Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-06-27
CLOSE TO SURPLUS.
Condition of Treasury Better
Than Was Anticipated.
CORPORATION TAX SLUMPS
Had Receipts From This Source
Been Up to Estimates Surplus
Would Have Been Shown.

Three days remain Of the governments
Of business June 30 Uncompleted figures
rather as OF the date Of Saturdays
Daily Treasury Statement" which in
cluded Fridays business. lead Secretary
to express himself as well satisfied with
fiscal year now closing.
. Mr.. Macveaeh regards the new tariff
law as having justified itself as a revenue
producer; internal revenue receipts have
exceeded the estimates by approximately
$40. OOO.O and the year promises to end
showing possibly a surplus in the or
binary receipts and expenditures or split
ting nearly even instead of showing a
deficit of $34.OOO.OO0 as was predicted A
larger income and reduced government
expenditures are given by Treasury Off
Gals as contributing causes for the good
showing.
Expenditures on Canal.
During the year the government has
expended on the Panama canal $33, $40, O4O.
This has been a drain on the regular
working cash balance, there being no
special fund from which payments for
this purpose can be made. Congress has
authorized the issde Of bonds to meet
canal construction expenditures, and Mr..
MacVeagh thinks the cost Of construc-
ton should be shared by posterity, which
after all will get the benefit.
He has baked, however, on the basis
on which the law provides the bonds
shall be issued. If at per cent. as now
proposed, the Secretary believes they
would have a much better national bank
circulation privilege than the outstand-
ing per cents. and their issue would
therefore constitute discrimination
against the twos. Congress refused to
culation secured by bonds. as recon-
mended by the Secretary, and the bonds
remain unissued. The amount Of Panama
3s authorized but not issued aggregate
$3.50, $50, 900.
Receipts and Expenditures.
In his annual report to Congress in De-
cember Secretary MacVeagh estimated
that the ordinary receipts Of the govern
ment for the fiscal year 1910 would be
$64S, OOO. 600; up to Saturday they had
aggregated $641, 1856, 500. He estimated the
ordinary disbursements at $6S2, O75. 500;
at this time they amount to $3.50, SIC, 1886.
Customs receipts this year have been
1925, So, 242. the Treasury's estimate for
the year being $685., 600, COZ. Now the pre-
diction is they will reach more than
$3.50. OOO. 600. thus falling below the esti-
mates
There has been a material reduction
from the estimates in expenditures in the
civil war and naval establishments and
a decrease Of $.OOO,OO0 in the estimated
postal deficiency.
Whether or not there will be an actual
surplus at the end of the year, officials
say, depends on the amount Of corpora
ton tax money received. Secretary Mac
Veagh estimated 1t would reach SIS. OOO, 900.
The prospects are otherwise. The
nue. collectors, and frequently several
days elapse before it reaches the Treas
ury here.
Delay Paying Tax.
Senator Cullom's resolution postponing
payment of the tax until January 1, al
though not receiving congressional sane
ton. In the opinion Of the Treasury Of
hcials had the effect of deferring pay
ments of the assessments by many cor
porations on the theory that 1t might be
acted on.
Corporation taxes paid to date amount
to 81. 238, 153. II $1SOOO,OOO from that
source be in the hands of the Treasury at
Washington by the end of the fiscal year.
Treasury statement for next Friday will
show substantial surplus for the year in
the items comprising the ordinary re-
ceipts and disbursements.
The total deficit for the year to date,
including that on account OF the Panama
canal, the ordinary transactions OF the
government and those incidental to the
1abx Sc