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Initials AK/S/PB



Script is copyright Reuters Limited. All rights reserved

Background: FEARS FOR THE ECONOMIC FUTURE OF JOHANNESBURG WERE VOICED AT A MEETING IN THE CITY ATTENDED MANY LEADING ACADEMIC AND COMMERCIAL FIGURES FORM THE TERRITORY.

UNLESS THE PRICE OF GOLD ON THE WORLD MARKET SHOWS A MARKED INCREASE IN THE NEAR FUTURE, DEVELOPMENT OF THE CITY WILL ALMOST CERTAINLY BE HALTED.THE DREAD EXAMPLE OF MANY GOLD 'GHOST' TOWNS DOTTED THROUGHOUT THE WORLD HAUNTS THE MINDS OF MANY JOHANNESBURG INHABITANTS.

THE WITWATERSRAND AREA IS NOT LIKELY TO GET MUCH MATERIAL BENEFIT FROM THE DECISION BY THE MILLIONAIRE FIRM OF WESTONS TO MOVE A COTTON MILL TO EAST LONDON.MOREOVER, IMMEDIATE DEVELOPMENTS ARE BEING CONCENTRATED IN BORDER AREAS WHERE NATIVE LABOUR IS MORE PLENTIFUL.