RHODESIA: NEW BUDGET PLACES ACCENT ON MAINTAINING CLOSE WATCH ON ECONOMIC SECURITY.

Record ID: 648594

  • Title: RHODESIA: NEW BUDGET PLACES ACCENT ON MAINTAINING CLOSE WATCH ON ECONOMIC SECURITY.
  • Date: 15th July 1972
  • Summary: 1. LV EXT. Parliamentary building 0.05 2. CU Plaque "Parliament of Rhodesia" 0.06 3. SV PAN Wrathall arrives with wife 0.16 4. SV PAN Smith out of car into building 0.27 5. TV Tobacco floor 0.34 6. SV Lorry with tobacco bales along road 0.37 7. SV PAN Old steam engine in yard 0.46 8. GV PAN Oil instillation 0.51 9. GV & SV Motorists drives into petrol station (2 shots) 1.04 10. MV Woman with bottles in liquor store 1.15 Initials SGM/1522 SGM/1513 Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 30th July 1972 13:00
  • Keywords:
  • Location: Salisbury, Rhodesia
  • Country: Zimbabwe
  • Reuters ID: LVAXSPJ7SRPMH8VJXL3X0TG6MF5
  • Story Text: The Rhodesian Finance Minister, Mr John Wrathall, has warned Rhodesian businessmen they will have to exercise care in trading transactions if they are to maintain the country's economic security.

    Mr. Wrathall, giving his 1972 Budget speech on Thursday (13 July) in Salisbury, said that conditions that had governed Rhodesia's economic development for the past seven years remain unchanged with the recent failure of attempts for an Anglo-Rhodesian settlement.

    It was Rhodesia's seventh Budget since the Unilateral Declaration of Independence in November, 1965.

    Mr Wrathall forecast some improvement in exports during 1972, but said they would not cover increased import payments. The present strain on the balance of payments would remain.

    Revenue for 1972-72 of $Rhod242 million (GBP142 million) was $Rhod13 million (GBP7 million) higher than budgeted. Expenditure was $Rhod235 million (GBP140 million) leaving a surplus of more than $Rhod7 million (GBP3 1/2 million).

    The Finance Minister announced a small reduction in the excise duty on cheap brands of cigarettes, with a duty of one cent per litre imposed on African beer.

    The old age pension scheme for Europeans, Coloured and Asians would be rationalised under one system, with increases for all.

    SYNOPSIS: In Salisbury, Rhodesia's Budget for 1972-73 has been announced, with a warning from the Finance Minister, Mr John Wrathall, that a close watch will be needed on the country's economic security.

    His Budget, presented to Parliament on Thursday (13 July) was the seventh since Prime Minister Mr Ian Smith's Unilateral Declaration of Independence in November, 1965. The Finance Minister said that with the failure to reach an Anglo-Rhodesian settlement, every effort would have to be made to increase exports of such items as tobacco to secure much-needed foreign exchange.

    Although he forecast some improvement in exports during 1972, Mr Wrathall said they would not cover the expected increase in import payments. Importation of such essentials as oil and petrol could severely reduce the seven-million Rhodesian dollars surplus of the past financial year. But there was good news also, with a rationalised old age pension scheme that will give increases for all, and a small reduction in duty on cheap cigarettes.

    African beer, however, will carry a one cent a litre duty...a small reminder that the people must carry a big share of responsibility in its consumer spending.
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