UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
Jakarta Growth Fund, Inc.
______________________________________________________
(Name of Issuer)
Common Stock, $0.10 Par Value
______________________________________________________
(Title of Class of Securities)
470120106
____________________________________
(CUSIP Number)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
CUSIP No. 470120106 SCHEDULE 13G Page 2 of 7
- ---------------------------------------------------------------
(1) Names of Reporting Persons. I.R.S. Identification Nos. of
Above Persons (entities only)
Newgate Management Associates
(2) Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [X]
(3) SEC Use Only
(4) Citizenship or Place of Organization
Massachusetts
Number (5) Sole Voting Power See Foot/Rosenbaum
of Shares ------------------------------------------------
Beneficially (6) Shared Voting Power None
Owned by -----------------------------------------------
Each (7) Sole Dispositive Power See Foot/Rosenbaum
Reporting ------------------------------------------------
Person With (8) Shared Dispositive Power None
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
575,500
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
(11) Percent of Class Represented by Amount in Row 9
11.5
(12) Type of Reporting Person (See Instructions)
IA
<PAGE>
CUSIP No. 470120106 SCHEDULE 13G Page 3 of 7
- --------------------------------------------------------------
(1) Names of Reporting Persons. I.R.S. Identification Nos. of
Above Persons (entities only)
George Foot
Sonia Rosenbaum
(2) Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) [ ]
(b) [X]
(3) SEC Use Only
(4) Citizenship or Place of Organization
United States
Number (5) Sole Voting Power 575,500
of Shares ------------------------------------------------
Beneficially (6) Shared Voting Power None
Owned by -----------------------------------------------
Each (7) Sole Dispositive Power 575,000
Reporting ------------------------------------------------
Person With (8) Shared Dispositive Power None
(9) Aggregate Amount Beneficially Owned by Each Reporting Person
575,500
(10) Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
(11) Percent of Class Represented by Amount in Row 9
11.5
(12) Type of Reporting Person (See Instructions)
HC
<PAGE>
CUSIP No. 470120106 SCHEDULE 13G Page 4 of 7
- ---------------------------------------------------------------
Item 1(a) Name of Issuer:
Jakarta Growth Fund, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
180 Maiden Lane, New York, NY 10038
Item 2(a) Name of Person Filing:
Newgate Management Associates ("Newgate"), George Foot and
Sonia Rosenbaum
Item 2(b) Address of Principal Business Office:
The principal business office and business address for each
Reporting Person filing is 80 Field Point Road, Greenwich, CT
06830.
Item 2(c) Citizenship:
This statement is filed on behalf of Newgate, a Massachusetts
general partnership registered as an investment adviser under the
Investment Advisers Act of 1940, as amended. George Foot and
Sonia Rosenbaum, the sole general partners of Newgate, are United
States citizens.
Item 2(d) Title of Class of Securities:
Common Stock, $0.10 Par Value
Item 2(c) CUSIP Number:
470120106
Item 3. If this statement is filed pursuant to rules 13d-
1(b), or 13d-2(b), check whether the person filing
is a:
(a) [ ] Broker or Dealer registered under section 15 of the
Act
(b) [ ] Bank as defined in section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in section 3(a)(19) of
the Act
(d) [ ] Investment Company registered under section 8 of the
Investment Company Act
(e) [X] Investment Adviser registered under section 203 of
the Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund
(g) [X] Parent Holding Company, in accordance with
Section 240.13d-1(b)(ii)(G)
(h) [ ] Group, in accordance with Section 240.13d
-1(b)(1)(ii)(H)
<PAGE>
CUSIP No. 470120106 SCHEDULE 13G Page 5 of 7
- --------------------------------------------------------------
Item 4. Ownership:
(a) Amount Beneficially Owned:
575,500 shares of Common Stock
(b) Percent of Class:
11.5%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 575,500
(ii) shared power to vote or to direct the vote: None
(iii) sole power to dispose or to direct the disposition of:
575,500
(iv) shared power to dispose or to direct the disposition
of:
None
See pp. 2-3 of this Schedule, setting forth the aggregate
number and percentage of the securities beneficially owned
by each Reporting Person, the number of shares as to which
there is sole or shared power to vote, or to direct the
vote, and sole or shared power to dispose or to direct the
disposition.
Item 5. Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more that five percent of the class of
securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another
Person
The account owners who are advised by Newgate have the right
to receive and the power the direct the receipt of dividends
from, and the proceeds from the sale of such securities.
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent
Holding Company
George Foot and Sonia Rosenbaum are filing as Parent Holding
Companies pursuant to Rule 13d-1(b)(ii)(G). See attached
exhibit.
Item 8. Identification and Classification of Members of the Group
Not applicable
Item 9. Notices of Dissolution of Group
Not applicable.
<PAGE>
CUSIP No. 470120106 SCHEDULE 13G Page 6 of 7
- ---------------------------------------------------------------
Item 10. Certification:
Each of the undersigned certifies that, to the best of
its/his/her knowledge and belief, the securities referred
to above were acquired in the ordinary course of business
and were acquired for the purpose of and do not have the
effect of changing or influencing the control of the
issuer of such securities and were not acquired in
connection with or as a participant in any transaction
having such purpose or effect.
After reasonable inquiry and to the best of its/his/her knowledge
and belief, each of the undersigned certifies that the
information set forth in this statement is true, complete and
correct.
Date: July 25, 1997
Newgate Management Associates
By:/s/ Sonia Rosenbaum
-----------------------------
Sonia Rosenbaum/Partner
/s/ George Foot
-----------------------------
George Foot
/s/ Sonia Rosenbaum
-----------------------------
Sonia Rosenbaum
<PAGE>
CUSIP No. 470120106 SCHEDULE 13G Page 7 of 7
- ---------------------------------------------------------------
Exhibit to Schedule 13G
Item 7.
Each of George Foot and Sonia Rosenbaum is filing as a
"Parent Holding Company." The subsidiary is Newgate
Management Associates, an investment adviser registered
under section 203 of the Investment Advisers Act of 1940, as
amended.
