TRADE BOOMING

Evening Post, Volume CXIX, Issue 148, 25 June 1935, Page 12

TRADE BOOMING

TAXATION REDUCED

UNION OF SOUTH AFRICA

"Evening Post," June 25. In. one section of the British Empire •the economic depression appears to 'have passed away, namely the ■ Union 'of South Africa. The Standard Bank reports May 8 last that although currency difficulties and international tension in Europe are responsible for a hesitant feeling regarding trade with Continental countries,' business generally throughout the Union is good. .The final figures of Government revenue and expenditure for the past financial year showed : a surplus of £2,973,000, or £720,000 in excess of the estimate given in the Budget statement, and of this additional amount £300,000 is to be applied in affording welcome relief in respect of income tax. The substantial increase in revenue over the estimates which had been only recently framed affords further evidence of sustained progress in Union affairs generally. A BUILDING BOOM. The building boom in Johannesburg continues unabated and activity is increasing in most centres. The year 1934 established a record for this trade, the value of building plans passed, in the nine chief towns of the^ Union having reached nearly £13,000,000, compared with £5,900,000 in 1933 and about £11,000,000 in 1929, the last busy year before the depression. All sec;bndary trades continue to make steady (progress, and there is capital available in the country for even greater strides in the industrial sphere. , . Good rains throughout the (Union .considerably improved farming con;ditions and crop prospects were favourable. All classes of livestock were ,'reported io be in good'condition and 'winter feed assured. The upward trend in produce markets had continued and with wool moving.freely, unsold stocks were greatly xeduced. .. Imports were on. the upgrade the ■total for 12 months to. March 31 last being £69,400,000 against £53,000,000 for the 12 months ended March 31, 3934; but exports (including currency premium on gold shipped) were less by £4,800,000 to £24,000,000 against the Union. Note circulation of the Reservejßank showed no material change allowing for seasonal fluctuations. Bank clearings show increases over those of the corresponding period of last year and deposits had risen in April by £1,100,000. GOI.D OUTPUT. The output of the Transvaal goldmines for the month of March was declared by the Chamber of Mines at 882,309 fine ounces, an increase of 61,063 fine ounces over the Februaryproduction,' due chiefly to the longer working month. The Governments scheme of mining taxation was again modified and to achieve greater stability in estimating the probable yield from this source the proposed addition of 35 per cent, to the result obtained from the existing formula was dropped and replaced by a straight surtax of 2s in the £ on profits.