<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>sch13d010801.txt
<DESCRIPTION>SCHEDULE 13D
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D
                                 (Rule 13d-101)
                 INFORMATION TO BE INCLUDED IN STATEMENTS FILED
             PURSUANT TO RULE 13d -1(a) AND AMENDMENTS THERETO FILED
                            PURSUANT TO RULE 13d-2(a)
                               (AMENDMENT NO. 1)*

                           The New Germany Fund, Inc.
                                (NAME OF ISSUER)

                                  Common Stock
                         (TITLE OF CLASS OF SECURITIES)

                                    644465106
                                 (CUSIP Number)

     Andrew Pegge                              Copy to:
     Laxey Partners Limited                    Gary T. Moomjian, Esq.
     Stanley House                             Kaufman & Moomjian, LLC
     7-9 Market Hill                           50 Charles Lindbergh Boulevard
     Douglas                                   Mitchel Field, New York 11553
     Isle of Man IM1 2BF

           (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO
                       RECEIVE NOTICES AND COMMUNICATIONS)

                                 August 1, 2001
             (DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)

         If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1 (f) or 13d-1(g), check the
following box [ ].

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.

         *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 disclosures provided in a prior cover page.

         The information required on 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 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 1 of 5 Pages



<PAGE>



CUSIP No.  644465106          13D                          Page 2 of 5 Pages
--------------------------------------------------------------------------------
1   NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

    The Value Catalyst Fund Limited
    No I.R.S. Identification No.
--------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                    (a)  [ ]
                                                                    (b)  [ ]
--------------------------------------------------------------------------------
3   SEC USE ONLY
--------------------------------------------------------------------------------
4   SOURCE OF FUNDS*
                            Not applicable
--------------------------------------------------------------------------------
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
     2(d) OR 2(e)                                                        [ ]
--------------------------------------------------------------------------------
6   CITIZENSHIP OR PLACE OF ORGANIZATION
      Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF                  7        SOLE VOTING POWER            0
SHARES
                  --------------------------------------------------------------
BENEFICIALLY               8        SHARED VOTING POWER          0
OWNED BY
                  --------------------------------------------------------------
EACH                       9        SOLE DISPOSITIVE POWER       0
REPORTING
                  --------------------------------------------------------------
PERSON WITH                10       SHARED DISPOSITIVE POWER     0

--------------------------------------------------------------------------------
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                                     0
--------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
                                                                         [ ]
--------------------------------------------------------------------------------
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                                   0%
--------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON *
                                       IV**
--------------------------------------------------------------------------------
         * SEE INSTRUCTIONS BEFORE FILLING OUT!


** Not registered under the Investment Company Act of 1940.


<PAGE>


CUSIP No.  644465106          13D                              Page 3 of 5 Pages
--------------------------------------------------------------------------------
1   NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

    Laxey Investors Limited
    No I.R.S. Identification No.
--------------------------------------------------------------------------------
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [ ]
                                                                 (b)  [ ]
--------------------------------------------------------------------------------
3   SEC USE ONLY
--------------------------------------------------------------------------------
4   SOURCE OF FUNDS*
                                   Not applicable
--------------------------------------------------------------------------------
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
     2(d) OR 2(e)                                                     [ ]
--------------------------------------------------------------------------------
6   CITIZENSHIP OR PLACE OF ORGANIZATION
      British Virgin Islands
--------------------------------------------------------------------------------
NUMBER OF                  7        SOLE VOTING POWER           0
SHARES
                  --------------------------------------------------------------
BENEFICIALLY               8        SHARED VOTING POWER         0
OWNED BY
                  --------------------------------------------------------------
EACH                       9        SOLE DISPOSITIVE POWER      0
REPORTING
                  --------------------------------------------------------------
PERSON WITH                10       SHARED DISPOSITIVE POWER    0
--------------------------------------------------------------------------------
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                    0
--------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
                                                                    [ ]
--------------------------------------------------------------------------------
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                                         0%
--------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON *
                                                 IV**
--------------------------------------------------------------------------------
         * SEE INSTRUCTIONS BEFORE FILLING OUT!


** Not registered under the Investment Company Act of 1940.


<PAGE>


ITEM 1.  SECURITY AND ISSUER.                                   Page 4of 5 Pages
         --------------------

     This  Amendment No. 1 to Schedule 13D relates to the common stock  ("Common
Stock") of The New Germany Fund,  Inc., a Maryland  corporation (the "Company").
The address of the  principal  executive  offices of the Company is 31 West 52nd
Street, New York, New York 10019.

ITEM 5.  INTEREST IN SECURITIES OF THE ISSUER.
         -------------------------------------

     (a) and  (b)  The  Value  Catalyst  Fund  Limited  ("Catalyst")  and  Laxey
Investors Limited ("LIL") no longer beneficially own any shares of Common Stock.
To the best knowledge of Catalyst and LIL, neither Laxey Partners  Limited,  the
investment  manager of Catalyst and LIL  ("Laxey"),  nor any of the directors of
Catalyst  or LIL  or  any  of the  executive  officers  or  directors  of  Laxey
beneficially own any shares of Common Stock.

     (c) Within the past 60 days,  Catalyst  sold shares of Common  Stock on the
New York Stock Exchange as follows:
<TABLE>
<CAPTION>
                                        No. of Shares            Price per
         Date (all year 2001)               Sold*                  Share
         --------------------           -------------            ----------
         <S>                               <C>                     <C>
         August 1                          425,000                 $6.49
         August 2                           42,500                 $6.57
         August 3                          382,500                 $6.42
         August 6                            9,500                 $6.59
</TABLE>

     Within the past 60 days,  LIL sold  shares of Common  Stock on the New York
Stock Exchange as follows:
<TABLE>
<CAPTION>
                                        No. of Shares            Price per
         Date (all year 2001)               Sold *                 Share
         --------------------           -------------            ---------
         <S>                               <C>                     <C>
         August 1                          425,000                 $6.49
         August 2                           42,500                 $6.57
         August 3                          382,500                 $6.42
         August 6                            9,500                 $6.59
</TABLE>

     (e) On August 1, 2001,  Catalyst and LIL ceased to be the beneficial owners
of more than five percent of the Common Stock.


<PAGE>


                                                               Page 5 of 5 Pages

                                   SIGNATURES

     After  reasonable  inquiry and to the best of my knowledge and belief,  the
undersigned  certify that the  information  set forth in this statement is true,
complete and correct.


Dated: August 13, 2001

                                           The Value Catalyst Fund Limited

                                           By    /s/ Elizabeth Tansell
                                               ------------------------------
                                               Name: Elizabeth Tansell
                                               Title:   Director



Dated: August 13, 2001                     Laxey Investors Limited

                                           By    /s/ Andrew Pegge
                                               ------------------------------
                                               Name: Andrew Pegge
                                               Title:   Director

</TEXT>
</DOCUMENT>
