SOUTH AFRICA.

Press, Volume LVII, Issue 17122, 18 April 1921, Page 7

SOUTH AFRICA.

FINANCIAL STATEMENT. DBABTIO ECONOMY NECESSARY. (?r C#We—Pr<4» A*eoci*tion—Copyrigit.) (AuatralUn and N.Z. Cable Asaociatinn.) CAPETOWN, April 15. In introducing the Budget in the South African Assembly this afternoon, the Minister of Finance said that the deficit for the current year was less than was expected, and that only a quarter of a million would have to he carried forward to next year. Referring to trade, ho foreshadowed more drastio dealing with profiteers. He said that middlemen figured too largely in the distribution of commodities. Experts' reports indicate that_ tho prospects of' the Jrop and steel industry in Squth Africa were of the brightest; bun that- the country ia feeling tho effects of trade depression. In reference to the new financial year, the estimated expenditure is £25,815,000. four millions less than last year. The revenue >lll be £29.543,000, an increase of £832,000, due chiefly to the adjustment of salaries and wage?, and unemployment expenditure. The deficit is nearly six millions, and 4rasti«s economy will he necessary to produce equilibrium. It is proposed gradually to eliminate the cost of living allowance to civil servants, .and to curtail by Jialf tho additional members' allowance of £2OO voted la*t year, and to transfer the -proceed# of tho sales of Crowr* lands for lQan to the venue. Letter postage is to ho inereaaed from I'4<l to 2d. Tht> income tax exemption is to be reduced from £SOO to £300; and tho tax on companies will be increased. There will be increased duties ou spirits, beer, tobacco, and bioscope films. TJie Government nas decided pot to tax necessaries,- arid has also rejected- the proposal of a Special Copunittee to impose an additional tax of 20 per .cent, on boots and shoes.