There are three sizes of the stamp you displayed. The original larger sized version was issued in 1936. Scott measures it at 27 x 21.5mm. It has an upright watermark. A second design was released in 1941. Scott measures it at 22 x 18mm. This version has a sideways watermark. Both of these stamps were perforated on all sides. A third version which is even smaller was created due to paper shortages in 1943. It is perforated on the sides and has slits called roulettes on the top and bottom of the stamp.
Your stamp is obviously the second version.
Here are the various catalog numbers:
Commonwealth - 28, 36, and 40.
Stanley Gibbons - 57, 87, and 124.
Scott - 51, 52, and 107.
Also, these stamps are normally collected in horizontal pairs because they were issued in two languages, English and Afrikaans. The rouletted issue is the exception. It is a vertical pair, but is typically collected as a block of 4.
You can see my South Africa collection which includes these stamps by going to this URL:
http://www.kgvistamps.com/PageScans...thAfrica.htm