
     Security (Instr. 4)      cisable and           Underlying Derivative Security      sion or         ship          Indirect   
                              Expiration            (Instr. 4)                          Exercise        Form of       Beneficial 
                              Date              -----------------------------------     Price of        Deriv-        Ownership  
                              (Month/Day/Year)                                          Deriv-          ative         (Instr. 5) 
                          ---------------------                           Amount        ative           Security                 
                                                                          of            Security        Direct                   
                           Date       Expira-            Title            Number                        (D) or                   
                           Exer-      tion                                of                            Indirect                 
                           cisable    Date                                Shares                        (I)                      
                                                                                                        (Instr. 5)               
- ----------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>        <C>        <C>                      <C>           <C>             <C>           <C>
- ----------------------------------------------------------------------------------------------------------------------------------
No securities owned.
- ----------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------------

- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Explanation of Responses:


              /s/ Gregory L. Melville                       January 14, 1998
              ----------------------------------------     ------------------
              ** Signature of Reporting Person                    Date

** Intentional misstatements or omissions of facts constitute Federal Criminal
   Violations.  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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