SOUTH AFRICAN FINANCE
BUDGET SHOWS SURPLUS. By Telegraph—Press A;an.—Copyright. A. and N.Z. Capetown, April 4. The Union Budget shows an unprecedented surplus of £1,750,000. It has been allocated as follows: £500,000 to the redemption of debt, and the bi'ance to the reduction of taxation, including a 29 per cent, rebate for normal income-tax and super-tax payers. Mining companies are not affected. The Minister was cheered when he announced the abolition of the system of taxing debenture interest at its source. Customs reductions apply to cotton goods, millinery, sewing machines, tea (2d reduction), chinaware and cutlery. Oldage pensions would exclude natives. The sum of £200,009 had been ear-marked for the first quarter. The Minister claimed that the protection policy had not affected the cost of living or industrial production costs,' which the Opposition challenged. The most notable feature of trade was an increase of £4,500,000 in the export of wool, the prospects of which are very bright. Within the past few days the first war loans have been extinguished without re-bor-rowing. Concluding, the Minister said they were entitled t«t face -he future eptueistieally, ■ ■ ■
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/TDN19280409.2.5
Bibliographic details
Taranaki Daily News, 9 April 1928, Page 2
Word Count
182SOUTH AFRICAN FINANCE Taranaki Daily News, 9 April 1928, Page 2
Using This Item
Stuff Ltd is the copyright owner for the Taranaki Daily News. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in