BIG SURPLUS

Nelson Evening Mail, Volume LXVI, 11 April 1934, Page 5

BIG SURPLUS

SOUTH AFRICA BUDGET INCREASED PRICE OF GOLD (United Press Association—By Electric Telegraph—Copyright) (Received 111 h April, 2.40 p.m.) CAPETOWN, 10th April. The Budget shows an unparalleled recovery. After tlie liquidation of the accumulated deficit there is a surplus of £4,500,000, due to the increased price of gold and stimulation of commerce. Air Ilavenga renewed the pledge that only 50 per cent, will be taken from excess profits from tlie mines during 1933-34. The basis of taxation will be continued with modifications to meet anomalies in connection with lower grade niiiies, which the Minister justified on the ground that the increased mining income, was due to depreciation of currency. One million of the surplus will be devoted to meet deficits in the pensions funds. £1,900,000 will be returned to the loan account, and the remainder applied to redemption of the public debt. Primary income tax abatement is restored to £4OO. Postage will be reduced to-mor-row to Id, twelve-word telegrams reduced to Is, stamp license and death duties reduced, duty on tea in large containers reduced to 3d lb, rice admitted free, duty on coffee reduced by id and the proviso that dumping duties must not exceed half of the value of goods is deleted, thereby restoring protection to local industries from competition of countries with depreciated currency.