Report of Independent Auditors

To the Board of Directors of
The Thai Capital Fund, Inc.

We have examined management's assertion, included in the
accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940,
about The Thai Capital Fund, Inc.'s (the "Fund's") compliance
with the requirements of subsections (b) and (c) of Rule 17f-
2 under the Investment Company Act of 1940 ("the Act") as of
July 6, 2005.  Management is responsible for the Fund's
compliance with those requirements.  Our responsibility is to
express an opinion on management's assertion about the Fund's
compliance based on our examination.

Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified
Public Accountants and, accordingly, included examining, on a
test basis, evidence about the Fund's compliance with those
requirements and performing such other procedures as we
considered necessary in the circumstances.  Included among
our procedures were the following tests performed as of July
6, 2005, and with respect to agreement of security purchases
and sales, for the period from December 31, 2004 (the date of
our last examination) through July 6, 2005:

-	Confirmation of securities and cash held for the Fund at
the Bank of New York (there were no securities held by
Daiwa Securities Trust Company, the U.S. Custodian at
July 6, 2005);

-	Reconciliation of all such securities and cash to the
books and records of the Fund and the U.S. Custodian;

-	Selection of three security purchases and one security
sales since our last report from the books and records of
the Fund noting settlement of these transactions through
a review of Bangkok Bank Public Company, Ltd., the Thai
Custodian's cash statement.

We believe that our examination provides a reasonable basis
for our opinion.  Our examination does not provide a legal
determination on the Fund's compliance with specified
requirements.

In our opinion, management's assertion that The Thai Capital
Fund, Inc. complied with the requirements of subsections (b)
and (c) of Rule 17f-2 of the Investment Company Act of 1940
as of July 6, 2005, with respect to securities reflected in
the investment account of the Fund is fairly stated, in all
material respects.


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
New York, New York
December 15, 2005





To the Board of Directors of
The Thai Capital Fund, Inc.
December 15, 2005


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