SURPLUS IN BUDGET
SATISFACTION IN SOUTH AFRICA. SOME REDUCTION IN TAXATION. By Telegraph—Press Assn.—Copyright Capetown, Feb. 20. Mr. N. C. Havenga, Finance Minister, has delivered the Budget, which has been favourably received. He estimates for the current year a surplus of £2,253,000, which he will apply to sundry capital accounts, redemption of the public debt, and establishment of a national road fund. For the coming year Mr. Havenga expects a surplus of £2,255,000 on. the same basis as 1934-35. He will apply this surplus to a reduction of various Customs duties, totalling £450,000, the special 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. The mining taxation formula for the coming year remains unchanged, but the duty has been increased by 35 per cent, in order to make good the estimated shortage in mining taxation in the current year of £1,000,000.
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Taranaki Daily News, 23 February 1935, Page 4
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161SURPLUS IN BUDGET Taranaki Daily News, 23 February 1935, Page 4
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