South Africa.

Waikato Times, Volume 116, Issue 19463, 31 December 1934, Page 3

South Africa.

A marked revival of prosperity has taken place in the Union of South Africa during the year, chiefly as a result of the improved yields from the Rand goldfield and the higher prices secured for the yellow metal. The great 'drought of 1933 broke and though many farmers are still suffering 'from its effects they will receive some relief from the provisions of the new budget. South African public finance showed an improvement which was unequalled in any other important country. The gross surplus O'f revenue over expenditure of £6,500,000 for 1933-34 amounted .to 20 per -cent of the annual expenditure, brought about by increased.mining revenue and income tax. After wiping out the accumulated deficit of almost £2,000,000 decided .to dispose of the remainder and the estimated .surplus this year of £3,000,000 by reducing taxation in a variety of ways. The Gold Revival.j

So long as the rest of the world continues to compete for the gold ifrom her mines (50 per cent of the revenue in 1933 was 'drawn from the goldfields) ‘South Africa’s financial outlook is very bright. However, alongside this must toe placed the fact that gold as a monetary standard has 'been discredited in Britain and in many other countries and the extreme value placed on this commodity in the past may become little more than history in an age of rapid social changes and monetary experiments. With the return of better times proposals for constitutional changes have arisen in the Union- These are embodied In a Bill which will modify some sections of the South Africa Act in order to bring it into conformity with the Statute of Westminster. Though outwardly the alterations appear to toe only of slight importance they have met with some opposition and misrepresentation. The Coalition 'Government continues in power and political discussion during the year has centred largely around the question of fusion (between the South African and Nationalist parties. , No finality has been reached in the protracted proposals for the Government taking over from the 'British 'Government the native .protectorates of Basutoland, Bechuanaland, and Swaziland.