SOUTH AFRICAN IMPORTS

Press, Volume XCV, Issue 28233, 22 March 1957, Page 16

SOUTH AFRICAN IMPORTS

Easing Of Controls (N.Z. Press Association—Copyright) (Rec. 8 p.m.) CAPE TOWN, March 20. South Africa will make considerable relaxations in import controls, the Finance Minister (Mr T. Naude) announced in his Budget' address to Parliament today. He said South Africa’s current balance of payments was strong enough and prospects for increasing exports of gold, uranium, wool, and other products so good that a relaxation of controls would be justified. Mr Naude said the financial position of South Africa remained sound, but the flow of capital from overseas had been rather disappointing. South Africa’s reserves of gold and foreign exchange increased in 1956 by £8 million. Mr Naude said: “I am convinced there is no danger of a possible recession in the South African economy in the near future. ‘‘On the contrary, with a few. exceptions, development of our economy is proceeding without interruption though at a slower pace than in previous years.” He ended his statement by saying that South Africa’s unproductive debt was nil. He knew of no other developed country which was in a stronger position than South Africa in this respect.