FUTURE DIM.

Auckland Star, Volume LXIV, Issue 17, 21 January 1933, Page 9

FUTURE DIM.

A VITAL SESSION.

South African Parliament Opened. GOVERNOR-GENERAL'S SPEECH. (United T.A.-Electrlc Telegrapli-Cijpyriglit) (Received 2 p.m.) CAPETOWN', January 20. Parliament was opened to-day without untoward incident. A member submitted a motion calling on the Government to resign to facilitate the formation of a National Government. It will not precipitate a crisis as the disaffected Nationalists are not prepared to oppose the Government if Judge Tielman Roos' negotiations are ineffective. Primage and surtax duties will he terminated immediately, and subsidies for exports will be continued, the money for which will be found from a tax on the gold premium. Legislation is foreshadowed to link the South African currency with sterling, with power not to link up in the event of sterling breaking seriously. It is also ' planned to tax speculators' exchange profits.

The speech of the Governor-General of South Africa, the Karl of Clarendon, at the opening of the Union Parliament stated that it was hoped the World Economic Conference would lay foundations on which the nations would be enabled to start anew the reconstruction of national and international wellbeing. Referring to the Ottawa Conference, his Excellency said that the Ministers were confident the agreements would prove of lasting advantage to agriculturists and the country as a whole. Already the markets were responding. The Ministers were convinced of the necessity of continuing the assistance to farmers. Recent events had set in motion an intense drain on the money resources of the banks and the only alternative to a catastrophic financial crisis was the release of the Reserve Bank from its' obligation to redeem notes in gold. The speech foreshadowed legislation to tax the profits on exchange.