SOUTH AFRICAN FINANCES.

Gisborne Times, Volume V, Issue 133, 15 June 1901, Page 3

SOUTH AFRICAN FINANCES.

AN EXPERT'S OPINION,

By Telegraph—rrcss Association—Copyright London, June 14. Tho report of Sir David Millor Barbour, tho ominont financial authority, who was last yoar appointed by the British Government to report upon tho financial condition and resources of tho annexed Statos, which was prosonted on March ‘29th, statos that if his proposals for taxation of mines and State claims against mines wero enforced, and stamp duties, customs, license and oxciso laws wero enforced, tho Transvaal would in two years after the declaration of poaco bo ablo to devote a portion of its ordinary rovonuo to defraying tho cost of tho war. Gradual sales thereafter of mining rights would bo a valuable asset. The Transvaal’s wealth and the growth of rovonuo would bo dependent almost entirely' upon tho gold mines production, which would undoubtedly continue for some years to largely increase. Ho estimates the normal rovenuo of tho Transvaal at 3} millions, nnd the expenditure at millions, but ono must add .6225,000 to tho expenditure, this being intorost on a loan of five millions to compensate losses in Natal and Capo Colony, and repair of tho dovastatation in tho Transvaal caused by the war. There must furthor be added one and a half out of 2} millions requirod to maintain tho constabulary', tho Treasury paying tho balanco of the deficit of tho first year, X'305,000. To moot this, he proposes a mining tax of 10 por cent on tho not profits, producing .6550,000, and abolition of tho dynamite monopoly. It is estimated to benefit the industry to the extont of half a million yearly. With the viow of avoiding oxcessivo taxation, Great Britain should tlx a maximum claim, payable according to the resources of tho two annoxed colonies, and if unable to pay it, tho balauco should be cancelled.