CT does indeed stand for Cape Town, but this is a telegraph rather than a postal cancel and would have been used to pay the fee for a telegraph (or telegram) sent
The Stanley Gibbons catalogue does not mention this stamp as being inverted watermark, but it was used in booklets, which, often from the way they were printed, one half of the original sheet upright and the other half upside down (so that they could easily be divided for booklet panes), means that they do occur this way, but as I've said, it's not mentioned in the catalogue - perhaps one of the South African members might know
regards
Sam
The Stanley Gibbons catalogue does not mention this stamp as being inverted watermark, but it was used in booklets, which, often from the way they were printed, one half of the original sheet upright and the other half upside down (so that they could easily be divided for booklet panes), means that they do occur this way, but as I've said, it's not mentioned in the catalogue - perhaps one of the South African members might know
regards
Sam
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