SOUTH AFRICA’S BUDGET

Hawera Star, Volume LIV, 21 February 1935, Page 5

SOUTH AFRICA’S BUDGET

Finance Minister Anticipates Surplus of £2,253,000

FAVOURABLE RECEPTION

PROPOSED REDUCTIONS

(United Press Association —By Electric Telegraph

Copyright) Received 1 p.m. to-day*. CAPETOWN, Feb. 20.

The Minister of Finance, the Hon. N C. llavenga, delivered a budget, which was favourably received. He estimates the current year s surplus as £2,2.53,000, which he will apply to sundry capital accounts and the redemption of the public debt and the establishment of a national roads fund. For the coming year, the Minister expects a surplus of £2,255,000 on the same basis as 193-1-35. He will apjily this surplus to a reduction of various Customs duties, totalling £150,000, a sjiecial payment of £170,000 to native development and sundry sums in the form of provincial subsidies, arising from the new scheme of financial relations between the Union and the provinces. Tho mining tuxntioii formula for tlio coming year remains unchanged, but tho duty will be increased by 35 per cent, in order to make good the shortage estimated in mining taxation in the current year of £1,000,000.