QUARTERLY BULLETIN STATISTICS ST A TISTIESE KW ART AALBLAD

Transcription

1 QUARTERLY BULLETN OF STATSTCS ST A TSTESE KW ART AALBLAD No 27 MARCH MAART 1953

2 OONTENTS Ohart lvv Review v ~ble BANKNG AlO) l1nance L SA ReMJrve ~k l ~ L Oornmerelal Banka H People'l Bankl a v n Bank v Depol~Recelvtnl ntltuuoru '7 v Other Trult Companies vi TJ'Ultueta in PHt Otnoe Savtn1 Bank 9 lx Union Loan Oertlflcate 9 : Bulldln Sooletltlll 10 d Natlollal Jrtnanoe Corporation 10 dl Land and Arrleultural Bank 11 du Bank Deblu U dv Money n otrcujuon 11 n Veloclt:J' or Demand DepoU 11 ill JNHOUD BladA:y Gratleke lvv Oonl xlv Ta llel BANKWESE EN FlNAN8JES L Suld AlrlkaanlMl Beeerwebank 11 U landelbanke ill Volktbanke & v Lenln banke v Depoaltonemende lnltelunrl '7 ' 1 Ander Trul tmaatskappye v TrUitbate vlu Poupaarbank ls: UnlelenlnrlMlrWlkate 8 : J>e rmanente Bouverenlrlnr 10 d Nulonale Flnanllekorporule 10 d Land en Landboubank 11 xu! Bankdebette U :dv Geld n omloop 11 xv Omlooplnelheld van onmiddelllk opelbare depoalto'l 11 :vt Oonake van veranderlnr n celd n omloop 14 1:vll RentekoenM 1& xvu! Rentabllltelt van taataeffejde U :ds: robaruteabul'jlm et'lektebeun :u [ndekm van aandelepryn 17 vt Cau_ of Chanl'es n Money n Clreulldlon t xv lntel'mt Bates 16 :lvll Government Bond Yield 15 xh Jobannesburl' Stook Exabanre 18 XL ndue of Share PrieM 1'7 s:u Stoek Exabanre Tranaaetlonl ' :u1 Effeklebeuntransak ' u:tl Companle Rerll tered 18 rul M_tskappye rererltreer 18 :0111 Forell Zxebanl'e Rates 20 :olu Wllltllkoene to v Gold TrarulacUonl :01 GoudtranlAklletl llsv Poreln EJ::ohane TranaaeUon u:v Bullelandie vajutatranaakales 1:xvL Real Eltate Transaetlonl llxvl Tranuklles n vute elendom llsyll GOYftrnment Ftnaftc:e ll:vll StaaliOnanll PRCES PRYSE %n'ul ndexm of Prll)H u:vtl Jndekltl van prylml TRADE AND TRANSPORTATON JfANDEL EN VERVOER sds BetaU SaZel s:xjs Klelnhandell verkoplnrl ~ South Alrlcan Ba1ways xu: SuJdAfrlkaanlMl SpooJ'Wee :a:sj New Motor Vehicles BeilJtered ll:rl Rerlltru1e van nuwe motoryoertuie 21 xu:l Foreln Trade u:rll Bulteland handel 1'7 PRODUCTON AND EMPLOYMENT %EdL MiDorai rroduotion U PRODUKsm EN WEBKVER~O u:xlli Mlnerale prcldukaje U xu:t Emplo)'Dent t9 xu:tv We rkverakafllnl' H xu:1' Electric Current Generted 29 xxxv Opewekte elektrlese troorn xuvl Bulldin&' 30 xu:vl Boubedryt NATONAL ACCOUNTS NAS10NALE REKENlNGE xu:vu Ntlonal ncome 31 J:X%VU VoLkAlnkoJlle t ~UL nvestment S2 J::DVJl Beleln x:uis NUonai Account aa44 :uxl Nulonale rekenlbe BALANCE 0 PAYMENTS BETALlNGSBALANS sj BaU)t of Papneata S5M sj Betallnl'lbalans NOT& _ Where ftt'uru ara ~ven to certan deltet ot approximation the total shown don not neceuartly equal the um or t oonltltuent tem N OTJ _ WolDMr ayt tot '11 bepaaldl 1Jra&d van benaderlllc 1' word ; di e aade~we tota&1 Dl' DoodwlDd~ rej)'k aad dla 10m van dlle nle

3 lv NAOORLOGsE EKONOMEsE TEN DENSE N DE UNE NDEKSE: 1948=100 MONEY AND BAP«NG 0 1 ~ 0 0 '00 ' _c_ r GEL~ EN BAN<WESE 1';;' ''''' / ~i ~ ~~ ''''''' / \ ~ ;:;F\ F : ~:'~T\) / ~ u 01 AHit' V A AA 1\ ll / ~ rfn V N ~ ~ _0l ''~ otsmf ' HO SHARE PRCES AANDEL PRYSE ' 0 0 o f\ '01 00_'''' 4'*' '''1 _'''_ ~ \ /::: _? ~ O O ' ODUC''''' ~ }~~ ~ ~V:: ~ 1 1 U '''0 U PRCES PRYSE HO~r~~~~~~'r~ ~4+~4~~+~ ' ' RETAL SALES KLENHANOElSVERKOPNGS JOHANNUUAG ''1_0 Ai / V V' 0< rv l~ VJ '950 VV /\ '~t+++1c~~ '

4 v POSTWAR ECONOMC TENDENCES N THE UNON NDEXES: 1948=100 ~E EMPLOYMENT ~ '''' WERKVERSKAFFNG '00 'CT' 'D ~CNC V'C~l ot uc'''''''''' 00(>1 0 ~u l ' 1rJj NF W ~ M ~_~ ~ r\ fv ' '' ' ' S A RALWAYS5ASPOORWEt um ' ' ' lu 1' '''' '''' '00 ll '00 Y UJ tu u T_ v' PRODUCTON PRODUK5 ';' faj OlO ~ l /' <Do _ /'kr ~OO' : ~' ' ' ~ y 00 0 '00 0 ' v' _'LW Y U '_'Tl V y rv r' /'' ' '00 l' FXED PROPERTY VASTE EENOOM '''''''''WlC> MOtTl 00' ~ OC''''' ~1 1oO V Ah ' f ~ \]v A '0000 n un u un ' UCTOO ' YO 10 'J r' 'r r'''l ~D' '00 r ~'f ~ '' '952 '''' ' ty rv V t

5 REVEW OF n the following pages as in former yean ad attempt is made on the basis of the available atatistical informalion to review briefly the trends in the various sectors of the Union' economy in order to obtain a composite picture of the country's economic development during the year just passed As a background thereto it may be well to slart by recalling that from the review of a year ago which covered the Union'! economic development during the year 1951 it appeared that the sharp postdevaluation upward movement in the country's economic activity durina; 1950 was continued during the first half of 1951 but considerably slowed down dur~1 the second hal{ of that ycar During the year 1952 manifold exlcrnaj influences had their effect directl y or indirectly on the Union' economy As examples of hese may be mentiooed the continuation of international political tensions; the further heavy expenditure on rearmament by a number of countries although signs of slackening in this respect appeared towards the end of the year; the balance of payments difficulties experienced by several countries notably in the sterling area which led 10 disinflationary monetary and fiscal policies as well as restrictions on trade; the considerable contraction in the supply of capital available abroad for investment in developing cou ntries like the Union: the international textile crisis which however sbowed signs of passing off towards the end of the year; and the declining tendency in world raw material prices On the other hand there were several internal [actors which also played an important part in shaping the Union's economic development during 1952 such b the rise in the interest rate structure and the accompanying monetary stringency; the more strict application of import control; the maintenance of price controls; and the continued shortage in mining labour as well as in traollportation servica Furthermore the year 1952 cannot be passed over without referring to the progress made in respect of several laraescale investment projects such as the South African Coal Oil and Oas Corporation the Phosphate Development Corporation am the CAtraction of uranium by a number of gold mining companies although the effect of these developments as well as of the expansion of electricitygenerating capacity should be felt more at a later date n regard to the statistical material' utilised in the fo llowing pages it should be mentioned that during &e year 1952 the Reserve Bank followed the lead of the nternational Monetary Fund and the United Nation by changiog the base year for au of itj iodexci from 1938 to 1948 The cbange to a poslwar baae year haa been made in view of the exceptional developmentj which have taken place in the vi ECONOMC CONDTONS N THE UNON N 1952 Union's economy during the war and posl war years it being felt that more realistic index numbers are obtained in this way The year 1948 has been chosen as the new base year because as far as can be judged at present from developments during the years 1946 to 1952 it would appear to represent an acceptable postwar norm As some of the series for example retail sales and stock exchange turnover are only available from 1948 the switch 10 th is year as the new bak period has had the additional advantage of allowing all of the available indexers to be placed on a comparable basis Unless otherwise stated therefore all of the indexes quoted 10 this review refer to the base 1948 = 100 PRODUCTON Agricultun The latest preliminary estimates of the Division of Economics lind MarketJ iodicate that the gross value of agricultural production which had increased from about 210 million in to about 291 milion in 1950/51 declined to about 255 million in 1951{52 The decline of about )6 mi11ioll from 1950/51 to 1951/52 WRll almost full y accounted for by a decline of about 35 million in the value of the wool output namely from about 79 million to about 44 million which reflects the strodg decline in wool prices during this period The value or output or all other agricultural products combined declined by only 1 million namely from about 212 million in 1950/51 to about 21 1 million in 1951 /52 n regard to these figures it should be noted that they refer to the years ending 30th June and not to the calendar years 1951 and 1952 Mining Revised figures published by the Government Mining Engineer indicate that excluding quarry producu the value of the Union's total mineral production (largely based on sales figures) increased from 2038 miiljon in to million in 1952 compared with million in 1950' The further increase from was the result of increases in the value of most of the more important types of minerals produced and it appears that there was also a substantial increase in the physical volume of output Largely as a result of the coming into production of the Orange Free State mines S Helena and These value fljure5 ~ shown with lold calcullted t W ) per filk Ounce and tbey do not thererore include the dditionll re~nue rcoeived by the Od minint: comparue in respect or lold Od lor mlnullcturinj ptlrpokj nd durinj 19H in respect or variltions in official loki prica Thil dditional re~nue amounted to lbout 4 million in 19' 2 compared with aearl)' 7 million in 19S1 Dd lbout a million in 1950

6 vii Welkom towards the end of 1951 and the West Transvaal Mines West Driefontein and Stilfontein during 1952 the Union's gold production increased from fine ounces in 1951 to fine ounces in 1952 or in ternu of value from million to 1467 million The four mines mentioned accounted for an increase of fine ounces from 1951 to that all the other mines combined showed a decrease of about fine ounces which reftects the continued shortage of labour on the mine The amount of coal sold increased from tons in 1951 to JO tons in 1952 or in tenns of value from 1l6 million to 146 million while copper sales although declining slightly from toni to tons increased in terms of value from 84 million to 1 \6 million The sales of all other base minerals combined increased from 185 million to 219 million while the sales of precious metals excluding gold increased (rom 40 million to 47 million and those of diamonds declined Slightly from 163 million to 148 millio\ n regard to mining employment he average monthly index increased from in 1951 to 116 in 1952 but as will be seen from the chart below the monthly indexes excluding seasonal vanatlolls ftuctuated on an approximately conslant level during 1952 compared with a slight upward movement in J9SL ~ rt EMPLOYMENT ' ~ ~ _ACT'' Volume indexcli (t94' too) ~ PRODUCTON ~ Seuonally adjukn Manufacturing While no uptodate information is available regarding the total output of manufacturing industries in the Union it would appear that judging mainly from the index of employment there wu a further increase in the physical volume of output from 1951 to 1952 Considering also the ' trong incre!se in Union wholesale prices during this period it ilct:ms that the value of manufacturing output showed a substantial increase The index of manufacturing employment which had increased from 103 in 1950 to )09 in 1951 increased further to 112 in 1952 but as will be seen Crom the chart above the upward movement in the monthly indues during 1950 and 1951 was not maintained during 1952 when the trend remained approximately consta nt atthe level reached towards the end of 1951 Electricity The index of electric current generated afur adj~tment for seasonal changes indicates a continuation throu&hout 1952 of the fairly strong upward movement durin& 1950 and 1951 as shown 00 the accompanyina chart The average monthly index increased from 126 in 1951 to 135 in 1952 compared with 118 in 1950 Building After increblling from 1052 in 1950 to 1485 in 1951 the average monthly index of the value of building plans p;1ssed in the eighteen principal cities of the Union declined to 1151 in 1952 largely on account of a decline in the case of commercial buildings although there was also a decline in plana paued (or teiidential buildings As can be seen from the chart below the monthly indexes afler correction for seasonal movements showed a continuation during 1952 of tbe downward tendency which had set in durm the last few months of 1951 Similarly the indu of the value of buildings commenced in these cities showed a declining tendency durin& 1952 the average monthly index falling from 1519 in )951 to 1288 in 1952 compared with 1078 in 1950 The index numbers of building plaru passed and buildings commenced do not however provide a good indication of actual building activity during the periods to which they relate and it would appear from other available information that on an average monthly basis the activity in 1952 compared favourably with that in 195\ The sample figures of employment in the building and contracting industry collected by the Bureau of Census and Statistics for example showed an increase from to 1952 while increases were also registered in the production of cement and buildin& bricks On the other hand taken on a monthly basis the index of employment tended 10 decline during the second half of 1952 from which it would appear that the downward movement in the value of building plans passed and of buildinas commenced began to make itself felt during the latter half of the year This is also in line with the available unemployment figures for the building industry which show that the average number of European and noneuropean artisans excluding natives registered as unemployed at Government Employment Exchanges was slightly higher in the second than in the first half of the year

7 viii BUnDrNG PLANS PASSED FOREGN TRADE ~ r'' ' 1!::CL'*l:~ t fu Value indejl: ~ (1948 ' 100) ~!::CJ'*J:::;'' 1f'0 '1101 SeaKlnal1y adjusted FOREGN TRADE Following the record levels established in the value figures of the Union's fo reign trade showed a decline in 1952 While import control was considerably reined in 1951 with a view to strengthening the country's stocks it was again more strictly applied in 1952 especially in respect of consumers' goods so that the total imports of merchandise according to preliminary figures declined from about 410 million in 1951 to about 420 million in 1952 ie by about 50 million Excludi ng Government stores which increased by about 9 million the decline amounted to about 59 million and the part played by consumers' goods especiall y te:tliles and clothing in thi! decrease is rellecled in the fo llowi ng table which shows the changes in the a mounts imported by class of a rticle 85 classified ' by the Department of Customs and Excise : ncrease or Class of mports Decrease in Animals Agricult ural a nd Pastoral Products Food Drink and Tobacco _ Textiles Apparel Yarru and Fibres Metals Metal Manufactures Machinery and millions Vehicles _ + 3 Minerals Earthenware and Glassware _ + J Oils Waxes Resins Paints and Varnish 2 Drugs Chemicals and Fertilizers + Leather Rubber and Manufactures thereof _ 6 Wood Cane Wicker and Manufactures thereof 2 Books Paper and Stationery 2 Jewellery Timepieces Fancy Goods and Musical nstruments H' t _ iscellaneous H Total 59 n regard to the trend in the monthly figures for :he value of imports it will be seen from the chart above that excluding seasonal changes the strong upward movement during 1950 and the fint half of 1951 which had been considerably reduced d uring the second hal of 1951 was revened during 1952 the monthly indexes revealing a downward trend during the year As the prices of imported goods did not decline to the same extent it would appear that the physical volume of imports apart from being lower in 1952 than in also showed a decli ning tendency during the year 1952 The value of the Union's exports of merchandise the published figures of which include gold products but excl ude gold bullion also showed a decline from 1951 to 1952 namely from about 347 million to about 332 mill ion This decline was principall y accounted fo r by a decline of about 16 miliiod in wool exports which reflects the decline in wool prices although there were other declines eg 35 million in the exports of gold products 45 million in maize exports 44 million in fruit exports a nd 15 million in coal exports On the other hand several increases took place notably the increase of about 47 million in the exports of copper As will be seen from the chart above the monthl y indexes of the value of exports (excluding seasonal movements) which had tended to decline during the last eight months of 1951 following the wool boom of the 1$ sedson increased again during the first five ' months of 1952 but then showed a declining tendency during the rest of the year n regard to the physical volume of exports excluding gold preliminary calculations indicate a n increase of about 5 per cent from 1951 to 1952 mainly on account of a rise in the group Animals Agricultural and Pastoral Products Correcting the preliminary import and ~xport values quoted above in order to take account of the Territory of South West Africa and to make various other adjustments for balance of payments purposes it is found that the imports of merchandise which had increased from 305 million in 1950 to 467 million in 1951 declined to about 417 million in 1952 mports from the dollar area declined by about 8 miuion from to 1952 those from other nonsterling countries by about 14 mill ion and those from the sterling area by about 28 million The exports of merchandise excluding gold bullion gold products a nd ships' stores on the other hand which had increased from 209 million in 1950 to 281 million in 1951 declined sligtrtly to about 274 mill ion in 1952 The decline of about 1 million from 1951 to 1952 was the net result of decreases on the one hand of about 12 million and 2 million in exports to the dollar area and o ther nonsterling countries respectively and an increase on the other hand of about 7 million in exports to the sterling area Thus the country's trade deficit excluding gold which had increased from 96 million in 1950 to 186 million in declined to about 143 million in 1952

8 x NTERNAL TRADE Judlinl by the indexes published by the Chambers of Commerce for lome of the principal orban areas in the Union it would appear that while the value of retail saln showed an increase in 1952 over thu in 1951 the physical volume of sales declined The avertae monthly indexes rdating to the value of turnover increased from 1081 in OB3 in 1952 in the case of Johannesbura from 1076 to in the case: of Preloria from U1 the ease of Cape Town from in the case of East London and from to in the case of Durban Combinina thc5c figures the weighted aver1loae index for the five arells increased from 1066 in in 1952 ie by about 38 per cent As his increase was lower than the correspondina increase of about 100 per ceo in the Union's relail price index (excluding renl) it would appear that there was a decline in the physical volume of goods sold at retllil Considering he movements in the monthly indexes for the five areas combined and excludinl seasonal variations it would seem from the chart below that in the case of the value turnover the much reduced rale of increase durina 1951 compared with that in 19SO was approxima tely maintained durinl the fint half of 1952 but that during the second hall of the year the trend was s!iahtly downward n the C5C of the phyical volume turnover it appears tha apart from intermediary Huctuallons the downward movement which had set in during the!ttond hair of 1951 was continued durlna 1952 on RETAtL SALES ndue (t941 '' too) SA RALWAYS Seuou:aJly djused TRANSPORTATON The nettae monthly index of railway earnings in respect of transportation servi«j which had increased from 124 in 1950 to 141 in 1951 increased (unher to 146 in 1952 As indicated by the chan above thij funhcr increase in 1952 was largely accounted for by a strona upward movement in the monthly indexes exclooina seasonal varia tions during the firsl four month of the year the mnd beina slightly downward durin the telt of the year The index of total ton miles of revenueeaming traffic on the other hal\d apan from being higher in 1952 than n 1951 ahowed an upward tendency throughout the year 19$2 10 that it appean that relatively more and more oods in the lower rate aroups wue ttsnsponed during the last eight months of the year This 10 turn reftects the increase which look place in coal ttsnsponalion as well as the effect or the import control measures which were more strictly applied in respect or consumen' aoods BALANCE OF PAYMENTS Several notable chanes look place in the Union's balance of payments picture durina the year 1952 compared with 1951 As indicated under the heading Foreign Trade above the value of both imports and exports declined (rom 1951 to 1952 but since the decline in the rormer was about 43 million more than that in the lauer the country's trade deficit excludina lold which had increased (rom aboul 96 million 1950 to about 186 million in 1951 declined to about 14] million in 1952 Mler takina into accounl the Union' net lold output on the one hand and its dellcit in rupee! of cumn! invisible items (which increased during the year 1952 on account of increased dividends due to foreian investors and the Union's payments in respect of commitments in Korea) on the other it is found from preliminary estimates that tbe net cur rent deficit with the outside world which had increa~ from about nil in 1950 to about 104 million in 1951 declined to about 65 million in 1952 n regard to the lauer there were deficits of about 28 million in the finl quarter 27 million in the second quarter and 11 million in the third quarter while in the fourth quarter there was a small favour' able balance of aboul 1 million As rar as capital movements arc concerned the Union continued to how a ravourable balance in 1952 although on a reduced scale Prel im inary estimates indicate that the net inhow of private capital includinl trade credits and drawings under the uranium loan amounted 10 about 44 million while the Union Government drew about 10 million in the form of US dollars under the tbrd loans and revolvinl dollar credits and rtct:ived about Ci million in the (orm of a Swiss loan On the other hand there WAS a decline of about J million in the banu' shortterm rorein liabilities so that the tolal nct inftow of capital from all sources amounted to about $8 million in 1952 compared with about 66 million in 19SJ h a rhult of the net current deficit of about 65 million and the nel innow of capital of about $8 million he Union's total aold and foreign exchange holdinas ie of the RC5Crve Bank the

9 x commercial banb and the Union Government declined by only 1 million in 1952 compared with the drop of about 08 million in 1951 The decline of 7 million in the aold and forei&n excb~ulge reserves durina 1952 wu fully reflected in a decline in the aold reserva the total salesof lold and gold products for the year amountina to about 157 million compared witb a net lold output of about SO million MONEY N CRCULATON The quantity of money in circulation in 'the Union which had dropped from a peak filure of 464 million at the end of March 1951 to 437 million at the end of December of that )'ear declined further to 41 1 million at the end of September 1952 but with the balanqe of paymeola taking a favourable turn in the last quarter of the year the amount in circulation rose again to 439 million by the end of 1952 There was therefore a small net increase of about 2 million in the total money supply durina the year 1952 made< up of an increase of about 6 million in notes in the hands of the public and a decrease or about 4 million in the banks' current account depolits Analysinl the increase of 2 million on an ownership basis it il found that the money supply in the bands of the private 1CC't0r remained approximately constant while that owned by foreiln residents declined by about 1 million and that held by the Government' increattd by about 0 million TUminl to an analylit of the causes of chanles in the quantity of money in circulation it is found that the increase of about million in the total money lupply durina 1952 WU the net result of increaaea on (be one band of about 10 millioll in the Reserve Bank' investmenll in Union Government stock 6 million in ill discounts and advam:es to Government and quasi Government bodies 16 million in the commercial banks' investments in Union Government tock and Treasury bills and 14' million in their balances with the National Finance Corporation add of decreases on the o ther hand or about 2 million in the Reserve Bank's 10id and foreign exchanle holdinas and 21 muliofl in the commercial banu' discounll and advances while there wu also a bift of about 21 million from demand to time deposits with the commercial banks The substantial chanaes in the items mentioned above were to lome extent the result of the rise which took place in the Union' interest rate stjructure durina the year 1he bilher rates offered by the commercial hanks resulted in a strong increase in their fixed and savina deposits while the biaber rates charaed by them were reflected in a contraction of their diacounll and advances although it would appear that the decline in the latter was mainly usociated with other factors such as the decline in imports and inventories due largely to the tightcnina of import control On the other hand U a result of the hilher rates offered by the Government and the National Finance Corporation in conjunction with the decline in imports and inventories l ubstan tial amounts of hankins funds became available to the: Government The hiaher interest rate structure therefore not only caused a strona shift (rom demand to time deposits but also played an important part in the diveraion of bank credit from the private to the Government sector n so doing it acted as a curb aaainst any further lubstantial increase in the total money lupply in so far as the Government was in need of fund and would have had to make use or bank credit in any case The ract that the money supply in the hands of the private sector sbowed no change over the year in spite of this diversion of bankina funds to the Government sector means of course that these funds must have flowed back to the private 1CC't0r as a result of Government upenditure on goods and trviccs n regard to the shortterm movement in di!lcounts and advances of the commercial hanks it will be seen from the chart below that excluding seasonal changcl the trend was fairly stronaiy downward durina 1952 compared with the trool upward movement duriol 1950 and especiauy 1951 The average monthend index of discounts and advances was however still substantially hiaher in 1952 than in 1951 COMMERCAL BANKS' DSCOUNT'S AND ADVANCES BANK DEBTS o ndudina South African RailW)'l and Provincial Adminiltl'1l1ionJ 00 Detail or the: aual inc:\cut in the 'les announced by the OO'lCl'nmmt and the ious finandaj insiitulfom ha'le andy been &l'len n the June and 5epel:rlber 19j2 illuh 0' this Bulletin BANK DEBTS The averale monthly index of hank debits which covera all debits to current accounts in banks in the Union except Government accountl and whicb bad

10 xl increased (rom 112 in 1950 to 137 in increased further to the new high figure of 147 in 1952 As indicated by the chart above the strong rate of upward movement in the monthly indejes exduding seasonal changes during 1950 which had already been substa ntiall y red uced during especially during the second half of that yea r was still further red uced during 1952 the trend during this period being only very sl ightly upwa rd The rate of increase in the average monthly index of bank debits from 1951 to 1952 was substantially higher than that in the quantity of money in ciradation so that the index for the velocity of circulation uf the muncy supply rose frum 147 ill 1951 tu 164 in 1952 COMMODTY PR CES Commodity prices rose further during 1952 allhough in some insta nces declining tendencies appeared for the first time in many years The average monthly index of wholesale prices for au goods increased further from 1291 in 1951 to 1480 in 1952 ie by 146 per cent wbich rehects the net resull of an increase of 105 per cent in the case of imported goods and an increase of 175 per cent in the case of Un ion goods This higher rale of increase in the prices of Union goods than in those of imported goods during 1952 which was a reversal of the position during can be more clearly seen from the shortterm trends in the monthly indexes shown on the chart below While the indej fo r imported goods continued to increase up to May 1952 and then sbowed a slight declining tendency during the rest of the year that for Union goods continued its upward movement to November 1952 and then declined in Decembert The lag in the prices of locally produced goods behind those of imported goods is clearly reflected in these tendencies WHOLESALE 'RCES ~ RETAL 'RCES oorll%? O1l1l nducs ( ) ;7 r See 110 chr!5 on p iv t n January 1953 tbe inde!{u of both importtd nd Union aoods showed further dtttiaes Retail prices also continued to rile the average monthly index standing at 1258 in 1952 compared with in 1951 The monthly index rose from 1215 in December 1951 to 1290 in December 1952 and as will be seen from the chart above this upward movement was largely the result of increased food prices although it was also pardy accounted for by the fact that as stated by the Bureau of Census and Statistics the results of the Rent Census taken in May 1952 whicb show an increase of 103 per cent compared with June 1950 (ie an increase over a period of two years) have been incorporated in the September 1952 index On the other band it will be noted that the index of the prices of clothing actually showed a slight declining tendency during 1952 compared with a slrong upward movement duriog 1951 This cbange in the trend during 1952 reflects the effect of the international textile crisis referred to before n the case of agricultural prices there was a sha rp decline in the average monthly index covering all products from 182 in 1951 to 144 in 1952 This decline of about 21 per cent was accounted for by a drop in the average price of wool as reflected in the decline of about 42 per cent in tbe index for the group wool mohair hides and skins Excluding th is group the average monthly index {or all other agricultural products combined sbowed an increase of about 13 per cent While the average monthly indej of agricullural prices declined from the trend in the monthl y indexes was actually upward during 1952 compared with a sharp downward movement during 1951 The index rose namel y from 144 in December in December 1952 ie by about 104% which was the net result of the changes in the indejdl for the principal groups of agric:ullural products as shown in the table below: Group Percentage Cbange Mealies and kaffircorn + 63 Wheat oats and rye _ 81 lucerne and teff hay _ ~ _ Potatoes sweet potatoes onions and dry beans _ Wool mohair hides and skins Butterfat cheese milk a nd condensing milk Caltle sbeep and pigs Fowls turkeys and eggs JJ + 64 Weighted average _ n regard to wool the weighled average price of all types of wool (based on prices actually paid for wool in the grease at public auction in Union harbours) stood at 5538 pence per lb in December 1952 compared with 5161 pence per lb in December 1951 while the average price of the seven principal type!! amounted to 7052 pence per lb compared with 6259 pence per lb respectively

11 x STOCK EXCHANGE TRANSACTONS Stock exchange activity continued to decline during the year 1952 The price index of the shares of producing gold mines declined from 102 in December to 88 in December 1952 that of the shares of nonproducing gold mines from 87 to 82 and that of industrial shares from 74 to 57 respectively n each case the average monthly index was substan tially lower in 1952 than in n regard to turnover the index which covers all transactions in marketable securities declined on an aver<lge monthly basis from 764 in 1931 to 390 in 1952 and the monthly indexes showed a strong downward movement during 1952 as can be seen from the chart below STOCK EXCHANGE TURNOVER REAL ESTATE TRANSACfONS _ ' 19» C f1 1»2 Value indcxes ( ) Seasonally adjusted REAL EST ATE TRANSACTONS As will be seen from the chart above the strong upward movement in the value of property transactions during 1950 which had tended to level out during 1951 was reversed during 1952 the monthly indexes revealing a slight downward tendency fo r this period although there was a revival towards the end of th e year The average monthly index declined from 925 in to 897 in 1952 renecting the more stringcnt monetary condilions prevailing in 1952 NAT ONAL ACCOUNTS According to the latest estimates made by the Bureau of Census and Statistics the Union's total n this con~ctio n it!hould be mentioned that since the beginning or 19SJ a strong revival of interest n lold shares has taken place 1bc turnover indell for example folc rrorn 23' in December 1932 to '63 in January and 936 in Pebruary 19'3 geographical income increased from about 1227 million in to about 1245 million in 1951 {52 but as a result of a strong increase in the ncome accruing to NonUnion Factors of Production as calculated by the Bureau the net monetary national income declined slightly from about 1125 million to abou t 1123 million respectively The increase in the total geographical income took place in spite of a drop of about 28 million in the income originating in Agriculture Forestry and Fishing (which renects the decline in the value of the wool output) as well as of small declines under the headings Gold Mining Trdde and Commerce and Railway Transportation and was accounled fo r by increases' under most of the other mai n heads of income as classified by he Bureau notably Private Manufacturing n l should be noted however that the Bureau's estimates of national income quoted above refer to tbe years ending 30th June and reflect therefore the full effect of the strong decl ine in the value of the wool output from the to the 1951/5 2 wool season Taken on a calendar year basis the decline in the va lue of the wool output between 1951 and 1952 was substantially smaller and from this as well as from such other information as is available at present it would appear that not only the geographical income but also the net monetary national income showed an increase in the calendar year 1952 compared with 1951 Very little information is available at this stage for the purpose of analysing the way in which the national income in the calendar year 1952 was spent by the Union's residents t would appear however thai largcly on account of a strong decline in investment in inventories there was a bigger drop in total investment ie in total capital formation from 1951 to 1952 than in the Union's current deficit with the outside world This would mean of course that there was a decline in tota l domestic savi ng and since domestic saving and consumption add up to national income it would appear that there was an increase in consumption ie in the current ell:pcnd iture of both the public and the private seclors CONCLUSON Summarising the tendencies noted above in the va rious sectors of the Union s economy it is fou nd that in spite of some declines which took place for example in the value of foreig n trade and in stock exchange and real estate transactions the Union's molletary volume of economic activity showed a further increase from 1951 to 1952 as reflected in the increases in the avenge monthly figures of a number of the indell:es reviewed such as the value of mineral prod uction the value of manufacturing outpu the Value of electric current generated retail sales railway earnings discounts and advances or

12 :tiii the commercial banks bank debits and national income Considering the shortterm trend during 1952 however it would appear that this remained approximately constant following the considerable reduction during the second half of of the exceptional post<jevaluation rate of upward movemrnt during 1950 and the first half of 1951 The further increase in the monelary volume of ec<)nomic activity from 1951 to 1952 reftects the continued increase in the general level of prices rather than an increase in the physical volume of economic activity and it appears from the available information that the shortterm trend in the latter was slightly downward during 1952 n regard to the country's balance of payments and its national accounts the decline in imports from 1951 to 1952 caused a strong reduction in the net foreign current deficit so that the ratio thereof to the geographical national income declined from the high level of about 10 per cent in 1951 to about 6 per cent in 1952 Furthermore the decline in the net foreign current deficit more than offset the decline in the net inftow of capital in 1952 in the sense that it avoided any further substantial drain on the country's gold and foreign exchange reserves On the other hand in regard to capital formation it would seem that the ratio thereof to the national income showed a decline in 1952 compared with 1951 but it should be noted that thij was very largely due 10 a decline in investment in inventories The information available at present does not indicate any decline in investment in fixed equipment On the whole therefore it would appear thai in the economic field the Union entered a phase of relative stability in 1952 compared with the marked expansion in recent years T W de Jongh Statistician

13 xiv 1 OORSG VAN EKONOMESE TOESTANDE UNE N 1952 N DE Soos in varigc jarc word in die volgende bladsye gepoog om op grond van die bcskikbare statistiese gegewens kartuk! '0 oorsig tc gcc van die Reigings in die verskillende sektors van die Uoic se ekonomiese Jewe om sodoende '0 beeld van die land se ekonomiese ontwikkeling gedurende die afgelope }aar e verkry A5 agtergrond hiervoor kan verwys word oa die oorsi8 van '0 jaar gelede waarin die Unic se ekonomiese onlwikkeling gedurende Bedek is en waaruil dit geblyk het dat die sterk opwaartse neiging in die land se ekonomiesc bedrywigheid gedureode 1950 volgehou is gedurcnde die eerste helfte van 1951 maar dat die tempo van tocoame anosien!ik afgencem het gedllrendc die weede helfte van daardic jaar Gedurcnde die jaar 1952 het menige eksteme {aklore direk of indirek 'n uitwerking op die Uoie sc ekonomicsc: gang gehad Voorbeelde hiervan was die voortdurende intemasionale politieke spanning; verdere groot uitgawes op bewapening van 'n aantal lande alhoewel lekeds van verslapping in hierdie verband teen die dnde van die jaar voorgekom hel; die belalingsbalansmoeilikhede wat verskeie lande ondervidd bet veral die sterlinggebied en wat aanteiding gegee hel lot monetcre en staatsfinansiele beleide ter bekamping van inhasie en ook lot beper kings op inlemasionale handel; die aansienlike afoame in die voorraad kapitaal in die bmteland beshlbaar vir belegging in ontwikkelcnde lande soos die Unie; die internasionale tekstielkrisis wat egter teen die dnde van die jaar lekens van verslapping getoon het ; en die dalcnde neiging in die wereld se grondstofprysc Aan die ander kant was daar verskeie interne fak tore wat ook 'n bclangrike rol in die Vnie se ekonomiese gang gedurende 1952 gespcel hel 5005 die slyging in die rentekoersstruktuur en die meegaande ge1dskaarste; die sttenger loepassing van invoerbchecr; die voortsetting van prysbcheer; en die volgehoue tekort van mynarbeid rowel as van vervoerdienste Verder kan die jaar 1952 nie daargelaat word nie sonder vermelding van die vooruitgang wat ten opsigte van verskeie grootskaalse beleggingsprojekle gemaat is soos bv die SuidAfrikaanse Stccnkool Olie en Gaskorporasie die Fasfaat Ontginningskorporasie en die onlginning van uraan deur 'n aantal goudmynmaal5kappye a1hoewe1 die uitwerking van hierdie ontwikkelings sowel as van die uitbreiding van die elektrisiteitopweuings kapasiteit tydens '0 later stadium meer gevoel behoort te word Wat die statistiese gegewens wat in die volgende bladsye gebruik word betref moet dit bier gemeld word dat die Reserwebank gedurende die jaar 1952 die leiding van die loternasiollale Monelere Fonds en die Verenigde Volkere Organi!l3sie gevf)lg bet deur die basisjaar vir al sy indekse van 1938 la 1948 te verander Die oorskakeling na 'n naoorlogse basisjaar is gcdoen in die lig van die buitengewone ontwikkelings wat gedurende die oorlog en naoorlogse pre in die Vnie sc ekonomie plaasgevind het aangesien dit gevoel is dat meer realistiese indekssyfers op hierdie wysc verkry word Die jaar 1948 is geneem as die nuwe basisjaar omdat dit rover tans geoordeel kan word op grond van die ontwikkelings gcdurende die jare 1946 tf)t 1952 n aanneembare naoorlog5c nf)rm skyn e veneeowoordig Aangesien sekere reeksc bv kleinhandelsverkope en aandelebeursomset slegs va naf 1948 beskikbaar is hel die oorskakeling nn hierdie jaar as die nuwe basislydperk die verdere vf)orded dat al die beskikbare indekse op 'n vergelykbare basis geplaas kon word Tensy dus anders aa ngedui is al die indekse wat in hierdie oorsig gemeld word op die jaar 1948 = 100 gebascer PRQDVKSE Lalldbou Die jongste voorlopige skattings van die Afdeling Ekonomie en Marke dui aan dal die brulo waarde van die Jandbouproduksie wat van oogevccr 2 10 mitjoen in 1949/50 tot rowat 291 miljoen in 1950/51 gestyg het tot omlrenl 255 miljoen in 1951/52 afgeneem het Die daling van ongeveer 36 miljoen vaoaf 1950/5 1 lot 1951 /52 word byna ten volle verklaar deur 'n afname van omlrent 35 miljocn in die waarde van die wolskeersel nj van ongeveer 79 miljoen lot omtrent 44 miljoen wat die slerk daling in wolpryse gedurende hierdie tydperk weerspiecl Die waarde van die opbrengs van aile ander landbouprodukle!l3am hel met slegs 1 miljoen afgeneem n1 van ongeveer 2 12 mitjoen in 1950/5 1 tol omlrent 21 1 miljnen in 1951 /52 n verba nd met hierdie syfers moet daarop gelet word dal hul op die jare gecindig 30 Junie betrekking hel en nie op die kalenderjare 1951 en 1952 nie Mynbou Gewysigde syfel's wat deur die Slaatsmyningeoieuf gepubliseer is dui daarop dal mel uitsluiting van steengroefprodukte die waarde van die Unie se totale minerale opbrengs (grolendeels op verkope gebaseer) geslyg bet van 2038 miljoen in 1951 tot 2144 miljoen in 1952 vergeleke met 1933 miljoen in 1950 Die verclere toename van 1951 tot 1952 was die gevolg van stygings in die Hierdie 1'UrdcsyfcT word ul\iqee met aoud bereken leen 204S/l per lyra OlS en huilluit dus Die die addisionele inkomste onl1'lln deur die oudmynmaalskappye to Y oud ~rltoop ir vervurdijjngsdoeleindes en aedurende t952 to' d:ommelinp in of6si& loudprysc in nie Hicrdie ddisionde inkomste het in 1952 Of:eveeT t4 mil}oen bcdi'll in ~rlelykin met by 1 miljoen in 1951 en onevm' U miljoen in 1950

14 xv waarde van opbrengs van meeste van die meer belangrike soorte minerale en dit wil voorkom asof daar ook 'n aansienlike toename in die fisiese omyang van produlcsie was Die Unie se goudproduksie het gestyg van fyn onse in 1951 lot fyn oose in 1952 of in waarde uitgedruk van 1429 miljoen lot 1467 miljocn hoofsaaklik ten gevolge van die bereiking van die produksiestadium deur die Dranje Vrystaatse myne St Helena en Welkom teen die end van 1951 en die WesTransvaalse myne West Driefontein en Stilfontein gedurende 1952 Die gemelde vier myne was verantwoordelik vir 'n loename van (yn onse van 1951 tot 1952 sodal al die ander myne saam 'n afname van ongeveer fyn onse getoon het wat die voortdurende arbeidstekort op die myne weerspieel Die hoeveelheid steenkoal verkaop bet loegeneem van ton in 1951 tot ton in 1952 of in (erme van waarde van 136 miljoen tot 146 miljoen terwyl die verkape van kaper op 'n gewigbasis elfens gedaal het van ton to ton hoewel die waarde vlln 84 mitjocn tot 116 miljoen geslyg het Die verkopc vlln aile ander onedele minera!e salim het locgeneem van 185 miljoen tot 219 miljoen terwyl die verkope van edele meta e uitgesonderd goud effens loegeneem hel van 40 miljoen lot 47 miljoen en die van diamante gedaa l het van 16] miljoen tot 148 mitjoen Wal mynarbeid belref het die gemiddetde maande!ikse indeks van werkverskaffing van 113 in 1951 to 116 in 1952 lcegeneem maar SOO! op die onderstaande grafiek gesien kan word het die maandelikse indekse na aansuiwering vir seisoenskommelings ongeveer rondom 'n konstante pei! gedurende 1952 geskommet in vergelyking met 'n klein opwaarlse beweging gedurende 1951 ~ ~ ~ n WERKVERSKAPFNG 1 ~ v ou u uu PRODUKSE rrr ~ Volumeindekse (1948 = 1(0) AanJjlesuiwer vir seisoen*ommelinjs Nywerheid Alhoewe1 geen gegewena omtrent die totale fabrieksproduksie in die Unie vir die jongste tyd beskikbaar is nie skyn dit hoofsaaklik Ban die hand van die indeks van werlcverskaffing asoc daar 'n verdere loename in die fisiese omvang van produksie van 1951 tot 1952 was lodien die sierk styging in die Unie se groothaodelspryse gedurende hierdie tydperk ook in aanmerking geneem word wil dit voorkom asoi die waarde van die fa brieksproduksie 'n aansienlike locname andergaan bet Die indeks van werkverskaffing in die nywerheid wal geslyg het van 103 in 1950 tot 109 in hel verder toegeneem tot 112 in 1952 maar 5005 van die boslaande grafiek aigelei kan word is die opwaarlse beweging in die maandelikse indekse gedurende 1950 en 1951 nie gedurende 1952 gchandhaaf nie en die neiging bet min of meer konstanl gebly op die peil wat leen die end van 1951 bereik is E/ektrisiteit Na aansuiwering vir seisoenskommelings dui die indeks van opgewekte e1ektriese slroom dwarsdeur 1952 'n voortselling aan van die taamlike sterk opwaartse neiging gedurende 1950 en 1951 soas op die boslaande grafiek aangedui word Die gemiddelde maandelikse indeks het gestyg van 126 in 1951 lot 135 in 1952 vergeleke met 118 in 1950 Boubedry/ Na 'n styging van 1052 in 1950 tot 1485 in 1951 bet die gemiddelde maandelikse indeks van die waarde van bouplanne goedgekeur in die aglien vernaamsle stede van die Unie afgeneem tot 1151 in 1952 hoorsaaklik weens 'n daling in die geval van besigheidsgeboue alhoewel daar ook 'n vermindering was in die planne wat vir woonhuise goedgekeur is Soos uit die gtafiek hieronder opgemerk sal word het die maandelikse indekssyiers na aansuiwering vir seisoensbewegings gedurende 1952 'n voortselling getoon van die afwaartse neiging wat gedurende die laaste paar maande van ingetree het So ook het die indeks van die waarde van geboue waarmee 'n aanvang in hierdie stede gemaak is 'n dalende neiging gedurende 1952 geloon; die gemiddetde maandelikse indeks het nl gesak van 1519 in in 1952 verge\eke mel 1078 in 1950 Die indekssyfers van boupjanne goedgekeur en geboue begin verskaf egler nie 'n gceie aand uiding van die werklike boubedrywigheid gedurende die ydperk waarop bulle betrekking het nie en dit wil ap grond van ander beskikbare gegewens voorkom asof die bedrywigheid op 'n gemiddelde maandelikse basis in 1952 gunstig vergelyk het met die in 1951 Die steekproefsyfcrs van werkverskaffing in die boubedryf versamel deur die Buro vir Sensus en Statistiek toon bv 'n toename aan vanaf 1951 tot 1952 terwyl slygings ook aangeteken is in die produksie van sement en boustene Aan die ander kant gereken op 'n maandelikse basis het die indeks van werkverskaffing gedurende die tweede heute van 1952 geneig om te daal waaruit dit skyn asof die afwaartse beweging in die waarde van bouplanoe

15 xvi goedgekeur en van geboue begio 'n uitwerking gedurende die tweede helfle van die jaar begin toon het Oil stem ook ooreen met die beskikbare werkloosheidsyfers vir die boubedryf wat aanloon dal die gemiddclde aanlal blanke en nieblanke geskoolde werkers uitgesonderd nalurelle geregislreer by die staatsarbeidsburo s in die tweede belfte van die jaar efens boer was as in die eerste helhe Leer rubber en fabrikate daarvan _ Hout rottang riet en fabrikate daarvan Boeke papier en skryfbeboefles _ Juweliersware uurwerke weeldearlikcls en musiekiostrumenle Diverse gocdere Totaal ~ ' 00 BOUPLANNE GOEDGEKEUR BUTELANDSE HANDEL Waardeindek$e ( 1948 = OO) Aangcslliwcr vir seisoenskommelinas BUTELANDSE HANDEL Na die rekordpeil wal in 1951 bereik is bet die waardesyfers van die Unie se buitelandse bandel gedurende 1952 'n daling geloon Terwyl invoerbebeer in 1951 aansienlik verslap is met die oog op die versterking van die land se voorradeposisie is dit weer strenger locgepas gedurende 1952 veral OV verbruiksgoedere sodat die totale goedereinvoer volgens voorlopige gegewens gedaal het van ongeveer 470 miljoen in 1951 tot omtren! 420 miljoen in 1952 dws met ongeveer 50 miljoen Uitgesonderd regeringsvoorrade wat met naasleby 9 miljoen loegeneem hel het die afname ongeveer 59 miljoen beloop eo die rol wat verbruiksgoedere veral tekstiele en klere in hierdie afname gespeel bet word weerspieel in die volgende label wat die veraoderings aanloon volgens klas van iovoere soos ingedeel deur die Departement van Ooeane en Aksyns: Toename of lovoerklas Afname in miljoene Diere landbou en dierlike produkle Voedse! drank en tabak _ 7 Weefsels k1ere garing eo vesels 5 Metale metaalcabrikate masjinerie en voertuie Delfstowwe erde eo glaswerk Olie was harssoorle verfmiddels en vemisse Drogerye chemikaliel en misslowwe Wat die oeigiog in die maandelikse syfers vir die waarde van in vocre (seisoensbewegings uilgesonderd) betref blyk dit uit die boslaande grafiek dat oadat die tempo van die sterk slygende beweging gedurende 1950 en die eerste belfte van 1951 aansienlik afgeoeem bet gedurende die tweede belfte van daar 'n dalende neiging gedurende 1952 was Aall8esien die pryse van invoergoedere nie tot dieselfde mate afgcneem het oie skyn dit awf die fisiese omvang van invoere afgesicl1 daarvan dat dit laer was in 1952 as in 1951 ook 'n dalende cndens gedurende die jaar 1952 getoon bel Die waarde van die Unie se goedereuitvoer die gepubjiseerde syfers omvat goudproduktc maar nie staafgoud nie bet ook 'n afname getoon vanaf 1951 lot 1952 nl van ongeveer 347 miljoen 101 ongeveer 332 mii joen Hierdie daling was in hoofsaak e wyle aan 'n afname van omtrent 16 miljoen in woluilvoere wal die daling in wolpryse weerspieel hoewel daa r ook ander verminderings was by 35 miljoen in die uilvoer van goudprodukte 45 miljoco io mielieuitvoere 44 miljoen in vrugte uilvoere en 15 mijoen in steenkooluitvoere Aan die auder kant is verskeie loenames aangeteken veral die vermeerderi ng van ongeveer 47 miljoen in die uitvoere van koper Soos uil die bostaaode graliek blyk het die maandelikse indekse van die waarde van uilvoere (uitgesondcrd scisoensbewegings) wat geneig het om e daal gedurende die laaste ag maandc van ntt die hoe wolpryse van die 1950/51 seisnen weer gestyg gedurende die eersle vyf maande van 1952 maar toe 'n dalende tendens gedurende die res van die jaar getoon Wal betref die fisiese omvang van uitvoere uitgesonderd goud dui voorlopige berekenings op 'n toename van sowat 5 perseot van 1951 tot 1952 hoofsaakjik weens '0 styging io die klas Diere landbou en dierlike produkte Word die bovermelde waardesyfers van invoere en uilvoere herbereken deur die insiuiting van Suidwes Afrika en deur die aanhring van verskeie ander korrenies vir betalingshalaosdoeieindes dan word gevind dat die goedereinvoer wat gestyg het van 305 miljoen in 1950 tot 467 mil joen in 1951 verminder bet tot ongeveer 417 miljoen in 1952 nvoere uit die dollargehied het met oogeveer 8 miljoeo afgeneem vanaf 1951 tot 1952 dil! uit ander niesterling laode met sowat 14 miljoen en die uit die sterlinggebied met ongeveer 28 miijoen Goedereuitvoere (met uitsluiting van staafgoud

16 xvii goudprodukte en skeepsvoorrade) aan die aoder kanl wat gestyg het van 209 miljoen in 1950 tot 281 miljoen in het efjens gedaal tot omlrenl 274 miljoen in 1952 Die afname van ongcveer 7 miljoen vanaf tot 1952 was die nelto resultaat van dalings aan die een kant van omtrent ( 12 miljoen en 2 miljoen in uilvoere na die dollargebicd en ander nieslerling lande onderskeidelik en van 'n loename aan die aoder klint van ongeveer 7 miljoen in uilvoere nft die slerlinggebied Dus het die land se handeistekorl goud uilgesonderd wat gestyg hel van 96 miljoen in 1950 tol 186 miljoen in 1951 afgeneem tot 143 miljoen in 1952 BNNBLANDSE HANDEL Geoordeel volgens die indekse gepubliscer deur die Kamers van Koophandel vir sekere van die belangrikste stedelike gebiede in die Unie wil dil voorkom lisof hoewel die waarde van kleinhandelsverkope in 1952 'n toename verge!eke mel 1951 getoon het die fisiese omvang van verkope afgeneem hel Die gemidde!de msandelikse indekse van die waarde van omset hel geslyg van 1081 in 1951 lot 1083 in 1952 in die geval van Johannesburg van 1076 lot 1211 in die geva! van Pretoria van in die geva! van Kaapslad van J 185 to 1236 in die geval van OosLonden en van 1056 to 1127 in die geval van Durban ndien hierdie sylers saamgestel word in 'n beswaarde gemiddelde indeks vir die vyf gebiede toon dit 'n toename van 1066 in lot J 106 in 1952 dws 'n loenlme van ongcveer 38 persent Aangesien hierdie toename kleiner was as die oorcenslemmende styging van sowat 100 persent in die Unle se klcinhandelsprysindeks (huishuur uitgesonderd) skyn dit asof daar 'n daling was in die fisiese omvang van goedere wat in die kleinhande1 verkoop is Wanneer die bewegings in die gesamentlike maandelikse indekse vir die vyf gebiede ontleed word wil dil voorkom uit die grafiek hieronder dat in die geval van die waarde van kleinhandelsomset ~ ' KLENHANDELS VERKOPE l ndebe (1948 = 100) SA SPOORWEE Aangesuiwer vir seisoenskomrnelinp die aansienlik verminderde koen van toename gedurende vergeleke met 1950 naasteby gehandhaaf is gedurende die eerste helfte van 1952 maar dat die neiging gedurende die tweede helfte van die jaar effens afwaarts was n die geval van die fisiese omvang van omset skyn dit uof afgesien van tydelike skommeiings die dalende neiging wat gedurende die tweede helfte van merkbaar geword het volgehou is gedurende 1952 VERVOER Die gemiddelde maandelikse indeks van spoorweg inkomste 10'0' vervoerdiensle wat gestyg het van 124 in 1950 tot 141 in 1951 bet verder toegeneem lot 146 in 1952 $005 deur die bostaande geatiek aangedui word hlerdie vcrdere tocname in 1952 in hoofsaak verklaar deur die sterk opwaartse beweging in die maandelikse indebe uilsluitende seisoenskommelings gedurende die eerste vier maande van die jaar aangesien die neiging effens afwaarts was gedurende die res van die jaar Die indeks van totale lonmyle van inkomste draende vervoer aan die ander kant was nie aileen hoer in 1952 as in 1951 nie maar het dwarsdeur die j:tar 1952 'n stygende lendens getoon sodal dil wi! voorkom asof daar relatief sleeds meer goedere in die lacr tariefklasse gcdurende die laasle ag maande van die jaar vervocr is Hierdie verskynsel weerspieel die loename wat in sleenkoolvervoer plaasgevind hel sowel as die gevolg van die invoerbeheermaalreels wat strenger toegepas is 10'0' verbruiksgoedere BETAUNGSBALANS Verskeie betekcnisvolle veranderings hel gcdurende die jaar 1952 in die Unie se betalingsbalans plaas gevind vergcleke met Soos onder die hoof Buiteiandse Handel hierbo aangedui het die waarde van beide invoere en uitvoerc afgeneem van 1951 tot 1952 maar aangesien die afname in eersgenoemde ongeveer 43 miljoen meer was as die in laasgenoemde het die land se handelslekort goud uitge sonderd wat geslyg hel van sowat 96 miljoen in 1950 tot ongeveer 186 miljoen in 1951 gedaa1 tot omlrent 143 miljoen in 1952 Word die Unie se nello goudproduksie aan die een kant en sy tekort tov onsigbare poste op lopende rekening (wat gedurende die jaar 1952 gestyg hel weens verhoogde dividende verskuldig aan oorseese beleggers en die Unie se betalings 10'0' verpligtings in Korea) aa n die ander kant in berekening gebring dan blyk dit vol gens voorlopige skauings dat die nello lopende tekort teenoor die buitewereid wat geslyg het van nul in 1950 tot ongeveer 104 miljoen in gedaal het tot omtrent 65 miljoen in 1952 Met betrekking tot iaasgenoemde was daar tekorte van ongeveer 28 mil joen in die eerste kwarlaa1 27 miljoen in

17 xviii die tweede kvrartaal eo 11 miljoco in die derde twarual terwyl daar in die yierde tvrartaal 'n klein Kunstige balans no sovrat 1 mil;oeo was Wilt tapitaalbeweginp better het die Unie '0 verden: auostige saldo gedurende 1952 Yeftoon hoewei teen 'n a[nemende skaal Voorlopige skattings dui aa n dat d ie neuo toestroming van private kapitaal insluitende handelskrediele en trektings teen die uraanlenings onaeyeer 44 miljoeo beloop het lerwyl die Uniereaering onlevecr 10 miljoeo in die vorm van VsA dollan teen die BHO lenis cn die: deurlopc:nde: dollarltrc:dicte: etrek bet en ongeveer S miljoen in die yorm van '0 Switserse lenina ontvang het AaD die ander kant wu daar '0 Yermindering van sowal 1 miljocn in die blnke K korttermynyerpligtinas tecnoor die buileland sodat die lotale oetto toestromina van kapitaal uit aile bronne in 1952 ongeyeer 58 mil jocn beloop het vergeleke met ongeveer 66 miljoen in Teo evolge van d ie netto lopeode tekort van ongeveer 65 miljoen en die neuo tapitaaitocvloci van Owat 58 miljoen het die Unie se lowe gouden vailltabesit dw! d~ van die Rescrwebank die handelsbanke en die Unie reacrina in 1952 met slegs 7 miljocn afgeneem veraeleke mel '0 dating Vn onleycer 38 miljoen in 1951 Die a(name yao 1:1 miljoc:n io die goud en yalulabesit gc:durende 1952 is ten volle weerspieel in 'n dli ling in die goud reserwes; d ie lotale verkopinas van goud en goudproduk te vir die jaar het nl sowat L57 miljoen beloop vergeleke met d ie nello goudopbreogs va n ongeveer 150 miljoeo GELD N OM LOOP D ie hoeveelheid geld io omloop io die Unie wat verminder het van ' 0 hoottepunt van 464 miljocn aan die end van Maarl 1951 tot 437 miljoen aan die end van Desember van daardie jaar bel yerder afgeneem miljoen l11n die end van Sc:ptember 1952 maar weens 'n gunstige wending io die betalinasbalans gedurcnde die llaste kwartaal vao d ie jaar het die hoeveelheid in omloop weer gestyg lot 439 miljoen teeo die eiode van 1952 Daar was duj ' 0 klein nello tocname van ongeveer 2 miljocn in die lotale aeldhoevcclheid gc:dureode die jaar 1952 bestaaode uit 'n Yermeerdering van iowlit 6 miljoen in banknote in die besil van die puhliek en 'n vermindenna van naasleby 4 mil;oen in die banke 50 onmiddellik opc:ilbare deposito'i 'n Ontleding van die toename van 2 miljoen volgens besitters loon aan dat die geldhoeveelheid in d ie hande van die private seklor naasleby konslan t Jebly hel terwyl dii in besit van uillandetl verm in der het mel ongeveer 1 miljoen en d i ~ gehou deur die Regeting' yermecrder hel met sowat 3 miljoen huluieulde Suid Afrikuo Spoorwtt m AdrniniJcruies Pr_i~1e lodien die oorsake vao die Yeranderinas in die bocvcclhetd geld in omioop nagegaan word dan word levind dat die styging van ongeveer 2 miljoeo in die tolale geldvoorraad gc:durcnde 1952 die oello gevolg WBJ van stygings aan die een kant vao onge veer 10 miljoen in die Reserwebank sc: beleggings in UnieataalSCffekle 6 miljoen in sy diskonteringe en voorskolle aan StaalS en scmj Slaatsliggame 16 miljoen in die handelsbanke se beleggings in Uniestaatseffekte eo skatkisbewyse eo 14 miljoen in hul saldo's by die Nasionille FlOanslekorporasie en van afnames aan die ander ltant van ongevccr 2 miljoen in dee Reserwebank se loud en buitelandsc valutabesit en 21 miljoen in dk haodelsbanke 50 diskonteringe en Yoorskolle terwyl daar ook 'n yerskuiwing was van ongevccr 21 mijjocn vanaf onmktdellik opeisbare na termyndeposito's by die handelsba nke Die aansienlike verandcrinlls in d ie poste hierbo genoem was tot '0 mate die &evoll van die styging wal gc:durende die jaar in die Unie se rentekoers strukluur plaasgeyind hel' Die hoer koerse deur die bllndelsbanlte aangebicd het 'n sterk styging in hul vaste en spaardeposilo's Yeroorsaalt terwyl die hoer koene deur hulle gevra w«rspieil is in ' n verminderinl van huue diskonleringe en voorskoue alhoc:w~1 dit skyn asof die vermindering in laasgenoemde en hoofsaak aao tnder Caktore verbonde was soos die daling in inyoc:re en voorrode groolliks as gevolg van die Yerskerping van invoerbthcer Aan die ander klint weens die hoer koer5o nnngebied dcur ~ie Regerina en die Nasionale Finansiekorporasle lesame met die acname in inyocre en voorrade het aansienlike hoeycclhede banuondse aan die Regering besltikbaar eword Die boer rentekoemtruktuur hel dus Die alleeo 'n sterk verskuiwina VllnsC onmiddellile opeisbare na termyodeposito's veroorsaak nie maar ook 'n belangrike rol aespeci in die verslcuiwmg van bankkrediet van die private na die Regering Kktor Sodoc:nde het dil as 'n demper op enige verdere ao nsienlike styging in die totale geld hoevc:clheid ged ien insoverre d ie Regering fondse bcnodig hel en in elk gev31 van bankkrediet gebruik sou moes maak Die feit dal die gcldvoorraad in die besit van die private sektor g«n veranderiog oor die jaar getoon het nie len spyte Vn hirrdic vrtskuiwing van banuondse 08 die Reaerinasektor beteken natuurlik dat hierdie Condse terug mots gev)oei het na die priv3te selelor as levolg van LaalSuilgawH op go«lere en diedste Wit die kortlermynbcweging in diskonteringe en yoorskotte van die handelsbanke b:trcr blyk dit uil d ie onderslaande graoek dll t uilgesonderd seisoenskommelings die neiging gwurende 1952 betteklik sterk afwaarts was vergeleke mel die sterk Betonderltede oar die werklikc yinp in die korne SOO unaekondla; ckur die Rrarrinl en YrrJcrie fuunjiac illsleuinp is l iruds unaqee n die Junie ea September 1952 uiepwn VD Jmrdic: blad

18 xix slygende lendens gedurende 19!50 en veral 1951 Die gemiddelde maandelikse indeks van diskonleringe en voorskoue was egler nog aansienlik hoer in 1952 as in 19!51 HANOELSBANKE : OSKONTERNGE EN VOORSKOrrE BANK OEBErrE goedere gedurende 1952 wat 'n ommekeer verteenwoordig van die loestand gedureode 1951 kan duidelik waargenecm word van die korttermynneiginas in die maandelikse indekse soos' op die ondentaande grafiek aangeloon Terwyl die indeks van invoergoedere nog aanhou styg het tot Mei 1952 en toe 'n dfense dalende neiging gedurende die res van die jaar vertoon het het dit van Vniegoedere sy opwaartse gana tot November 1952 volgehou en toe in Desember afgeneemt Die sloering in die pryse van plaaslik geproduseerde goedere tecnoor die van invoergoedere word duidelik in hierdie neigin weerspi~l G ROOTH NDELS PRYSE KLENH NDELS PRYSE Ward~indelrse ( ) Aanae5uiwer Yir Sl:isocnslrommelinas BANKDEBETE Die gemiddelde maandelikse jndeks van banl: debeue wat aile debeue teen lopende rekeniogs 10 banke in die Vnie dek uilgesonderd Regering!lrekenings en wal geslyg hel van 112 in in 1951 het verder toegeneem to die nuwe hoe pell van 147 in 1952 Soos op die bostaande grafiek aangedui het die sterk tempo van styging io die maandelikse indekse seisoensveranderings uitgesonderd gedurende 19!50 wat alreed! aansienlik afgeneem het gedurende vera[ gedurende die tweede helfte \an daardie jaar nog verder vermi nder gedurende 1952 toe die tendens s[egs effens opwaarts wa Die koets van toename in die gemiddelde maandelikse indek! van bankdebctte van 1951 tot 1952 was aa nsien!ik hoer as die in die hoeveel heid geld in om[oop sodat die indeks van die omloopsnelheid van die geld hoeveelheid geslyg het van 147 in lot 164 in 1952 GOEDEREPRYSeo Goederepryse het gedu rende 1952 verder gestyg a[hoewel dalende neigings in sekere gevalle vir die eente keer in baie jare voorgekom hel Die gemiddelde maandelikse indeks van groothandelspryse vir aile goedere hel verder gestyg van 1291 in 1951 tot 1480 in 1952 di met 146 persent wat die nello resultaat was van 'n toename van JO5 pe{5cnt in die geval van invoergocdere en 'n verhoging van 175 persent in die geval van Uniegoedere Hierdie boi!r koen van toename in die pryse van Vniegoedere vergeleke met die van invcer Sien oole: die rltiele: 01) bll jy ~V ~ M_ ndebe ( ) r2' Kleinhandelspryse het ook verder gesty! co die gemiddelde maandelikse iodeks het in 1952 op 1258 te stsan gekom vergeleke met in 1951 Die maandelikse indeks het gesl g van 12LS in Desembcr tol 1290 in Desember 1952 en SOO$ uit die boslaande arafiek afgelei kan word was hierdie opo waarl$e beweging groouiks die gevols van hoer vcedselpryse hoewel dit ook gedeejtelik toe e sby! is aan die leit dat soos deur die Buro vir Sensus en Statisliek verklaar die resullale van die Huisbuursensus wal in Mei 1952 opgeneem is wat 'n styging van 103 persent in vergelykiog met die syfen vir Junie 1950 loon (dit is 'n styging oor 'n tydperk van wee jaar) by die indeks vir September 1952 ingelyf is Ann die ander kanl sal dit opgemerk word dat die indeks van die pryse va n klerasie werklik 'n effense dalende neiging gedurende 1952 vertoon hel vergejeke met 'n sterk opwaartse beweging gedurende Hierdie verandering in die oeigiog gedurende 1952 weerspicel die gevolge van die internasionale lekstic[krisis waarna voorhccd verwys is n die geval van landboupryse was daar '0 skerp afname in die gemiddelde maandelikse inqeks wat aile produkte omvat nl van 182 in 1951 tot 144 io 1952 Hierdie afname van ongeveer 21 penenl word verle:laar deur 'n vermindering in die gemiddelde prys van wol soos weerspicel in die daling van ongevecr t Tn Janurie 19j } het die indebe Yin beide inyou co Unieaoedere yerdere dalin'l ctoon J '

19 42 persent in die inleks vir die groep wol bokhaar huide en velie Uitgeslote hierdie groep het die gemiddelde maandelikse indeks vir aile ander landbouprodukte saam 'n toename van sowat 13 perscnt getoon Hoewel die gemiddelde maandclikse indeks van landboupryse gedaal het van 1951 lot 1952 was die neiging in die maandeliksc indeksc in werklikheid opwaarts gedurende 1952 vergeleke met 'n skerp afwaartse beweging gedurende 1951 Oit indeks het 01 gestyg van 144 in Oesember 1951 tol 159 in Oesember 19'2 di met ongevcer 104% ~ at die nelto resultaal was van vel1lnderings in die mdeksc van die vernaamste klaue van landbouprodukte soos in die label hieronder aangeloon: Perseotallie Groep verandering Mielies en kafferkoring M _ + 63 Koring hawer en rog ''''M + 81 Lusern en tefhooi O' Aartappels patats uie en droebone + 1 Z44 Wol bokhaar huide en velie + Z3 Bottervet kaasmelk en melk vir kondense ring Beute skape en varke JJ Hoenders kalkoene en eiel'l ' 64 Beswaarde gemiddelde _ Wat wol belfer hel die beswaardc gemiddelde prys van aile soorte wol (gegrond op pryse wat werktik vir vetwol op openbare veilings in Uniebawens betaal is) in Ocsember 19'Z op 553Sd per lb te staan gekom vergelekc met 51 6\ d per lb in Desember 1951 terwyl die gemiddetde prys van die scwe hoorlipes wol 705Zd per lb bcdra het vergeleke mel 6259d per lb onderskeidelik AANDELEBEURSTRANSAKSES Die bedrywigheid op die aande1ebeurs hel gedurende die jalr 195Z verder gedaal Die prysindeks van die aandele van produserende goudmyne het gesak van 10Z in Ocsember 1951 tot 88 in Descmber 195Z die van die aandele van nieproduserende goudmyne van 87 lot 8Z en die van nywerheidsaandele van 74 tot 57 onderskeidelik n iedere geval wu die gemiddetde maandeliksc indeks aansienjik laer in 195Z as in 19'1 Wat omsel belfer het die indeks wat aue transabies in verhandelbare effekte dek gedaa! op 'n gemidde!de maandeliksc basis van 764 in 1951 lot 390 in 19'Z en die maandeliksc indeksc het 'n sterk dalende neiging gcdurende 19Z getoon soos van die onderstaande grafiek acgelei kan word n hierdie verband moct dil vermeld word dal 'n s:erk oplewina in oudundele lederl die bqin van 1953 plauevind hel Die omsetindeh het bv gaty YDn ns in DescmbcT '63 in JanUlrie en 936 in Februarie 19S1 + EFFEKTEBEURS OMSET VASTE E1ENDOMS TRANSAKSES o Waardeindekse (1948 _ 100) Aangcsuiwer vir sei50cnskommelings TRANSAKSES N VASTE EENDOM Soos op die bostaande grafiek gesien kan word het daar in die sterk stygende tendens in die waardc van eiendomstransaksies gedurende 1950 wat geneig het om gedurende 19 op 'n meer konstante pcil te bewceg 'n ommekcer gekom gedurende 195Z toe die maandejiksc indeksc 'n elfensc acwaartse tendens openbaar het boewel daar 'n oplewing tccn die end van die jaar was Die gemiddclde maandeliksc indeks hel gesak van 925 in 19 tot 891 in 1952 wat die loestand van groter geldskaarste gedurende 1952 weerspicl!l NAS ONALE REKENNGE Volgens die jongste skaltings van die Buro vir Sensus en Slatistiek hel die Unie sc lotale geografiese inkome tocgencem van 12Z1 miljoen in 1950/51 tot 1245 miljoen in 1951/5Z maar weens 'n aansienlike slygi ng in die inkomste wat nieunieproduksiefaktore tockom soos deur die Buro bereken het die nelto volksinkome gcrekell (un heerscnde prysc efrens gedaal van Z' miljoen lot Z3 miljocn onderskcidelik Die l~n3me in dic totale geograficse inkomc hel plaasgevind ten spyle van 'n acname van ongeveer 28 miljoen in die inkome wat in Landbou bosbou en visscryc ontstaan (hierdie klas wccrspicel die daling in die waarde van die wolproduksie) sowel as van klein verminderings onder die hoocde Goudmyne Handel en Spoorwegvcrvocr en was veroorsaak d ~ ur tocnames onder meeste van die ander belangrike hoofde van inkome 500S geklassifiscer deur die Bure veral Privale fabriekswcsc ' Daar moet egter op selct word dat die Buro sc skallings van volksinkome hierbo gemeld hetrekking het op die jare geeindig 30 Junie en dus die volle uitwerking van die sterk daling in die waarde van

20 die wojprodujuie yanat die to't die 1951/52 wolscisoen weer1pid!1 Gereken op 'n kaienderjaarbasis was die dating in die waarde van die wolskeerscillwen 1951 en )9'2 aansienlilr kltiner en hieruit Owel as uil ander inliating wat tans bcskikbaar is wi! dit voorkom asor nie aileen die geografiese inkome nie maar ook die nello votksinkomc op hurnnd~ pryu {;tbtuur 'n toeome in die kaltnderjaar 1912 vereieke mel 1951 geloon het Op die huidilt stadium il min cgcwcos bestikbaar vir die doel om ondersoek in t ltd na die wysc wurop die volksinkome in die kalenderjaar 1952 dtur die Unie se inwoner uitgegee is Oil skyn eater asof hoofsaaklik ween 'n sterk verminderina in bejcaaina in voorrade daar' 'n grottr dalina in totale beltggina was vanaf 19$ as in die Unic se lopende tckort ttenoor die buiteland Oit sou natuurlik heleken dllt dall r 'n afname in die totale binnclandse besparin8s was 'en aa ngesien binnelandse besparlnas plus verbruik gelyk is aan volksinkome wi! dit voorkorn asof daar 'n toename WBS in verbruik dws in die lopende uitgawes van heide die openbarc en dic private sdaor1 BBSLUT Word die bovermelde tendensc in die verskillende sektor! van die Unie se ekonomiese bedrywigheid snmgevat dan word levind dat len spyle van sam mige dalins bv in die waarde van buitelandse handel en in aandelebeurs en vule eiendomstransaksies die omvana van die Unie se ekonorruese bedrywigheid in termc: van tid emcel 'n verdere stylinl vanat 1951 to 1952 Cloon het soos weerspice! in die locnamej; in die lemiddelde mailldelikse syfers van 'n aantal van die indeksc wal behandel is bv die waarde van minerale produksie die waarde van fabrieksopbrenp die warde van eleklriese stroom opaewek kleinhandelsomsette spoorweginkomsle diskonlerin8e en 1oo~ko ll e van die handelsbanke bankdebcue en yolksinkome Wat die korttermyntcndens gedurende 1952 betref skyn XA' dil egter asof di~ min of meer komant gebly het nadat die buitenaewone lempo van opwaarue bcweging wal edurende 1950 en die cerstc bcute van 1951 op dcvalublie levoll het 'n ansienlike vermindering cdurende die lwccde belctc van 1951 onderaaan het Die verdere toc:name vlnaf 1951 lot 1952 in die OmV11lJ van die Unie SoC eltonomiese bedrywigbeid in termc van acid gemeel wcerspiel1 die verden stylina in die a!aemene pryspcil cerder u '0 toedame in die {isiru omvanl \1n ekonomiesc bcdrywiabeid en dil skyn op arond van die ~ikbare inligting uaf die kortlermynneilinl in lauenocmde effens afwaaru was cdurende 1952 Met bclrekkina tot die land se bctalingsball ns en sy nasionale rekeninge het die daling in invocre van 1951 lot 1952 'n sterk vermindering in die netlo lopende lekort leenoor die buitcland veroorsaak sodal die vcrhoudi nb daarvan lot d ie geograliesc volksinkome afgeneern hel van d ie hoi! peil van sowat 10 penenl in onaeveer 6 pcrsent in 1952 Verder het die verminderina VBn die netlo lopende tekort die afname in die nettn lotvloci van tlpilaal aedurende 1952 meer as vergned in die sin dat dit eniae verdere aansienlike dalin in die land 5C aoud en builetndse valutareserwes voorknm het Aan die ander klnt mel befre:kkina tnl beleaaiol wi! dil vcorkorn ajor die verhobciina dunan tnt die volksinkome 'n daling in 1952 veraelelte met 1951 aeloon hel maar daa mott op clef word dal hierdie verskynsel hoorsaaklik aan die dalina in bele:uin in vcorrade lot e skryf is Die inliatinj tans be:skiltbaar dui nie op enile fname in die beleuina in vasle uitruslinl nie n die leheel wi! dit dus vcorkom asol die Uole sc ekol'lomiese bedrywilheid 'n Cue van relatiewe stabiliteil aedurendc 1952 binnelelaan het in vergelykinl met d ie besondere uitbreidina aedurende die dlelope jare T W de Jona h S/0/S/kl3

21 LABLT E8LASTE sourn AFRCAN RESERVE BANK ( BA thou88nds) 1 DEPOSTS End ot Note8 in D l'08to's End Ciroulation' Banknote in omloop' Banken Government Bankie Staate 19U Deo{DO DocDo Doo{oe Dao fdea U D42Doo{De 3D ti6 2G Doo fdee UDec{Dee ~ Dec fdm ln3 1946Dec fdee Dec{Dea Deo(Dee Deo{DO !ODeo{Dee Dee fdea Deo{ DO Other Andere JH t Total Liabilitiea Gold Coin o r ~t ~d Totals Bullion' lu Ooudmunt of bate on FOTeifa Billa lt&afgoud Buite an<he WiMei ~ G O~ '''':1' Jan sa Feb Mar fllrt M3 Apr MayfMei Jon J ut A Sept Oct{Okt SO Nov Dao{DN Jen Feb Mar{llrt Apr MayfMei ~ 2U J~ ::rui Aug Sep~ Oct fokt \ Nov t Dec/Dee ( Jan Feb Mat fmrt t M 8SO W ~ From June 1924 thill item includ811 the note of other bankl for which liability waa Bwned by the RMerve Bank 2 Up to June 1946 valued at COt; from the 30th JUM 1946 up to Decembor 1949 valued at the ljtatutory price or pet linn ounce; as from 311t December 1949 valued at the!low 8tatutory prioe of per line OWlCt! 3 Gold loan to UK Februory million 4 n tema of the Amendment to the South AfriCBn R_rve natk Act thill item haa been calculated from the 12th October 1948 alter deducting from the Bank'il liabilitiea to the pubho an aldount equal to it foreign B8ifte 6 Repayment of gold loan to UK Maroh to September miuion ~

22 8UJDAFRKAANSE RESEnWEBANK ( BA duwmde) ASSETSBATE FOREON EXCHANOE BOTltLUlD8E V6LOTJ Subeidiary Other Foreign Coin BalanOOll Total Paemunt Ander buitelandee Totaal aaldo'l 8U 103 ' ) B ' M ' Jl 293 ' ; ' ' Bt DOl 8TlO DJU8 D8COUNTJtD BNNEL&N08E OED8KONTEERD!: Wl88J!L Commereial Treaaury HtwdclB Skatkill < W W W ' < LoAN8 AND Ratio of Legal Aov&ll'OKS NVE8TlENTf Reeerve to LiabilitiBil L)!:N1N08 EN BJDl:OON08 to Public VOORllKO'l'T1!: Verhouding V&n wetlike reeerwe tat To Govem 10 Union FO'ign verpligtingj teenoor ment Other Binne Buite publiek Aan Staat Andere Unie 1M 1_ ' < 1676 M ' ' 73' ' ' S ; S ' HO ' «238 1' ' Oa 7 82 ' SOl ' 461' SWO 3000 WO 2WO 'WO ' ! ' ' 'i l Sodert JwUl 1924 omvat hierdie poll die nate V&n ander banke waarvoor die Reeerwebank aanaprooklikheid aanvaar het 2 Tot Junie 1946 gewaardeer toon koeprye; vanaf 30 Junie 1946 tot Dotwmbor 1949 gewaardeer teen die tatu~1'6 pry van 1721 per fyn one; wrt 3 1 Doeember 1949 gowaanloor teen die nuw& lltatut~re pry van 24&1 per fyn Ollll 3 Ooudlening aan VK Februerie miljoon 4 Kragten& die Wy8iging van die Wet op di~ SuidArikaanse Reaerwebank word blerdie poll mert 12 Oktober U8 bereken nadat 'n bedr~ golyk aan die buitelandee bate8 van die Bank van ey verpligtingll toonoor die publiek afgetrek ill 6 Terugbetaling van goudlening aan VK Maart tot September miljoon

23 3 = LLABlLTlES N UNONLASTE BNNE UNE 1lCOMMERClAL BANKs ( BA thoullandsj End of End DemAndl Onmiddollik opeiabare 1 D1:POSlT'8DUOSTO Fi:eoi SaviDge Total VMW Sp~ Totaal Total Liabilities to Publio Totals vorpligting' toonoor publiek Total Liabilitie!! in Union Totals 1M binno Uw CUR RZSp;:BVlC Subeidiary Coin Pasmunt Gold Coin d Bullion Ooudmunt ' n 8taafgoud 1938Dec/Doll DDec ldea Dec/Dell Doc!M Doc/Doa On Dec/Dee l66 194~J)ec /Dea Wi Dec/DM Dec/Des Dec/Dee SDec/Des 33605ti DecfDee Dec/Des Dec/Des Dec/Dee :\ H Z \) ~ ' ' H Jan D Feb Mar/Mrt April May/Moi Jun JuL Aug \) Sopt Oet/Okt Nov Dec/Dea Jan Feb Mar/Mrt April May/Mci Jun o O! : Jul Aug Sept Oet/Okt )8 1 Nov Dec /Dee l)53Jan Feb Mar/Mrt ) ~ 734 ~ !; ) } :!6O ' ' Thill item ineludee bal8dce! due 100 Government and 100 Foreign Bauka 2 Nationa1 Finance Corporation of South Alrica

24 HANDELSBANKE ( B A dlltonde) KONTANT l\b8ltjlwu Nota of BA Reserve Bank Benknot& van BA Reaerwe_ bank ASSETS N UNON B&lAn~ with BA ~ Bank Baldo' by BA RNerwobank Balances wi NFC Baldo's by NFK' BATE BNh'E UNlE Total Totaal DillCOlnte Loa~ Md AdvanCS Diekonteringe loningt on voonlkottll ' 23' ' ' ' ' ' ' ()() SO M li ~ ' M S' nvllltmenta Beleggingt ' 316' ' ti Total ~ta in Union Totale bat binne Tnie RATO TO LU LTUUl TO P11llLlO VERHOUDNO TOT VXlLPLG'rNOB _ Tll:lt~ooa P(1BLEC DiCOunta ch ~Md Liquid '~M AdvllllO KontlUlt DWt:onteringc Liquide loningt on b vool'llkotte ' S103' ' ' ' ( ' 50 14' ( S li ' S ; Sl li 63 8 tl tll Hi Hi tl39 1 Hierdie poe riluit in aaldo' verakuldig aan mgoringt en buitelandae banke 2 NBfJionale FinansiekorporBfJio van SuidAlrika S ti \ ~O ( ( S'O

25 lj PEOPLE'S BANKS' (i: SA thou6l1ma) VOLKBDANKE' (t aa duiaoqde) fnd of_ End Demand Onmiddollik opeibn 19f6Doo/Dee 80 1~8Dee tne Qol9Doc /Dee 947 Doo{Dee 1900Dec{Dee Doc{Dea 1962Dec{De Mar {Mr~ J= Sept De<:{De 96ZMltfMrt J~ Sept Dec/DM LlADLlTFS N UNON LASTE BNNE UNE DZ'OR1T8DEPOBTO'a Total E L iabilitin to Public Filled Total Totala verpligtmg Vu S ' Totaal teenoor publiek 0() <2 73 1< < ' Q 10() DB () ' 99 16' Total Liabilitioe in Union Totale binne Ulie ' DuucB9 W1TH8ALDO'a BY Coin End or M' Notee BA E Commer_ Buildi1l8 Yunt ~ cial Societiee n Bank Bouver SA hank N F K Hande1e ' eniginga no ~ bank bank 1946Doo/Dee 1947 DecJDee DecJDe 194 9Doo/Dee DecJDe 191il DecJDee 1962Doo/DM 1961 Mar{Mrt 3 J un Sopt 2 Dec/ns 1962MarJMrt Jun Sept Dfl rdea ASSETS N UNON BATE BNNE UNE Diecountll Lo&no Othr ~d nv~ ndi Advancee menta tutiolul Dilkon ~\og Ander wringe ilultel leninga en voonkotte ' ' ' ' ' / Total in Union Totale boo bipne Unle ' ' Figurell upphed by the Regllltrar of Banks 2 National Finance Corporation of South Africa Syrel'll vel'8trek deur die Regi8trateur van Banke 2 Nloionale Fin&nBiekorporllollie van SuidAfrika

26 VLOAN BANKS' ( BA thoul8nda) LENlNQSBANKE' ( BA duieende) End ofel'd Domand Onmiddellik opaitb4m LABLTES N UNONLASTE BNNE UNE DrPOslT&Da:POSrro's Fixed Sa Total vu Bpaar Totaal Total Liabilitiea to Public Totale verpligtinga teenoor publiek Total Liabilitiee in Union Totale [M binne Dnie 1946Deo{Dee 1947 Dec/D DecJM 1949Dec{Dea 1960DtlcJDoe 19lil DecJM 1962Dec{Dee M&r fmrt J~ Sept Deo fdee 1952Mar fmrt Jlln pt DecJDec ' ' ' '[ ' M Coin nd End ofend No BA?!unt ~ Bnk n bflnknoto SA Reerwe bnk 1946Dec/Dee 1947 Doo fdea DecfDet Doo/Dee 1960Doo/Dea Doo/De Deo{Dee H Alar fmrt '0 Jun 16 Sept 17 Dec /Dea Mar fmrt J= 20 8 ep~ 20 Doo{Dee 1 FlgUrl8 8upphod by the Regllllra r of Banks! 2 National linanee Corporation of South Africa ASSETS N D1'lONBATE BTNNE UNE BALANCES W1TUSALDO'S BY D' Commer N FC cial banks! NFK Hfllldell bonk LooM Othor ood lnveat Building 1118ti AdvanCEW'l men Bocietiea tutiolll Diakon Bouver Au' wringe ginga enigingll inlltel leninga en lings voorskotw [67 ' 16' S ' ' ) Syflll'fJ verstrek deur die RegiBtrateur van Banke 2 Nasiona1e lin8uiekorpofa&ie van Buid Afrika Total _to in Onion Totale bto binne Unie 1 27~

27 V DEPOSTRECE VNG NSTTUTONS ' ( BA thousands) DEPOSTO NEMENDE NSTELLNGS ( BA d uieende) LABLTJES N UNON LASTE BNNE UNE DKPOST8DKPQ8TO'S Total Total LiabilitiOll Liabiliulll End of End to Publio in Union Demand Savings Total Totale Totale Onmiddellik verpligtings lu opeisba1'6 ' V8te Spaar Tota&1 teonoor binne publiek Unie 946Doo{Doe ) Doe{Dee 72' Olla Dee fdee ' D DocfDeB ' 1951Doo{Dee 1t'i Doo fdoe ~D6C f ne _n n ASSETS N UNON DATE BTNNE U~E End of End BJtANOl11 WlTHBALDO'S ly DilJ(lounta Coin Total ond LooM A_ BA O~her Notes Commorond nvlllltin Union _~o Munt NFC t cial Building lruiti AdvanOOll mont!! Totalo Bonk bankll 800ietillll tutiolul Dillkon ~og on SA BoUV1t Andor toringe bonk NFK' Handolll S' binno Rorwo enigif1811 ilulool_ lonirtgll on nolo bonk boonko Unio lingll voolllkotte 046Doo fdee ' 1047 Doo/Dee ' 948Deo/Dee 1949Dec/Dee Doc/Dos 23 l Y5 1 :OOO/Do Deo/])& ' '' 60' i ' ' ' ~ \ Conll1l1tlOg lu ot 30th Jlne of three SllVlJl88 nanb 28 TnUlt Companiel! lind Boarda of Executors Uld t o other ilultitutione of which 11m lubjoot to tho T&quiromonta of the Swing Act of 1942 Figutell lupplied by thll Registrar of Banka 2 Nation!'1 Finanoo Corporation of South Africa 1 BOtaande per 30 JUll 1952 wt drll Spaarbanko 28 TrUlltmaat8kappyo on Ebeketeurskamoll! en twill! ander irultellingll wt almal ondorhewig ill Mn die verei8tee van dill Bankwet van 1942 Syfllrs verstrek dour dill Regi&tra oour van BUlkl 2 Naeionllole Fwal\Siekorporasio van SuidAfrika

28 VOTHER TRUST COMPANES' ( S A thouaeruk) ANDER TRUSTMAATSKAPPYE ( BA duilende) s LABLTES N UNONLASTE DNNE UNE End ofend Demand Oruniddellik opoisbare 1948DoofDes 7 194DDec{D Dec{Detl 1961Doo{D8 17 DE'OSrraDE'OllTO'S 3405 Fill:oo Savings 'rotal Vute Sp~ Totaal Total Liabilitillll to Publio Totale verpligtidgb teedoor puhliek Total Liabilitillll in Union Totale 1M binne Unie 69Mi 681l End of End JD48Doo{D {Detl Dec{Dee H61Dec/DN 2 ASSETS N UNON BATE BNNE UNE BAllNcltll WTH8ALDo'a BY Di8couDUJ COUl Total Md SA No Commer Other d nveat in Union Reaerve Building Advanee8 Munt NFC cial nati menta 'rotale Bok Sociotill8 b t ut iona DiskolJ ~16(!: b bank BA NFKl Handels Bouver Ander teringo gmg billl16 Reaerwe enigingll leninga en noto book instel bok voonkotte Unie 1 Ttuilt Comparuea and Boards of El:ocuw whch 8m not subject to the requirements of the Danking Act o' 1942 Figul'Oll ljuppliod by the Bul'OOu of Cerul11& and StatilltiCli 2 National l<' inanc6 Corporation of South Africa VlT TRUST ASSETS ADMNlSTERlm BY BANKNG NST1TUTTONS AND OTHER TROST ('OMPANLES' ( S A tholu8nds) At 3lat December Or 31 Deaumber CuhMd llak Balan()61 Kontant hmk u ldo' D !i ' S ' Trulltmaatakappye en Eklieketeurskamonl wat rue onder howig is aan die vemistee van die Bankwet van 1942 nie Syrera veratrek deur die Buro van SerulU8 en Statiltdeli 2 NlUlionele Jo' ill8lu1iekorpornbie VBn Suid Afrika TRUSTBATE GEADlliNSTREER DEUR BA}'1{ NS'fELLNGS EN ANDElt TRUSTllAATSKAPPYE' ( SA duilende) _to Loan& and nvest Other AdvBnOOll monta Total Leninga M~ en voor Bflleggings Ander b Totaal Bkotto Fixod and SW~ DoJ:lta eo Spaar depollito'1! 194s8olely Admillistored Alloon1ik geadministroor 1864 D4iJointiy Administored G6@8mentlik geadministroor 1948Total l ftotaall 1866 JD4DTota1 1 JTolaaJl TotallfTotaa1 1 ~ Total l ftotaal 1798 e Captal ueetll of a pennanont nature admllllbterud by t he inalitutions included in Tabloa to vr Excluding _ta only temporarily handled by them eg imolvent eatatefl ete Figunlll supplied by the RogiBtrar of Bnnu and the Bureau of CenllUll and StatistiCli 2 Eiltimatod for oach rf)8r by adding one hau of t he Jointly t( the total of the ' Solely B _ ' d wb knpltaalbate van 'n penlulrulnto aard g91\dnumlltroor deur die infjtejlingb wat in Tabelle n tot V ingealuit ill Uitgeeonderd bate wat 81egB tydoluc: deur hulle hantoer word loo bv inolvente boodela ena Syfera venltrek deur die lwgilltrateur van Banke en die Buro van SensU8 en Btatilltiek 2 Oeskat vir elke jaar deur oon helfto van die Geaamentlike by dia totaal van die Alleenlike to tel

29 Vll POST OFFCE SAVNGS BANK ( BA thousands) No< Depoaite( +) M With Depoait WitJldrawala d rawala( ) Depoaito' Opvragingl Netto depollito's( +) of opvra gingll( ) Ye&r lidded 31st March Jear gel'lindig 31 )faflrl 1938 il « U61 t :l ~tonthly1taande~ 1951December/Deeember anuluy J anuarie February 1 f'ebruarie 3Olli 3094 ManlhfMaarl April May/Mei Juno/Junie July/Julie Auguet/ AugustUli September OctoberfOktober November December/De&ember ' < ' lntereat 31st POSSPAARBANK ( BA duiaende) S'LANes DOE TO DEPOSTORS BALDO VEUJruLDO ~ DBrOSA<TJ: March Saving! Ordinary Bank Rente Account Certificaw gekjlldiwer 31 Gawone Spaarbank Maart rekening 8Orti6kate '1; Tol6J Totaal Z ! DC UNON LOAN CERTFCATES ( BA thou&ancie) UoUN Uitgifttl Ye&r ended 311t YetCh Jaar ge6indig 31 MuM < MontblyMeandeJi 1961 DooemberfDeeember January/J&llUlUie 178 Febroary / Februarie m MarchfMaart 102 April 1 May/Mei 190 June/Junia 1 July/Julilf 377 Auguat/AugultUi Sooptember 3 October/Oktober 329 November 301 December/Deeember ' Repayment Terogbetalinge U ' ' ' ' UNELENNOSERTFKATE ( SA duillende) Net llmuei ( + ) Repaymenu () Balance ntenlollt Paid Netto uilftifte( +) 1 Saldo Betaalde rente lerugbetalinp( ) ' ' 92' SO

30 X PERMANENl' BULDNG SOCETJo:S ( SA thoull8ndtl) PERUANENTE DOUVERENG NGS ( BA duiecnde) 10 LUBlLTl!:s LuTE Total ASSET B TE Liabilities or AlMt Share on'~f Dopoai~'De~ito' Liquid CRpital Reserves Totale AdvllllOO8 Loan A_ta' lute of Aandele Reaerwlll lij:ed Total bata Vool'fJkotio LeningB Liquide kapitaal' Vufo S Totaal op verband bate' E nd of F inancial Year ' End finalllli&le jfl&r' l t * End of End Dec/Dea A 1iD * 1952Jan Feb * Mllr /!r ~ April May/Mei Jun Jul Aug R Sept Oct/Okt M2 November Det::/Dea 'og' & H ' * * 1l09t18 22: U \) i M J A at 3ht March inee 1943 (Prior to 1943 no common financial year oml WU precribod but the figul'6ll may bo uaumed to refer to approximately tho boginning of May) 2 nduding lnvllllting UemboT' B oldingft up to 1943 whon final repn)'mont was effected 3 nduding accrued interest t Exdmling acerued intereat Praliminnry X NATJONAL FNANCE CORPORATON OF SOUTH AFRCA (t SA thou88nda) LUBJ'nu ;8Tt T otal Liabilitillll Elld of 0< 1 940DeclDea [ Dec/ DoH _ Doo/ !l Mar/Mrt Jun Sept '' Dec /OeB The Corporation accept depolll~ a t eall from the pubhc in amounte of not 1_ than at a time while with_ drawals may also be for not 1_ t han thil 1UU0unt Op depc:mite of thill natul'll it at pl'6llllot offel'fj l rate of intorlt 11% per annum payable quarterly on daily balance J Sedert 1943 por 31 Maart (Voor 1943 WU geen gembllnekaplike fin ~luii! l o janr voorgeskrewe nie ffifl&r veronde1'l!te1 kan word dat die 9)1fel'll op ongeveer begin Mei botrokking het) 2 t 11l!uitende looeit Vlln heloggond6 l~e tot 1043 toe finalo terugbelaling g6llkied hot lnaluitendo opgelope ronte Uitaluitende opgelope mnte Voorlopig NASQNALE FNANSEKORPORASE VAN SUTDAFRKA ( SA duiljemdo) AsseTS DlTJ!: 1 Union Union Debentur8'l End A_ TnlMury Gove rnment Guaranteed Other Cuh Bill Stockll by Union Stoc' with Capital Depolli~ Other Tot/do Uru Government Bankel'fJ Other Kapitaal Doposito' Ander lu ~katki8 S taa~ Skuldbrie we KOlLant Ander of bato bewyfj effekte dour Unie Auder by regering Eflekte Danldera gewaarborg !! ~ : ' ~ ~ 8 :! ' ~ 86' ' Die Korponulle neem van die publiek daggelddepo8lo aan in bedrae van milllltonj per keer terwy l teweru geen r'ld in kleiner bodrae aa die genoemde onttrek 8D word nie Tell llnjion van Bulke depcnlito'l bied wt!an '0 rentekoers Vln 11% per jaar aan wat per kwartaal op die daaglibe aaldo betaalbau i

31 13 XlVQUANTTY OF MONEY N CmCULATON N UNlON HOEVEELHED OELD N OMLOOP DL'iNE UNlE (t BA milliont) ( SA mijjoeoe) 03SDec/Doe D6'6 3 DO' D(!Dee ' ' 8 +44' Dec fdoe 337' '9 421' 2 +21'4 1 UDoo(De OS D4DDec ldee '4 JD60Doo{Des ' Dec/ DeM ' )00/0l1li ' January/Januarie ' Jo'ebruary {Februarie March/Maart ' '6 April S 71 S ' MayfMoi 310' June/Junie July(Julie '3 14' ' 2'9 Aupt/Augu8tue ' o 3 Bopl8mber October/Oktobcr 3 16'4 Hi 3 77' r; ' ~ 1 1 Novomber ' ' Oocomblor/nmber 328' ' :JJ anuafy J luuarie GOV<'lrrnnllnt and 'Othor dopo!lltlstaatl en ander deposto 2 n circulatiod ouhlide the banka n omloop buite die banke 3 E timated C kat XV VELOClTY OF CUCULATON m' DEMAND OMLOOPSNELHED VAN ONMDDELLK OPESBARE DEPOSTS DEPOSTO'S DzMAND DEPOSTS locreu&{ + 1 OliMDDELW: OPE8BllZ Sub End 01 DEPOSTO'S Nou' TotaJ Coin' Total Decro!lo8ll() End Commercial R_rve Banknot!!' Sub Munt' Totaal Toename (+) Bonk Dank' totaal 01 Handelt R6rwe Afname() banke b&ok' Rat!! of Bank Rale of :[ B k De~lal Debita' Turnover' Depoeia' Debitl' Turnover' Depoaito'~' 1 Bank Omloop Dep05ito'a l BlUlk Omloop dobell8' 8noiheid' debetto' anelheid' t verage of Quarlerly Jo' ig ( BA thollmdda) Quarter ended ( BA thollmodl) ( 8A duillllnde) Kwartaal p indig ( SA d ueonde) Oemiddelde m kwartaal yfer March /Maar~ ti H June/Jwlie September O6N Dec/Dee 3304/j() ' MlrchfMaert ~ ' June/Junie September Doc/ Deo; 333Q ' March(Maert June/JuDie September 31490t ' Dee fdea j L Commercial Bank 8 demand dep06lta plua OLhor deposit L Handelbanke l1li ollldlddollik OJllBbare doj>08lto 8 phil ith the Rceerve Bank (BMed 00 quarteredd lgurel up Moder doposito' by die Rllrwebank (Gegroml to~ to June 1046; thel'llmter on quarterly averages of month end figul'llll) Junie 1946 op yfcrs vir einde van kwaftaal; daarnn op kwartllalgomiddcldo van yfora aan cinde van maand) % Total bfulk debita M pub\iehed by Bureau of Ceorne and 2 Tolael bankdobette loo gopubl~ r dour Buro van SeMU Statistics en Statitiek :1 Total bank dobitl divided by depollitl lu derned 3 1' hmlkdebette gedeel dour depoeito' loo oldllkryf

32 XVCAUSES OF CHANGES N QUANTTY OF MONEYOORSAKE VAN VERANDERlNGS N HOEVEELHElD 14 N CRCULATON N UNlON GELD N OlfLQOP BlNNE UNE (l SA milliolu) ( SA miljdlloo) D18OOtTNT Lourrl Gold and ADvucza um Fixed and ~ EJ:ch&l\ie Savini' DtJ:ONTEBl'OB LEKUfOB Boldini' of VOOUKOT'B f Depoeitl at SA RMerve Commercial Other BJ:LJ:OONOB Bonk Hema Total &nko' Goud n Veste en Ander Totaal valutabesit _no Commercial ~epoeito'l van SA Bonk B' by Reeerwebank Raerwe Randelt handellbanke l bonk bon Annual Chifl J_diJco YOftondering ' ' 7 0 ' + 0 ' \) ' «16) ) ' tSO + + ' ' +3' ~ +60'7 18' ' 6 1 ' +64' '6 +6( ' ' H '8 +63% ' t 7 lt + ' 1 ' 6' {) g +28'3t ' 1 37 ' 0 ' ~ ' ) Monthly Change' Haandelikee vtrandering ' anual')' /J anuarie 'f 3 8 February~ebruarie ' Maroh{Maart ti O t ' 7 ti April ti ) 7'1 May/Mei June/Junie JulyfJulie ' 6'6t ' 2 ' August/AugWitu& ' '4l ' ' 0 8eptornber 0' O 1f 0 '7 OctoblrfOktober ' ' November ' til Deeember/Deeember ' 0 + O 7t 0 ' + 0 ' + J953 January/Januarie t A decre&llll or increaee in fij:ed and aavingl depoalt indicated by a plua or minua eign retlpe<ltively 2 ncluding gold and ej:chifl bqldingil of the comm&t'ciat bonlu 3 Baaed on ylllu'end f1gurell 4 Bt on month end flgurell &eflecta gold 10&11 to UK Reflecta repayment or gold loan to UK For the pu1'pt*& of thie table th_ 8gur&l inelude the ehangm in the commeroial banb' balanool with tho National Finanoe Corp~8tiOQ of BA t t 'n Afname or toename van vute on raardepoa;to'l 'll'ord aangedui deur rellpektiewelik 'n plua 0 minuateken 2 llluiulnde goud en valutabesit van die handelabanke 3 Gegrond op yrel'll aan einde van jaar 4 Degrond op rel'll aan einde van maand Weel'llpielli goudleni~ aan VK Weel'llpilMll terugbetaling van goodlening aan VK Vir f rloelilld_ VAn hierdie tabel eluit hierdie yrol'll die verandonng in die handelabanke e do'l by die Naaionale Finanliekorporuie van BA in

33 R XVU NTEREST RATES RENTEKOERSE Pon REl_V: O CE UmON TBEuUl!r S vtnob ~ B=' CoWK1llQ L 8urKJJ _ HAJ;oD n'!b~ B~ ~ P OUP&tR ~ UERW : UNR81:4TJ:!JB ;WYU; Minimum FullKi Depoet&VuU deposilo DiltCoun t OverdrBf~ Sa vings Biz Twelve Ro<o Ro Depoeilll DopotlitB ' Month Month Dikonto Minimum nuo 8' Twelve koo~ koere op Monthe Montha M ont hll oortrek Drie Twaalf Spaarde Dopoeito' Twaall kinga maaude wllande maande poatto' maande ~d Average of Daily Ratea Gemiddelde van daaglikll8 koo~ _60' 0'60 300' ' 076 1' ' ) 50' 2 ' ' 2 ' '110 0'110 0'''' 1'60' ' 260 O' ' ' '''' ' ' '60 End of ' ' DO /i i6! Hi 2 75 ~' End 1950 Dec/Deis 3'50 0'711 ' ' 2 00 ' 200 ' Doo/Detl ' ' ' Fllb 3' ' ' Mu (Mrt 110 ' ' 00 2()O' April 400 ' ' l\tay/m'oi ' 00 6Q 6Q 3 00' '25 1'75 Ju l 400 6'50 1'50 1' ' 3' Aug 5 50 ) ' ' 2 00 Deo(Dee ' ' 1953 Feb i } 60 2 ' L On depolutel up to per person 2 On dapollite up to 6000 per person and tijerea fter 1 % 3 On depoeite up to 500{) per pereon add tberoofter 1% 4 De)XJt limited to 1000 per year nding 318t March 5 DillCount rate 6 On depoeite up to por peraon and t hereafvtr 1% 7 On depalit up to por person and ~he afte r 2% l Op depoollto' tot per persoon 2 Op depoaito'1 tot 5000 per pe~n en daarbo 1% 3 Op dopoaito' tot 5000 per pe~n en daarbo 10/ 4 Depoeito' beperk to t 1000 per jaar eindigende 31 Maart 5 Dflk ontokoolw 6 Op depoeito' tot per por800n en daarbo 1 % 7 Op depomto' tot per per~()on en Jaarbo 2% XVDlGOVERNMENT BOND YlELDRENTABLTET VAN STAATSEFFEKTE ' Yield l _ Annual AVldcf;l' Yield' Monthly Average Rentabiliteit l J urlibe aemid de Rentabiliteit Maandelikae gomiddelde 19SO ' J ~ ' ' Feb 3' ' Mu/llit ti '110 ~ril ti 4 13 ' 3'00 ayfmei 3 6'; 3'''' ' Junerunie ' July Julie '89 Sept n 263 Oct/Okt 3' '60 2'''' Nov Dec /De : G/i li52 4 ' Aug Q 1 From 1937 to 1943 yield 01 3 per oont 1951/ 56 Government bond; from 1944 onwarda yield of 3 per oo n~ 1960/ 70 Government honda 1 Vanaf 1937 tot 1943 reotebiliteit van 3 pereant 1951f56 StaataefJekte : vanaf 1944 en daama rentebiliteit Vall 3 peraent H60/70 StutaefJakte ~ _ B~ on 1_ tbon twfliva monthll 2 o'r op mindar ' U ma&ftdo

34 XXJOHANNESBURO S'fOCK EXCHANOEJOBANNESBURGSE EFFEKTEBEURS 16 Market Number or Number of Value of ' Compani81 Authori8ed _od Bh_ Shllol'8l Quoted Capital Capital Quoted Quoted Aantalmaat Nominale Uitgegewe Aantal Markwaarde keppye me~ kapitaal kapitaal genoteerde = notering aandele genoteerde aandele Number '000 '000 TholllllUlda '000 Aaotal Duillende AS AT 311T DECEMBER 1938PER 31 DESEMRER 1938 Mini~: Mynbou : Gol Ooud P roducer Produaerende Non Produce Nieproduaerende Diamonds Diamanta Collieriee M Steenkool Baae Metala S ll Onedeie metale }' inancial Finanlilile ndulltrial Nywerheida Aanvullende ~~~m~~~: Banke ' Government ~d MUicipal Staa~ en muniaipale afl'ekte Debenturee Obligui8l Convertible Notea Konvertoorbaffl bew}'88 Preferred Stock 2360 '800 Pfflferente effekte ORAND TOTAL GROOTTOTAAL ' Mining Oold AS AT 30th JUNE 1152PER 30 JUNJE 1962 Mynbou: Goud Produce M Produllenmde Noo P roduoe ()~7 1 6 Nie proou88rende Diamonds Diamanta Collieri Stoonkool Baae Metat Onedele mete e li Financial Finarusillie ndultrial 411 2M51l Nywerhoide ~~~~em~~~ Aall vullende Banke M Government ond &unieipal!o StaatB en mulliaipale eflelcte Debenturee ;>; Obligui8l Convertible Notel Koovertoorbare bewym Preferred Stock Prefefflnte erekte ORAND TOTAL ' GROOTTOTAAL t OM company had only debenturee quoted t EEln maatbkappy het lep obliguiee genot:«u' FiJUl'8J lupplied by the J ohaoneeburg Stock Exohange Syfe11l ve11ltfflk deur die JohanneebutgM ElJektebeu11

35 17 XX NDEXES OF SHARE PRCES 1NDEKSE VAN AANDELEPRYSE (B&8/Baaia: 1948 _ 100) GOLD 8 GOUllO'll'uNl>&LC ll'oj)u8'l'lul SU6JW NyWltJUlZU) lj~olclj; V' and rrontb J aar en maand Producing Minee ProdUlerende myuo Union of South Africa' Unie van SuidAnu' Non Producing MinlllJ Nie produaerllndo myno H o ' OS G Jan J 87 Feb 116 Mar Frt ' Apri 10 May{Moi l S 10 J= OS Jul 107 OS Aug 10 8ep 10' 07 O c ~ JOkt Nov 10 0< Dec/Dee )D52Jan 07 Feb Mar(Mrt MaY /~( e i go 78 Jun o '0 Jul Aug Apri Sept 01 Oct/Okt 88 Nov 81 Dec/Do 88 lv6ljan Fob 93 Weaghted mdej:oj of OrdlOary sharee calculated by the ReeGrve Bank on the b!lllil! of average daily priollll 2 Averagoe balled on weighted index number of ordinary abaroe calculated by the Bureau of Economic Roeeero b Univel'llity of Stellenbol!lcb 3 B8!K on priollll at end of month or beginnin& of following month ncluding hipping shat'ell Souroo: nvsftqr' Ohronicle Averagea of one day each week Souroe: Standard and P Union of All O~d South United Mines Africa Kingdom USA' Aile Uwo 'On Verel1igde VBA ' goudmyne Suid Koninkryk( Afrika O ' < ' 79 OS <1 < 81 10' ' ' < 78 10' 1«' 10< ' ' ' ' ' ' ' ' ' Gew06 mdebe VUl gewod8 eandele bereken deur die ReM!rwobank op die basil! van gemiddeldo daaa:1ibe prytlo 2 Gemiddoldllll gebaaeer op gewoe indebsyfor van gewone aandale bereken deur die Buro vir Ekonomi_ Onderoek Univeraiteit van Stellenboech 3 Ge~r op pryse per end Vlul die maand of per begin van die volgende ma&nd wdui tendo skeopvsartaandele Bron : n lluwr Ohronicle 4 Oomiddeldee van een dag per week Bron: Slandllrd and P

36 XX8TOCK EXCHANGE TRAL'iSACTONBEFFEKTEBEURSTRANSAKSES A wdex OJ' TUt NUMRKR 01' SffUUtll PURCHASED lnl>ed VUi' Dill: LUfTu ~UE O~OOP1 (BiU8: Monthly AV8rago 1948 _ 1(0) (B ' J[ d lib& Ge 'ddeld ) M : un m Jlllluary/Januarie FebruaryfFebruarie March/M'aart April tl9 7?ll ay{mei June{Junie J uly fjujie AugtUlt/Auguatul September October/Oktober November DeoemberfDeoaember A Vll1lAOB/ 0J:MDDKLDE l til '2 J ' l ' MO l U! SHi g t\ ' ti4' ' '7' ' ' ' '1 Excluding Oovommont Municipal and Public Utility Stockll Baaod on purohmlmi by Johanne&burg Stockbrokei'll Source : Johanneaburg Stock E xch&l\g ll Milt uitluiting v&lllffllkte van die Staat muniaipaliteite en vl:l'orginpbedrywe Oebaaeer op aankope deur Johanneaburpe undelemakelaan Bran : Johannlllburgae Effektebeul'll B NOK: 0 STOOt EXOHANGK T;JR~OV1l: 1 NO:Ul VAN E BtrlllBEUt80MlKT 1 (8&86: Monthly Average 1948 _ 100) (BUll' Maandelibe Oemiddelde 1948 _ 100) January /J Rnuarie fo'ebruary /Februarie?t&reh/Maart April MeyfMei June/Junie July/Julie August/Augustus September October/Oktober November Deoember/DeflOmber AVlUUoE!Ol:MTDDnoE 1948 } 101 7' 128'6 108 \ ' t 1 30 ' ' ' \ \ ' Baaod on the totel value of tl'lu\ll&ctioju in marketable foocuritiea by JohlUlnllllburg lltockbrokel'll SQljrot:: Dep&rtment of nland Revenull 2 Elltimated by the RMervll Bank Oebr op die totaie waat'de van tl'aj\nbiea in ver handelbere effekte dour Johannllllburpe undele makela Bron : Departement VUl BinnelNldae nkomtlte 2 Gekat deur die Rellerwebank

37 19 XXJl COMPANlES HEGSTERED MAATSKAPPYE OEREGSTREJ::R New Companies Registered no8_ of RoductioU of Nuwe maatakoppya geregiltroor Capital Capital Liq uidatiorul KapitMl Kapitaal Likwidaeiee Foreign vermoordoringe votmindoring3 UniOllUDio VOlar Uld Month Buitela~ J aar lid maand Union CompaWee Uruamastkappye Nominal Nominal Nomin] ~ Nomin1 No Capital No No Capital No Capital No Capital Gotal Nominale GetaJ Gotal Nominale Gata! Nominala Oeta\ Nominale kapitaal kapitaal kapitaal kapitaal ' !l ' W 1948 ' ' ' 'W ' i : Dee/Doa April :l D MllyfMei ' ' 13 Jun < 221) Jul m Jan Feb 31' 43S JlU/ltrt Aug ' ' 116 Sept ilo Oct/Okl 2<0 24f/O 51 2] Nov Dec/Doa :! ' NET NCREASB OR DECR~ASE N NOMNAL CAPTAL OF UNON COMPANES NET'O TOENAl'alE OF AFNAl'am N NOi\(JJo' ALE KAPTAAL VAN UN E MAATSKAPPYE Durill8 tho year ondocl 31st December 052Goduroudo dio jllllor g!6indig 31 Detombor Oli2 Companiee Not New Removed ncr6&n Companiee lncre~ Heductiona from (+)or Hepil!tered Tota! of Carita] of Capita! Liqui Rl!l:iater Nuwe ncnlllllo dalionj Mlot Total ~ () Group muc Kapit/lal Kapit] Doo~ Totalo Likw; akpp~'e Natto Groep vennoor akappye loonaml! vellllin daaiell vorwydor Totalo deringl deringa rnamo toouamo gore von (+) of gietroer regiatflr afname () l< Commerce[Handel 6066 (6j ] L Q ServiCN/D iooaw ' ~ FiuaneialfFinlloll!liool M 435!l : Agrieulture/Landbou 77' Oll 18f1' W 1727 Mining/Mynbou 1769 D6~ 'llll F iah ri~fviseeryo :! 1: t2 Secondary lnduetrieefnywerbode J OS TOTAL(l'OT AAL ' B8l!'d on fi8}l1'9ll aupplled by tho Dopartment Jf Commerce GebMeer op ayfen vel'lltrolr dau! dll' DoparUlment vall nn lndu8tp~ Handol ou Nywerheid

38 XXlEXCHANOE RATES (Telegrephic Tranllfer) WlSSELKOERSE (Tolesrafi_ oorboeking) UNON OF SOUTH AFRCA ON: LoNPON/ LoNPtN! UNE VAN sum AFRl KA OP: Naw YOlK P&1l19/ PutY8 A(9TUlDJ1 BA per 100 Dollars per BA Franca{Franke Guildera{Guldllnl Sterling pet 1 SA per BA Buying Selling luying Selling Buying Selling Buying Selling Koop Verkoop Koop Verkoop Koop Verkoop Roop Vetkoop Average of DRily RatN Gemiddolde vall daaglikjm kollllo :11; '03! 4' ' ' ' [) J'682 3 M O Qt) 2 SOl 2 7St S \ ' u' April 911'871 loo :m 2 81 t 2 711t '69 Moy/Mei 09'87j loo' J Jun J ut : * H)() 10 74t 10 Mj Aug 09 87j ' 2 78f 2 77t 'lOt Sept 1!1 SU loo 3n 2'78j 2 77l '74' Oet{Okt 99 87~ l 0037~ 2SO 2' ' Nov 99 ' 8n SO\ ' 10 ' 601 Dee/Dlf 99 ' 87j 100' 's '00 10' 7f 10'1Olf 1953Jn ' Js Feb 't 29~ H 10 50Js Rates at End of J<'ebruary 19ti3 Lalt Date of verandering UNON or SOUTH MBle 0:;: KoerMi oinde Feb 1953 Ch::f: UN1: VAN SUDA UlrA OP: Laaate atum Buyir\8 Soiling Koop Vorkoop ~ew York Dollare per SA Montl'\!ll\l Dollll'8 per BA / 2/1953 London/Londen BA per 100 Sterling _ 99'87 100' / ' 1 2 S(\\ 26/ 2(1963 Amllterdam Guilders/Guldel1l per 1 SA /1952 Pari'Paryl }o'ranc1l/ Franko per 1 SA (1() 31 1/ 1962 B~18{Bruaee l Frane{FtBnke per 1 SA 141' / 1962 Zurioh Franee{Jo'rlnke per 1 SA 12 20' 12'10 2S/ 2/ 1953 ~ionh~nl~o~~ a~n Kroner/Krone per 1 SA / 1952 Kroner{Krone per 1 SA l/1962 Stockholm Kronor/Krone par 1 SA ' 291 1/ 1962 Litbon EeeudOlJ per SA / t 1 SA 12' / O{l962 Eli:raOOthvillo Franea/Fran1«J ElUlt Africa{Ooa Arika SA per 2 { EA{OA 91l' /1952 s Rhodaia/S Rhod68i6 SA per ()} S H 99'87j i 31 1/1952 A ulltraliafaubtrl\lia A per 100 SA / 1/1952 New 1oahmd{Nu Sooland NZ{NuS por 100 SA 10126i / 1/ 1952 llombav/bombaai Penee/Pennillfl per nd Rupoe/Roepeo 17 00t 18 15t 3/ 1/1962 Karaehi POllco{Pennie8 per Pak RupeefRoopce 25' / 7/ 1052

39 XXCV GOLD TRANSACTONS OF THE UNON (ncluding a w Alrica 8ut<liand Swaziland and Beohuanaland) ( BA milliollll) GOUDTRANBAKBlES V AN DE UNlE (lluitflnde BW Alrika 8oet<l1and Swui1and en Belolljoeanaland) ( aa miljoene) Saloe to ParliN Ou~ id e the Union l Pureh_ from Partie Outaide the Union Verkope Aokopl! &an partye bulte die UDiel van partytl buite die Uwe ( ( Net Netto vetkope' (3) nc~ No< Actual No< in Gold Gold Gold 00ld Boldinga' Output' Output Con Toenarne Netto Werklike Urttption' Netto in goud goud goud goudtit' produklie produiulie verbruik l «( (61 F' Annua1ly Taarlib AVALUE' ( aa milliotlll}waarde (! aa n iljoenej Hi ' \ 6 D n of ' 242 1t '6 ll ' low < )V J6(H Quarter Ended Kwartaal geeuu:ii8 191i1_March~ JUDe/ unie Stlpt(nnber 36 j 36 1 '2 36' 3 D~be r{detnber 2 ~4' Annually J lib 1962Marchfu:url ~3 7 :\ 7 7 ' June/ unie ~ 6 ~4' September 3 2 3~ 2 3 ' 37 7 Deoember[Deeember 3~ < ll t low O Quarter Ended Kwutaal geeindis 19111Mare~urt 2480 J uno/ uoie 2803 September DeoembertDmber MarchfMaart 3416 June/Jume 3608 September Deccmber{Deeem ber ncluding 88* of gold produot ('1 Equal to oolumn ( ) miou oolumn (2) { Held by Reeerve Bank and oommercial banke (Valued at the oftlcial pri08 of gold but effect of valuation exoluded for the yean 19 6 and 1949) (1 Equal to column (3) plu column (4) () Equal to oolumn (6) minu column (6) Repf'fl«lnt c~ in mine inventorie and net inflow into indujtry art and private hoardt () At tranaction value ttl ncluding gold loen t<l UK 80 million ~un_ 8QUANTTY (Thouamb fine ounollll)hoeveelhed (Duieende fyn onee) ( rine ] OM t S Q g0 292<& ' ' ' 18 13< < u P) naluitende verkop8 van goudrtodukt& fl Gelyk Ml kolom () minull ko om (2) {l n tit van Reeerwebank en handelflbanke (Gewaardflflr teen die ollilliale pry van $oud maar uitluitende die effek van herwaardering in die Jare 1946 en 199) (1 OeJyk Ml kolqrd (3) pilla kolom (4) (') Gelyk aan kolom (6) mioul kolom (6) Verteenwoordig die verendering in voonade van myneen die netto toevloeiing na nywcrheid cunne en partikulierfl oppottin& () Teen tranaabiewaaroe 46 ( t ) ne1uitende goudlening &D VK 80 m iljoen ( yn onm)

40 XXVFOREGN EXClANGE TRANSACTONS OF THE UNON (ncluding S W Africa Buutoland Swaziland and Beehuanaland) ( SA Qilliona) DUTELANDSEVALUTATRANBAKBlES VAN DE UNE (llbluitende SW Afrika Daaoetoland Swaziland en Betajoeana1end) ( BA miljoene) PURCHAlE&Aunc:oJ'l!: CHuw N HOLDNGS VtRANDCJUNO N Bl!:SlT Sales P Commaroial Jorom of Gold Total Public SA R6e6rva BM' Totsl Publio Dullion Bank and Union v~ SaM Totaal Verkopa BA Government Totaal Publiek Ontvang8te ~n Reaerwe Bendelauit ataaf publiel!: bank banke eo goudverkope Unieregerin Annually Jaarli~ l! D' ' ' l 87 7t ' n' ' \ 468' ' t ' 4 36' / Quarter Endod Kwartaal goi!indig _Maro~aart 116 ' 6 15'6 131' June/ unie ' ' September 104' : ) Docember/ DeemLer 128' aroltu!aarf W M O ' 6 '4 J6 Junel unie September 72 ' Decewbor/ Dll3amlet ncludif18 raooipta for gold product t ncluding repayment of Gold Loan to UK ( 80 million) lluluitendo odtvldi8te vir goudprodukte t [luluitende terugbetaling va n goudlening aan VK ( 80 miljoeu) XXV NDEX OF HEAL ESTATE TRANSAC'ONS NDEKS VAN TRANSAKSES N VASTE ErENDOM Trall8fer Duty Paid' Here:y;te betaa lndell: ndaka (D_{Baaia 19'~ _ OO ) Tranafer ndt'; Duty Paid' Jndeka Hereregte (B_/Dalia betaajl 1948_ 100) BA ~ ~ \ > Repreeentmg!lf ttl t he 22nd March 1961 appro:lumately 2% of t he totl\ valuo of mmovable property t rlulllferred and thereafter approj:imately 3% Monthly Averas Maandalikll8 gemiddelde Monthly MlUlndolik_ SA 1962Jau ' Feb Mar rlrt Apri May/Me; Jun J Aug Sept Oc~ /Okl \ Nov Doc / Des Jan Tot de 22ste Haart gely k aan ongeveer 2% van die totale lmklrag a 11 getrampotteerda VUle eiendam ed daaf_ Da gelylt aan ongevear 3%

41 Year anded 31&t J aar gooiiuilig ~;= 31 Ml4r XXVllGOVERNMENT FrNANCESTAATSFNANSES (t: SA milliolll) (t SA miljoedb) Total Sorplul+ Total Expend 0 ' Revenue' it uro' Dofieit Surplue+ Totals l'otale of nkolbw l UitgoWB ' Tekorl \ \ '8 14 ' lli ' n ' '2 27' )2 :!26 ' n!) Month1yMaandelikll 19S April _ :!2' Mayflloi '0 Jun _ J ul Hi Aug '0 Sept _0 Oct/Okt _0 Nov ' 4 Deo/Das 16 ' Jau Feb Mar/Mrt April 14 ' '4 MayfMoi Jun lo l 22 1 '0 Jul AU/l 22' ' Sept 16' ' Oct/Okt 17'1 215'4 83 Nov Dec{Doa 24 8 D'4 + '' 1953Jan ' l'a[onetal'y No< OllO8l:l P UBLO D&B1' Opera 8orro euh BRUTO STAnxuLo tiom iug Bah~o ce MooeUre ntemel External Total trod Netto Kontnnt Dinne Buire sakl;ea TotaaJ' ladings' &ada lantlae landee n ' ' 22' ' 13 ' 6 ri94 ' J \ 9 Q ft '4 662 \ 72'5 704' ' ' :!' '0 101 ] ' ' 1 0 7H' '6 2' 0' ; U ' '6 7l R + 3_ ' '4 778' ' ' d ' ' ' ' ' 792' ' 0 3' 71H' ~1' 6 7' + 7 6Q' ' '3 B8Dd on the Annual Finance Account appeariug in the REPO&T8 OJ' TUB CoNTROJLSR AND AUDT01'l GES sb&l and on the monthly statement of Exchequer Reooipt4! and 18!lull8 published in the GOVBaSUl:NT GUrTlC 2 El:cluding borrowing lrld redomption 3 The diacrepanciea between the 6gur611!!hown in column (6) and 19) are accounted for by tho cancellatione of Stock he d by Sinking Funda 4 Accl'Ual from revaluation of gold norvoll hold by SA Reserve Bank 6 Tho bahmoo of tho profita resulting from the revalua tion of gold hold by the Reaerve Bank amounting to 10'9 million wao paid to the PDC a nd pplied to tho redomption of dobt P reliminary Oebaeoer op die Jaatlikoe Finansierokeningll wat in die V!:R8LAC V&N ne KONTBOLEUll E!f O UDJTEUll OENERAAL verekyn on oj? die maandolik!le lltate van Skatkioont vangsle on wtgawea 1008 gepubliaoor in die STAAT!! JtOERUor Uit4!luitondo loninp on aroaaingll Die ofwykingll in dio lylora aangetoon in kolomme (6) on (U) i9 te vorklr uit d ie kanee\l8llill vlln eflekte in die beait van delgingsfond80 4 Opbrengll uit horwaatdoring van dill 8A Reoerwebank eo goud~it s_ Die aajdo van dio wil\ll wat ontlltaan hot uit die her waardoring von die Reeerwobank 118 gondbeait namelik 10 '9 miljoon ill betaal &an die Staatakuldkomill8ari_ en oangewend vir die aflollling van kuld Voorlopig

42 XXVf NDEXES OF PRCES NDEKSE VAN PRYSE (B\i6{Basia: 1948 _ 100) Agricultural Landbou W UOLElJAL':GROOTlANDU RETAl KLt:urlANDKJ Union of United B Africa' Union of South Arica' Kingdoml CaJlada' Unie van Unio van Sllid Afrika' Verenigdo Kanada' So_Afrika l Koninkryk l Year lind Month Field Crop6 JlUlr en maand and Animal Union mported A All A Product a a_ Goode a_ a_ Akkerbou Unie ngevoerd Alia Alia en Veeteelt goodere goedere goodore A goedere goodere Produkte < ' 0 50 M ' '0 83' U OS ' S S ' '00 ' ' \ ' OS 10:1 19' 107 l '0' ] ' ' ' Ju] 13' OS S ] 14 1 Aug ' S6pt ' ' ' i :?O ' O()~ /Okl ' Nov 17' 110' Doo/Dea lj Jen 212 1l ~ eb l2'1l Mar{Mrt :l 125 April MayJMoi 18' Jl6 126 Jun 183!l Jul ' S ' Aug ' S '48 :Ui Sept ' 124 Oc~ / Okt ' Nov 11g Doo{De '4 ]12 3 ' !J5:!Jon }'eb ~ M&r{Mrt ]( ' 11 9 April ' 11 7 May/Mei 1: ~' ' J un Jul ]36!! ' '< Aug 140 ]~O lbo O Sellt ' '15 Oct{Okt Nov ' '15 Pee /Dee ' { llil ' H9 9 14' 195sJsll ' ' '1 149 Souroe B'O\: 1 Dep&rtmont ol AgricultureDepartemon~ von Landbou 2 3 Buroau of CelUllla and StatiaticsBuro van S6lU1uQ en Stotilltiek Board of Trade 4 Dominion Bureau of StatitiCli 5 Bureau of Labour StatiatiCli USA' VSA' Union of SouLh Africa' Unie van Suid Afrika' A' All a Food ume Aile Voedael Aile goed6r8 <e : ; ' ' ' ' ' '4 163 l OB ll 8 ' ' Wi 3 ' ' ] ' ' '5 10' :? '0' t3' : ' 4 128B H '5 ' '

43 XXlXNDEXES OF RETAL SALES N FVE NDEKSE VAN KLElNHANDELSVERKOPNGS N URBAN AREAS VYF STEDELlKE OEBEDE (Baae: Monthly Averege 1048 _ 100) (Basia' Maandelikse gemiddelde ) Physical Year and V&LUE VAARO:: Volume Month Fiai_ omvang Jaar en m!l81\u JohannOll burg' Pretoria' Cape Townl Kaapatad' ' J \ \ \ 106 3!lSO J all (1 7[i 8 88 ~ Fob 76!! 76 (i 81 7 M8r rmr~ April 89 87'4 87!'b yflroi (i 84 8 Jun DO 4 91'2 87 (; Jul 89' '8 Aug '9 Sopt Od/Okt '0 Nov Doo fdos 147 ' Hil J1Ul Feb ) Mal(Mft '8 Apri MayfMei Jun Jul H 6 Aug 99' '9 Sept Oct{OU!lo a Nov Doof1}e: lli6' J1l1l Feb ~1l;dMrt: lfay{mlli ' 4 JWl 105 S Jul '9 Aug 102'0 106'0 97'4 Sept Oct{Okt '6 Nov Deo/Dea ' Jau 019 Combiued Combined Eaat Londo' Durban' ndex ndex OOll Louden' Oosrunentliko Oeeam6ntlike indeks t indebt { loo { O(}'O ~ 3 86 a 118 {; 105 ) 106 ij O'! 85 ' { \ (j 86 l ' ' '7 109'0 99' '4 96' ' ' ' ' 'P ' ' 'S ]07' lli '4 106' OS \ ' Souree: Chamber of Cornluenlo 2 Weight&d average of the fivo urball amm According to tho Cen!W of Dilltribution and Servioo E!t8blioh monte re~ail trios in t~ areus colultituted nearly 50 per oont of total retail aal&!! in the Union in Calculated by adjwlting the oorubinad value irldex by the omoial rotail prjoe index for the Union (relit oxeluded) Bron: Karntlr vall KoophamJol 2 B warda gemidd9lda van die vyl Bt&:lelika gobi&de VOga~ die Ser~W van Diatribu1ie en Dien!inrigtinga hot ldeinlumdebvorkopings in hiordio gebiode bykars 50 pdl'&r:rt varl die totlllie kleillhandolsverkoping9 in die Unie in Ol6 f7 beloop 3 BJreken deur die gejamantlike w'brjoindob!'\ te auiwer vir ve rand o r in~ in dio Unie 80 ldeinhlllnde18 pryaindob (huur uitgeeodord)

44 xxxsouth AFRCAN RALWAYS RUlw&T EU'O 8POO!lWll:Oi J:0l1'rl1 SUlDAFRKAAN8E 8POORWE~ R:~NVJ: EAlU'lNO TUU0 BJ:T~DC VCRVOJ:B 0000 and lfinorail other than Coe Coal To~l Ooedll en minllrale Stallnkool Toteal behal1ll'1 ltoonkool }ODthly Averago SA Uundelikllll gemiddlllde thou&an<il/duill!ndll Ton Milerronmyi Ton Mill!lrronmyi Ton Uiies/ToDmyi U39 10' t U1U M MonthlyfMaandlilika 1051 Nov Dec ldee Jao Feb M&r fm:r~ April ' 00< May/Mei Jun 83S S Jul 87S1 8li ' Aug Sept Ollt/Okt 88BO M Nov DM/D Sege m ill bottflkking tot vl voerdilm<) XXXJ REGSTRATON OF NEW MOTOR VEHCLESREOSTRASE VAN NUWJo: MOTORVOERTUlE Yza &ND MolO:'H J&&R :N M&&KD Motor Car Motorkarm BUlN Lorriea Trullk and V~ BW vrag aflllwllringt motorll Motor Cycle To~1 Unl Mot4)rf\elall Totale nheile 1938 No Gllta l No Getal S960 No No lndes l Getal Getal ndllkll i tl Ul ' Dec/ Des 1962Jau Feb Mu' April May/lolei Jun Jui A Sept Or1: Okt Nov Doo fdoo fi tl til ' ' 79 89' O fi ~ (;' ' ' 276 ' ' l 4L ' tlb' ' 7 1 Puhlilhed by the Bureau 01 Ceuau aac S tat;'ti~ Gepubli_r dllur die Buro van SeJUJU lin Statilltiek 2 Bue l Munthly A rtop H48_100 2 Buil l Maandelibe gemidde1de 1948_100

45 27 xxxnforegn TRADE' BUlTELANDSE HANDEL l d B A milliotu} A MPORTS (lop) NVOER (va b ) (t B A miljoone) MEBOB ND1S1: KooPWAl!: Total from Gold Grand Govern Totaal uit Specie Bulliont Total mon~ Othaf Munt Staal Groot S_ Ander United AU goudt tot&&1 Ooower Kingdom USA Countriee monta Verenigd6 VSA AU voorrade Koninkryk hmdo Annually J Ulrlikll \ <1\ J/H ' H7 )(j S 283' '2 300' : :!3 1' ' ] ' '4 4\)' \ J2 ' '0 3D lfonthiy/ af fl(lndol ik_ J1}52Jan u ) Feb ' 37 M Mnr(Mrt :ij u ' '0 ~ril 311 /i 14 3 D ay/mai 3li S ' Jun ' 1 3J6 J2 1 8' Jul 3J ' 2S Annually/Jnnrlika 25 :1 Oct /Okt N ' Aug ' 30/i S ' Sop ' 7 ' Nov ' '8 Dec/Dee 2 :! JO'2 32' 32'4 B EXPORTS (f 0' ) UTVQER ( va b 1 Mr:aC1ANDUlEKOOP''ARZ SA Produce SA produkte Gold Grand T Ro Specie Dulliont Tote1 UnitOO r To All ej:porl Total Munt Staal Groot Kingdom USA Countriea Her Totaal goudt totllal N N Na aile uitvoer Venmigde VBA lande Koninkry k O' 8 20'0 32 /i ' /i '4 10'6 92 ' ' ' J{j ll ' 4 10' \ l' '6 262 ~ ' '0 33'4 :11:1'5 3: '0 '052 2\ {\ 332'4 ' MoothlyjMaandelika 11112Jnn 4 ' Feb ' 25 /i ' 8/i 1 Mar/Mrt 8 ' April i\ay/mei 6 ' Jun 220 ' Jut '8 ' 23' Aug ' ' 1 28/i Sapt Jl '9 Oot fokt 0 ' ' 380 Nov 27' '8 368 Deo /~ Hi t Ocpul>hllOO r dour Dep8l'tement van Dooane en Abrus (OewyligJ TlUlulwnde koopltvoorrade nil goudllrodukta Voorlopige yfe~ (Gewysig) BkaLLinjp van tl ie ~bank (Gewyigj mluitende goudloniug Mn V K { 80 miljoonl 2 Publiahed by Department of Outoms and EJclM (ReVJMd) Tncludifl8 Bhi J)!l' Sto and GoM PtoduoL 'reliminrry flgul'm (Revtl) t RMerve Bank l!:tidlates (Reviled) ncluding gold loan to U K ( 80 million )

46 XXXOMNERAL PRODUCTONMNERALE PROOUKSfE' A VALUE _ WAAROE f SA thounodda) (f SA dutoadg) AnnWllly J&llika B~& llr:tj!:loua O_onE 1UJ(&1U1& FaKelQU Mnu8 ED~ ~m MetellifefOUl NonYetalliCeroUi Sub Total!o[etalhoudend N ie ld6taauloudend Subtotaal Gold l Other Copper Otber Coo Other Goud' Ander Koper Ander Sleenkool t Andet ~'9 D ' ~ ' ' !l l ti ( ( n '4! (jn~ D8 ( U6liO !l9D6 Oiamondlt Ojamante? TOlal TOlUo ( ! Mo ~hly\faalldelikl_ 062Jan Feb ltarp[rt ~)ri ay/mei Jun Jul A Bop' Oct/Okt Nov 000/00 ' ' MontJllyMllandelika ] 9621all Feb 12 2(i 139;'; : ] l ' ' f S llS 1289 ' iri!l n ' S M ] lU' 6O 119n ' U QUANT TY HOFVEFLHElD > > Fine O:t TolU TOni AnnuaUy Fyn G18 Ton Ton J luulika !l62fl :! :!1i :l !l aO!!! @ U MU6i618 9fil :l8~:j3 21<7077:1:: 195:: S]6!! ?tr1lr'(Mrt Apri MllyfMei JUD '' Aug Sept Oct/O Nov Decno Gold Copper Coo' Goud Koper Sleenkool ~ ; ' U7468 9!l S Diamond_? Diamantet MetriG earate Metri_ kafaar D!l G81!) fi '; ~3 Gebauer op yfen lfepubuaeer deur 6tutimynlngenteur 2 Ultelultende llteenfrrollfplodull:le 3 Teen re&llaule rde OilalulendG dg pnmle op loudv(lfli:q Dlnp m nj'werhgldadoelelndu Uitllullend e plltlna OewJ'alide Ylen Ocblllcer op erlrope

47 XXXlVNDEXEB OF EHPLOYMENTNDEKBE VAN WERKVERSKAFFNG (BlUlllfBi8 19 '8 100) Total MloDufacturiog Manuiactllt'iq' Min' mg and Mining Nywerheid' Mynbou' Totae! Nywerheid en Uynbou AU RaCMAlle fa Ye&r a nd Month JllAf 'n maadd Noo Non Non All Non All Europen European Durable Durable European European R_ European E uropean R_ Bl&nkGl!l N ~ Total Good Goods Blankefll N&' All Blankell NUl' All blanke TollUl Du~me Nia blllnkeb _ blanker ralllje goedere duul'sme goedere ' 10' ' ' ' ' 10< < ~ :; Deof>e J&l Feb 10' MU' fmrt 106 ' 11 7 ' ' April 10' ' May/Mei ls Jun ' ' Jul A 10' ' 113 ' Sep~ 1O' O o~ /Okt Nov Deo{De ] Calcul&ted from figures publillhed br Bu~u of (!emmll ond Sttilllics ond Government Minng Enginoor 2 BMOd on consul! figur up to 1948; there6fto(lr on u mplo of principal eetablillhmentll 3 Exoluding quarriee ' ' 1 Bereken uit yfa gepublilleer dallr Buro ven BeLU en Statilltiek en Statollmymngenieur 2 GebNlOO r op lelulullllyfera tot 1948; daarna op mollter Ven belangrikllle bedrya 3 U itsluitende steengroowf! XXXVNDEX OF E LECTRC CUHRENT GENERATED' NDEKS VAN OPGEWEKTE ELEKTRESE STROOl\t' (Ballll/BNie: 11148_ 100) ' ' 110 ' Year/Jaer ndex ndeb lO l!l '''0 ls ti2 136 Published by the Bureau or Cenaus and Statilltice but recalcllated to tha bue 1948_ 100 ndexee are baaed 011 average d ily figul'6ll for the principal ulldartakingl l\[ollth/maand ndex ndekl 1962January/JlUlu'lfie 124 February/Fobrnarie 131 1!arch/Maert 13' April 132 Moy/Me; 137 Junefunie July Julie 14 ' Auguat/AuguetUll September 13 ' October/Oktooor 136 November 131 Deeen:ober/ Deaember ti$January/Januaria Gepublillller dour die BufO van Sensus ed Statistiek maar omgereken or die buill 1918_ 100 ndekllo is gebluloor op gemiddelde doog lilue lyle vir die vem&amllte ondememinp

48 XXXvr BULDtNO1 BOUBEDRYF P:aODUOT OHPRODUU'~ Building Plana PMOd Buildingt Commenoedl Number of Cement Building Douphmne goedgekeur l Oeboue waarmee Briokl 8lU1vang gemaak ia Bement Aantal Boultene ndej: ndex' Ton ndex' JndeJ: ndeb' 000 ndekl' (2000 lb) ndeka' ndekjl Mon~hly Average Maandelibe gemiddelde SO H~ ~ O7 3f l !H~ ~ M / ' W !H'> 60 ' 1943 ' 13 W 13 ' ' ' o ' go OlH! ' ! )625 M MOllthly Maandalika 196OJun Jul ~ 89 6 Aug Jep ' Oct/Okt ' Nov Dee/Dee Jan '4 Fob Mar{Mrt 6M ) April ' O May/Hoi ' Jun Jui ' Aug l io 1! Sept _ 98S S Oct/Okt '4 Nov 6721 S8' Doc /Dea Jan Fob 60' fi Mar(Mrt M!H Apri ' !y/Moi Ui J un 46:: los G Jui ' !3t9 M Aug Sept ' Oot/Okt M 2 10J2112 U Nov Dee /Dei! ~ l n so 1 Figul'&t upplied by tho BurelW or Ootmlt and Statiatica 2 n t ho 18 principal urban &rem 3 Bue: Monthly Average 1948 _ Syreltl venttek dour die Bul'O van SaUD en Statittiek 2 n dio 18 vorn oute tedolike gebietlo 3 Buia: Maandolibe gamiddoldo

49 ' XXXvnNATONAL NCOME VOLKSNKOHE ( BA Milli01ll) ' ( BA MiJjoene) Yu 30 J~ Jaar geilindig 30 Jun;e «4' 194~ Geogrnphical n~ Oeogralioge inkome ~ ' ' '8 Mimu: Roo' the World ' M i n : n dio Netto w6reld Not National ncome Vclbinkoma ~ '0 86' CLABS PRODUCT VE ENTERPRSE KLAB PRODUKT EWE ONDERNEUmGS A Buslln: A SULE ONDERNE)llNGO ~cultu~ FOl'Olltry and Fiehing 2 Mwwg: Gold Othor Manufacturing Private Trade and Common:8 Transportation :: SAR & H Other (Private) Liquor and Catering 7 Prof_one Finance (Banking neurance etc) MQUlll&OUl Buein_: (a) Publio: Union Oovllrnmont Municipalili811 Othor (b) Private \ ' 2 10& 0 H 2 13' & ' ' Larulbou BObou Oil V i_~ 2 My nweao: Goud Ander Fabriekswe8e privaat Handel Vorvoer: BAS on H Ander (privaat) 6 VervoniingEKiienate 7 Profeui811 Finanaiee (Banko VOl'lMlkoring one) Divol'lMl llliko: (a) Openbare : Unio regtoring Munillipaliteite Andor (b) Privllll;t B H ollllc OWN':B8Hll B HlH8t:t':NDOlf 10 Private Dwollings n FNAL CONSUMERS Publio Authoriti8ll: (a) Union Oovornment (b) Provincial AdminilltratiolUl (0) Local Authoriti811 ~) Othor (Uighur Education ote) 12 rivat<8 UOUllOholciJ 13 Aggregate of Pel'llOl\l ' ' ' Private Woonhuill8 ENDVERBRVKERB Openbare Oworhode: (a) Uniemgering (b) Provinsiala Adminiatruiee (c) PllUUllika Besture ~) Ander (HoAr OndarwY 01111) 12 rivate Huithoudings 13 Verenigings van POnlOllO TOTAL GEOGRAPHCAL NCOME THE REST OF THE WORLD :?inuj <8t incomo accluing NOll Union Factoi'll of Production '1\ 86 1l H TOTALE GEOGRAFfESE NKOMSTE 14 DE RE8 VAN DE W RELD :': Min lalto inkomllte wliot niounill Jro dukaiofaktore tookom NET NATlONAL NCOME Eotimated by the BWau or Cenou8 and Btatitice ror the y08/'8 ended 3nth rune NETO VOLKSNKOi\E Boraam deur die Buro van SelilUll on Btatiatiek vir die jare gelindig 30 Junto

50 xx mnvesthent S A millio1ll) ' ~!O7~1 A GROSS 11lTVESnrENT BELEQQNO SA miljocnel li: BRUTO BELEGGNO l UNON OOVElU<o'XB1'T: (a) SAR alld H arboul'll (b) Other Oovernment BUllin_ pn (<) NOlBus;n61111 Departments (d) Net Ch&ngi'l ill nventoriee 2 hovlncal ADUN8TRAl'ON8 3 locfl AUTOJlll'UtB: lal Trading Departmentll (b) Other Department4J TOTAL ]1 OR088 PJtVu'1t hy;8tm ST Enter ' ng UU: JlEOElln'G: (a) SAS en Hawellll (b) Ander lake ondememingti van (e) NiellAke ondernemirlglkieparlwnen1e (d) Netto verandering in voorttlde 2 PaoVN8~ ADMJ JTRA8[ Q 3 'LAAlLlXE OWUUflU)J: : (al HandeWlepartemcn1e (b) Ander departemente TOTAtL BRUTO PJl\AT!: BELEOOrNO 4 BUTLONO \ND CoNBTJUJC'J'10N: (a) Fanning (b) O ther O PRODUClta8' DUJlAtlLE EQUJ1'lENT: (a) Fanning (b) Mini:;r (e ) Manu acturlng (d) Commercial Private T ransport and Otlwr 6 NE'' CHANOJ; N NVJ;~TORtE8: (a) Net Change in Liveelock (b) Net Cb&ngi'l in Mining nventoriee (el Net Change ill Book Value of Com mercial and MnaufftCturing lnventoriee (d) meatory Valilation Adjustment T OTAL 7 TOTAL GR088 isy&8l'ment b& ' :! '1 19' ' e 7 ' ' 4 Boo~ J;N JrOS9TBUlUJ!:: (a) Boordery (b) Ander 5 DuuxeAK: PllODUli:l!lCXlDDELE : (a) Boerdery (b) Mynbou (e) Fabriekllw_ (d ) Handel private \ervoor en ander 6 Nrrro ~D JU:NO N VOORJUDJr! (a) Netto Wl'&Ddering in v_tapel (b) Nettoverm16ringinmynwl!8evoorrade (') Netto verandering in boekwaarde van voon'ade van aakeondernemmg (d ) AanllUiwering ten opoaigte van voor_ raadwaardering T=~ 7 TOTo\U HRUTO BELKOGlNO 2 3 e 7 0 PuBLC N K8TXElo'' u Dpreciation NET PuBLC JsVUTlllU Gao/l8 ParvATC bivc8tmenl' Le Depreciation N tt PUv An: ~ TOTu Nn lnvesnmnt 78 B NET NVESTMENT 7 9 ' ' ' !l20 NETTO BELEGGNG ' 00 12< BlUTo OPENltllE BELJl:OOtNO Min waardevermindering N1:!TO P RVAT: B~lNO 4 BRUTO PUVAT: B:lltOGNO 5 Min waardevermindering e NJrM'O PJUVAl': BE1roONO 7 TOTALl!: NJ:T'l'Q BELEOONO Bee Not_ on page 31 t PJ<elim;nary ~ijmtefj Slln aanteketunge op bladay 37 t Voorlopige akattinga

51 (f BA ailliora) A GROSS NATONAL PRODUcr Ga088 NATONAL PRoDUCT: (a) Net National ncome at Factor Cot (b) Depreciation (0) Gll088 NATONAL PRODUCT AT FACTOR CooT (d) ndimct TaJ:eJ 1_ Subilidillll (e) Oll088 NATONAL PRODUCT /lt XXXJX NATONAL ACCOUNTS Jtrr V ALU: B NATlONAL PRODUCT AND EXPENDTURE 2 GR088 NTONoU P'KonuCT AT FCTOR COST 3 CHO8 NATONAL E:nJ1:NDTURi: : (al Current EJ:penditore of PerBQna Uld Non profitmaking Bodieet (b) Cumlnt EJ:panditore of Public Aoth oritiea and Social Secutiry Funda (c) GnlB Capital Formalion _ (d) Net OventllM Borrowing and RealiM tion of tb (e) Ga08!1 NTON FJ:P'NnlTU1l' JUa1tET V ~~ (f) LaM ndirect TaJ:ea (g) Sobsidil!8 (h) Gaoss NATJON~ EXl't:~n)JrmUl: T F CTOB CosT C PRVATE NCOME A1oU EXPENDTURE P1vT XCOMll: : (a) TotAl ncome from 'ark ond Pro P!lrty (b) Tranafer Paymente received from Public Authoritiea (c) TOT~ PJuvu bcou (before Taxea) PJuvArE ExPJ:JfllTUlU:: (a) Expenditure on CollllWllefll' Goods and SorviOO8 by Pel'8OD tnd Non profit making Bodieat (b) Current trarud'ofll from HoullOholda to Public Authoritie (c) Dil'OCt Tax Paymente including Con tribution to Social Security FWlda (d) P rivate Savingt (e) TO''~ PRJvAn: E:n'ENDlTUll': '88 9< 730 :11 2 1S3 208 M Hl46 ' iii:! <7 '46 a < ; ' < 77 )) ' ' )) 863 ' ' NASONALE REKEN1NOE* 6<1 1951t 90' ' ' ' ' ' ' ' D51l ll~3 SO ' l2w Ht 10ge :1 'M ' <0 121i 1 BA miljoene) A BRUTO VOLKSPRODUKSE BJlUTO VOLUnODUK81Jt : (8) Netto volkeinkoolllw teen faktorkoete (b) Waardevennindering B (e) 8RUTO VOLlUlPROOU!UJC T&C'( ~ TOUt08TJ: ~ (dj lndirekte bel8olltins min eubeidiee (e) BiUTO VOwt8PlOOUKSlS Ttll:N lul11: WAAJlOJ; VQLKSPRODUKSE EN UTGAWE 2 BBUTO VOL8J'BODUll:81E TEEN PAJ[TOB:08TE 3 BJluro VOLUUn'OAWC : (al Lopende oitgawea van persono on nie wida organiaasieat (b) Lopende uitgawea van owerhcid8lig glullel en ~t&alulbeveiligingaf ood80 (c) Broto kapitaalbelegging (d) Netto ~ leninga en vtlrkoop van (e) BalJTO VOLUurroA~ ~ :: WAABOC (f) Min indirekte bel&lltinp (g) Subeidiea (h) BRuro VOLK!lUT(AWtl: TlC N rucrob ~ C PRVATE n'komste EN UlTGAWE PRVAT: NKOM$TE: (a) Totale inkomftte verkry oil work en eiendom (b) Ooniragbetalinga ontvang van owe heidftliggamo (e) TOT&LC PBlVAT'! fskom8tj: (voor be 1l11tingll) PruVATE UT(AWE: (a) Uitga_ van ~o on nie wim organi&b6iea ~ verbruikllgoedere en dielllltet (b) Lopende oon1ragte van huishoudingb san owerheidaliggame (c) Direkte belastings met idaluiting van bydraea tot beetmnabeveili8ing:ll fonclae (d) Private beeparingt (e) TOTALE PRVAT'! UrroAwa

52 ~ ; D OONSOLDATED CURRENT ACCOm'l' OF D OEKONSOLmE~Rr'LO{1'NDE'~ : iliiiiit (i PuBLlO A'lJTROarrms (ii' Somu Szcuarry FONDS (i PuBLC AUTlloarT[E8 REO:lP1:'8 : (a) Direct Taxes (b) ndirect 1'aee (e) Current Tnllafe from Householdt (d) Other CUfTllnt Reooiptc (e) TO'1'AL RzoJ:1lT8 7 E~'lVJtJ:: Ca) Expenditure on Oooda and ServiOllll (b) Trawd'e to HOUllhokb (0) T nwd'er to Social Security Fundt (d) Sutidies (e) Current Surplua (f) T O'1'AL ExpEND''tffi (ii) Socut 8J!:Cn1TY FmrD3 REOlm'1:8 : (a) Transfer from Government (b) Total Contributiona to Social Security Funds (e) O ther Current ReceipUi (d) TO'1'AL RECEPTS 9 EXPEl'DrrtJal: : (a) ExpenditUl'e on Goods and ServiOOll (b) Transfer to BOU8l!holds (e) Cunt Surplua (d) TO'1'AL E;ncNDTt1Ji!: E GROSS SAVNO AND NVESTMENT 10 Oaou SAVNO' (a) Private Savingt (b) Current SurplU of Public Autboritiee ' ' ' '''7 16!! 17' ' ' 2 U 2 (c) Current SurplU of Social Security Funda _ (d ) Depreciation AllowanOOll ' ' 191H: 93 ' '29 ' U ' 19:i l t 149 « (e) TorAL Ga088 DoKESTC SAVNO 1~'~'~3 ~ o1c9 C+~ ~9C+~~c~4 233 ::: (g) TO'1'AL 1~'~9~ :~ ~~26=9:+=23=7:1 :::+c:::: Cf) Net Over&as Borrowing: and RealiBa tion of Foroign etc M Oaos& DoN1t8Tlc CAPlT1oL FOUfATlON n 1~~~ 4:~«C1~2'=':+'~3~7:t:::~cc=4 7 9 KENNO V A ' (i' OWCJUl ld8l100uo: (ii' Bl:8TAAN8BKVJ:tLlON08J'ON'D6S (i) OWClUJElD8L100AXS OtTVAN081'C : (al Direkte belaatinga (h) l ndirekte belastij188 (c) Lopende oordragte \'&rl bu illboudinge (d) Ander lopende inkomate (e) TO'1'ALE O~TVANOS'n UTfU_ : (al Uitgawe &an goeclere en diellbte (b) Oordregte aan huishoudings (c) O~ &an bel!1&&n8beveiliginge fond8e (d) Subeidiee (e) Lopende lurplua Cf) TO'1'tLE UrroAWZ (ii ) BESTAA'i'SB VJ:tLlODl'08J'O'fD81S ONTVANGl8T: : (a) Oordrag Villi owel'heidsliggame (h) To~l e hydram tot bel!t&ambeveiligingsfollme (0) Anderlopende inkomate (d) l'otolu: \ihrtvuj08t& UrroAwz: (a) Uitga_ &an goeclere en dierllte (b) Oordragte &an huiehoudinga (c) Lopende lurphw (d) TO'1'AL Urrr)Awc E B R UTO BESP ARNO EN BEL EGOl NO 10 Baln'O BE8pABQlQ (a) P rivat8 xwp&ring t (b) Lopende surplu van owem eidejig_ game (c) Lopende surplwl van bel!ta&nebeveiligingsfondse (d) Waan:evenninderillglltoel_ (e) TO'1'tL: ~= B N!f1:tAJi08C B 8PAlU};O (f) Netto 00_ leninga en verkoop van buitelandse batel!l (8) T 0'1' AL BaUTO B'NNUufD8J: BCLSOONO ~~~C~~~~~~~~~~~~~~~ See Nota 00 page 37 : Prellllilll&/')' Estunatee Sl6n aantekenmge op bladey 37 :: Voorloplge akattldg! t n clud ing ~ieeions a nd error EJ:cluding lendl_ payment t hwluitende wegl&tlngs en foute Uitcluitende huurleenbetaling :'

53 XL THE UNON'S BALANCE OF PAYllENTS'DE UNE BE BETALNOSBALANS A JLtUJ8 ( SA mili_ Hwohaodie& 194' tH Koopwan! mport rob 30' '04 31 nvoer v b E~rob < 281 Uitvoer v b1 T~ B~~ 2Q~ ~EUlB~8 N Oold Outputl 97 F<oigh ''' ~ <7 Netto goudprodukai& V n venekering op invoere Other TTaMporttion t and DW'lWoe Nld Foreign Tnwel (net) Ander venioer' en ve kering en toenateverkeer (netto) nveetment noome (Q8t) ' nkollulte uit (netto) Go_ Die (net) Regering8 n e'; (netto) 0_ Sornooo (net) Ander (netto) TMU OooM ~o S_VCZ8 (net) TM~ GOl':OPl': EN Dn:NlT: (netto) DoutioJl8 () 2 3 DonooiM (netto) B~~ o CuoaoNT ~ ' m 10} B~ m LoPl':NDJ: R L'nNO Gold Subcriptioll8 to mad MF 6 Goudbydrae to mho '0 JMF Dollu Dnlwlng from ><F Dourtrekking op mf Official Offiai6le ~ningo Onld to UK Goud ~ VK ( ) 3 Sterling (nettol US Dollan VSA dollan F 3 Switee } { ' Bhortterm liabilitiea f 3 2 Korttermynverpligtinp N Private Capital Movemente' Netto partikuliere kpit'beweginga' Omiaions E=N Weglatinga n foute ' TOTAL : Caufo Df GOLDxD Foamol( EltCJUNOC HOLDl'G8 TOTLU : V~OCJUNO n; GOUD ~ B~ + d ) VllUTulEtlrr (Toename + alname )

54 r B QuAa'nlUT 2nd 3m liec'obandi : Qt< Qt< Qt< 1_ 2de Kw Kw Kw mport ob 97 SO l!7 Export fob 76 ~~oa sa sa Net Gold Output oj 61 Other Ourreat ttem (net) 17 B ca OK ~ AoooUll'T 3 DolW Dnwing f~ DfF Qu Kw Too Ttal ' ta 1< 1 US! l~:! 2nd 3m Total B Kw&aTutJJJ[~ Qt< QU Qt< Qtr Sdo Totaal Kw Kw Kw Kw Koopware: lit 11< os 1 '17 nvoer v Lb 37 3B : ' Uitvoor vlb Sl 1<3 ~uu~ to BALUf1 Netto goudpredubie l Ander 10pende ~te (amto) or LoPKlfD: R:KmnltG DoUutrekking op na Otloial Lc:a: U8 Dollart 1 Sn FranOi 8h<riterm LiabilitiM' :=te:=ov~:' } 7 TOTJL : Ca lfo 1M GoLD um Fou:ro Excauro BOLD nfo' (ncrenl8+ decrmm) 30 (1) Revir eetimatea No agn indicate a plua!llp (S) Excluding gold buluon gold produot and ehi~' tor () See Table XXV (e) ncluding reoelf;:;or hjll' tor (a) ncludiqg lend yment of!s million (f) Owed to foreign b:e: and foflllian Govemmea~ and mee loreip individua1a (7) nolding trade orediw and drawinga UDder uranium 10UJ (8) See TaNe XXV lor chage in gold boldidp and Tablll XXV for change in foreign uebaoge boldinp c) Pntrlimizwy Mtlmate OfBlille eninp: Sterlina: VSA douan 0 Swit4er'W lranb KorttermyuvflPligtiop' 1 {Net~ l TOT~ kapitatlbe Wegla~1Dg en foute Burr(Toename+alneme) VBll&XDJ::alNO nrgovd B~ V&LU'rA (1) H_n& kattmga Geen teken dw '0 pluli tekeo MD (2) Uitllluiteode ltaafgoud goudprodukte eolllreepevoornde (3) Sien Tabel XXV (') rwuiteode ontvn1pte vir llreepsv~e (a) oaluiteod& buurmnbet&ling van 25 miljoou (6) Venku!dig MD buitelujdmj badke eo buitelauliml repridga Q eec&rt buiteland8ll indiwidue (7) lnaluitende bandelakrediete eo ~rekkiogll teem uraankldinp (8) Sien Tabel XXV virvef'&lldering in goud~t eo Tabel XXV m vezoatldering in buitelaud valutabeei~ 1) Voorlo~ bttinp

55 37 NOTES TO TABLES XXXVU AND XXXX Groa atld Net la utmeot Table XXXV Section A of Table XXXVl has now been changed so as to give a breakdown of Gross Public and Private nvestment (ie net investment plus d~preciation or capital consumption allowances) instead of Nel Public and Private nvestment as in previous issues of this Bulletin Section B of the Table has also been changed in so fa r as depreciation allowances are now shown as a deduction against Gross Public and Private nvestment 50 as to obtain Net Public and Private n vestment Although it s preferable on theoretical grounds to give deta ils of net capital formation ie the net addit;ol' to capital assets of a country during a n accounting period the calculation of depreciation allowances still presents difficulties in this as well as in other countries due to the lack of accurate statistics Statistical sources relating to the Union's actual capital expenditure which includes the amount to be deducted for depreciation are more reliable at the prescnt time and it is fo r this reason that the change from the net to the gross investment concept has been made in the table G ross Nllonl Product lind ElipendllUl'r Tble XXXX Previously Subtable B in Table XXXX gave a breakdown of Net National Expenditure but in this Bulletin the various subitems add up to Gross National Expenditure This means that tem 3(c) now becomes Gross instead of NctCapital Formation Sodal ~ uril )' Fund! Tble XXXX A separate account viz Social Security Funds is now included in Sub table 0 in Table XXXX This account relates to the current transactions oc the Unemployment nsurance Fund and the Work: men's Compensation Accident Fund The revenue of these two funds is derived from contributions from employers and employees (which are treated as a direct tax and included in the direct (a}( pay ments of the Private Sector Subtable C) and a transfer from the Union Government (which is included as a current expenditure item in the Public Sector's account [Subtable 0 (i)]) The expenditure of the Social Security Funds C005ists of administrative: expenses (ie expenditure on goods Bud services) and payments to individuals which are regarded 85 transfer payment! received by the Private Sector in Subtable C The balance between revenue and expenditure of the Social Security Funds is carried down to the Gross Saving and nvestment Table ie Subtable E Formerly the current transactions of the Social Security Funds were included in the Private Sector GroM Slq and nvutment Tble XXXX Subtable E now shows the sources of the funds available for financing Gross nve5tment Gross Saving is equivalent to net saving plus depreciation allowances AANTEKENNGE VM TABELLE XXXVrn EN XXXX Nto ta Netto Brkglna TMbel XXXV Ardeling A van Tabel XXXVU is nou verander om 'n splitsing van bruto open bare etl private belcgging (dws netto belegging plus waardevermindering of kapitaalverteringsbcdrae) Lpv netto open bare en private belegging snos in vorige nommer! van hiordie kwartaalblad weer te gee Afdeling B van die tabel is ook verander deurdat waardeverminderingsbedrae nou as 'n a/trtkpos teen brute opcnbare en private belegging getonn word om sodoende neuo open bare en private belegging e verkry Alhoewel dit op grond van leoretiese oofwegings vcrk ieslik is om besonderbede te venkaf ivm nella kapitaa\vorming dw5 die netto byvchging tot die kapitaalbates van 'n land tydens 'n boekjaar lewer die berekening van waardeverminderings bedrac nog steeds mocilikheid in hierd ie en ander lande vanwee gebrek aan betroubare gegewens Die stalistiese bronne wat betrekking het op die Unie se werklike kapitaaluitgawe wat die bedrag wat vir waa rdevermindering afgetrek moet word insluil is op die oombli k van 'n meer betroubare aa rd sodat vir d i ~ rede die oorskakeling van die netto na die bruto beleggingsbegrip in die tabel aangebring is Bruin Volbrodulr en _ultmwe Tbrt XXXX Voorheen het sublabel B in Tabel XXXX 'n spli15ing van nello volksuitgawe verskaf maar in hierdie blad is die totaal van die verskillende subposte gelyk aan bruta volksuitgawe Oit beteken dat pos 3 (c) nou bruto Lpv netto kapitaalvorming word 8rltuMbinlllglnpfondMl Tbrt XXXX 'n Aparte rekening nl bestaansbeveiligingsfondse word nou in subtabel 0 in tabel XXXX ingesluit Hierdie rekening staan in verband met die lopende bedrywighede van die Werklnosheidsversekerings fonds en die Ongev'allefonds vir die skadeloosslelling va n werksmense Die inkomste van hierdie twee fondse word verkry uit bydraes van werknemers en werkgewers (wat as 'n direkte belasting bcskou word en in die direkte belastingbctalings van die privaatsektof subtabel C ingesluit word) en 'ft oordrag van die Un ie regering (wat as 'n lopende uitgawepos in die openbare owerheidsektor [sub label 0 (i)j ingesluit word) Die uitgawe van die bestaansbeveiligingsfondse bestaan uit administra tiewe uitgawes (dws uitgawe op gocdere en dien'ste) en beta ling! aan individue wat as oordragbetalings ontvang deur die privaatsektor in subtabel C aan gedui word Die verskil tussen inkomste en uitgawe van die bestaansbeveiligingsfond!le word na die brulo besparing en beleggingstabel dws sub tabel E oofgebring Voorheen is die lopende bed rywighede van die bestaansbeveiligingsfondse in die privaatsektor ingesluit BRto kspariq; Hl Brkaciaa: Tbrl XXXX Subtabel E dui tans die oorsprong van die fo ndse vir die fi nall5iering van bruto belegging aan Bruto besparing stem ooreen met neuo besparing plus waardevermindering