BUDGET SURPLUS IN SOUTH AFRICA
INCREASED EXPENDITURE ON DEFENCE CAPE TOWN, August 10. The Minister of Finance (Mr N. C. Havenga) in his Budget speech announced a surplus in 1937-38 of £4,352,000, which is £2,852,000 above the estimate. Imports for the first time exceeded £100,000,000. The current year’s revenue is estimated at £41,794,• 000, leaving a deficit of £1,052,000, which will be met from adjustments in taxation. Provision is being made for big increases in the expenditure on defence. Mr Havenga expressed the opinion that the peak of the trade cycle had passed and that various countries were suffering either a mild recession or a severe depression. The turn of the tide in South Africa had been so slight that she had escaped and though there was no cause for alarm economists warnings must be heeded.
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Southland Times, Issue 23585, 12 August 1938, Page 5
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136BUDGET SURPLUS IN SOUTH AFRICA Southland Times, Issue 23585, 12 August 1938, Page 5
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