HUGE SURPLUS
THE SOUTH AFRICAN BUDGET MINISTER ON ECONOMIC OUTLOOK WARNINGS TO BE HEEDED (Reed This Day, 10 a.m.) CAPETOWN, August 10. The Finance Minister (Mr N. C. Havenga) in his Budget speech announced a surplus for 1937-38 of £4,352,000, which is £2,852,000 above the estimate. Imports for the first time exceeded a hundred millions. The current year's revenue is estimated at £41,794,000, leaving a deficit of £1,052,000, which will be met from taxation adjustments. Provision is being made for large increases in defence expenditure. Mr Havenga expressed the opinion that the peak of the trade cycle had been passed, and said that various countries were suffering either a mild recession or severe depression. The turn of the tide in South Africa had been so slight that she had escaped, and, while there was no cause for alarm, economists’ warnings must be heeded.
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Wairarapa Times-Age, 11 August 1938, Page 8
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143HUGE SURPLUS Wairarapa Times-Age, 11 August 1938, Page 8
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