New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-02
THE TREaSURYS THIRD QUARTER.

The Treasury statement for March and TOT
tho n,no months of the fiscal year ending with
March is highly encouraging. NO other lhoh'h
of tho current year has made so satisfactory
showing The surplus for March is not exces-
siye 1t amounts TO a little less tnan SoUo'VVV'
August had n surplus OF So,9o',o'i, oeptehpei
one of Sc. 439. SIS and December one of S1O49
500; but in no other month except August mas lils
years surplus shown 3 positive gain on last
wears The August surplus for 1903 was Slooo'-
600 larger than the August surplus for l9O2; Dut
the March surplus for 1904 IS S2,5OOOoo larger
than that for 1903. The other seven months
have all seen expenditures expand and recelpts
diminish, SO that on March L the net surplus LOT
the first eight months of the fiscal year stood at
81 S97 0S5 against net surplus OF Ss3'o4' 'L-o
for the first eight months OF 1SO2-oo March
UNEXPECTED squirt raises the surplus for the nrst
nine months of the current year TO S1,S42,ol3'
against n surplus of S33,e3l'oo9 on the Saiiie
date year ago.
For nearly q wear past there has been steady
falling off In federal customs receipts. March
IS the first month TO show q turn In this losing
tide Its receipts from customs actually exceed
those of March. 1903. The excess Is only S2,oop'
but for the other months this year the SHRINK
age in customs has averaged between S2.Oo.OVo
and s., 600 600. March's internal revenue receipts
have fallen off slightly, the total for the month,
S1S.3bO,UDO, being SJOo,Ooo peIo" 'hc HsuA ANA
1903 On the whole, however, receipts have
maintained a satisfactory level The total for
the month, $4i,761, 400, is less than Sl,oJo,oOo
below last years mark, while expenditures have
been cut from S45.435 434 IN 1903 to Sf1,oO1,OOo
in 1904 This saving reverses the situation the
Treasury has had 10 face for some time past
Expenditures have been creeping up gradually
since last July and on March the total e1-
penditures of the year were over S16,OO0,OoO
greater than the total for the same period in
l902-'O3. Now the excess has been reduced 70
about S13000HI0. On the other hand, receipts
up to date for this year are Sl3,oOo.ooO short OF
the total collections n year ago.
The whole, and more than the whole, or this
years increased expenditure is chargeable 10
the growth Of the navy. For the first three
quarters OF 1902I03 SGO.72S,000 was spent on
the navy; for the first three-quarters OF 1903-'04
tary establishment fell from S92. 646.OoO to $751;
600 Civil and miscellaneous expenses in
creased from S96 750 900 to S1O4, 363, 900, and
disbursements for pensions rose from $780, 49,
600 to S10S, 400 724; but saving OF 100000
has been made in Indian expenditures, and
saving of $4,000 900 in the governments inter
est account The year now threefourtns fin
ished promises to end with substantial balance
to the nations credit The last quarters ex-
penses are always relatively light, and the pres
ent surplus should easily he more than doubled
by July l. Secretary Shaw has predicted n
balance TO the good for 10000 OF S14, 100000
His prophecy will be amply justified, unless
present Treasury conditions undergo a radical
change.