SOUTH AFRICA'S BUDGET

New Zealand Herald, Volume LVII, Issue 17460, 3 May 1920, Page 5

SOUTH AFRICA'S BUDGET

EXPANSION OF TRADE. SURPLUS OF £2,260,000. A. and N.Z. CAPETOWN. April 80. Introducing the Budget in the House of Assembly, Mr. H. Burton, Treasurer, said that the revenue for the current year was estimated at £23,750,000, kit it actually realised £26,750,000, an increase of 16 per cent., largely due to the phenomenal rise in the value of diamonds and the heavy increase in the importation of luxuries. The expenditure amounted to £24,500,000, leaving a surplus of £2,250,000, which, according to law, would be devoted to the redemption of the debt. The Treasurer described the expansion of trade as startling. Referring to the coming financial year, j he said that he estimated the revenue at £28,000,000, and the expenditure at £27,500,000, leaving a surplus of a little over £ouo,ooo. Since 1914 the cost of public services had risen by £4,500,000. The post office was not paying its way. It was proposed to raise letter postage rate to a penny half-penny for ljoz. The telegraph rates would also be increased. The revenue from those charges would increase th« surplus to £488,000. It was proposed to aWy this in reducing difficulties for the" poorer classes, and the estimated surplus would disappear, leaving a deficit of £37,000, which would look after itself.