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SIGNATURE FREDERICK J. SCHMIDT
TITLE TREASURER
Report of Independent Accountants
To the Shareholders and Board of Directors
of
The France Growth Fund, Inc.
In planning and performing our audit of the
financial statements of The France Growth
Fund, Inc. (the Fund) for the year ended
December 31, 1999, we considered its
internal control, including control activities
for safeguarding securities, in order to
determine our auditing procedures for the
purpose of expressing our opinion on the
financial statements and to comply with the
requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible
for establishing and maintaining internal
control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and
related costs of controls. Generally, controls
that are relevant to an audit pertain to the
entitys objective of preparing financial
statements for external purposes that are
fairly presented in conformity with generally
accepted accounting principles. Those
controls include the safeguarding of assets
against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not be
detected. Also, projection of any evaluation
of internal control to future periods is
subject to the risk that controls may become
inadequate because of changes in conditions
or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would
not necessarily disclose all matters in
internal control that might be material
weaknesses under standards established by
the American Institute of Certified Public
Accountants. A material weakness is a
condition in which the design or operation of
one or more of the internal control
components does not reduce to a relatively
low level the risk that misstatements caused
by error or fraud in amounts that would be
material in relation to the financial
statements being audited may occur and not
be detected within a timely period by
employees in the normal course of
performing their assigned functions.
However, we noted no matters involving
internal control and its operation, including
controls for safeguarding securities, that we
consider to be material weaknesses as
defined above as of December 31, 1999.
This report is intended solely for the
information and use of the Board of
Directors, management and the Securities
and Exchange Commission and is not
intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
February 18, 2000
5
To the Shareholders and Board of Directors of
The France Growth Fund, Inc.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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