New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-02
SURPLUS OF S9,4O2,432
Treasury Had Deficit of $685..
734.954 in Previous Year.
ADMINISTRATIONS EXHIBIT
Corporation Tax Receipts ST.
362,s1S-No Panama Canal
Bond Issue Before Winter.
From The Tribune Bureau.l

washington, July IA financial showing
which should commend the Taft admins
tration TO the business men of the country
as well as 10 all Others who believe that
the government should live within its in
come. is disclosed by the Treasury state
rnent made public to-day The first fiscal
year OF the Taft administration, which
closed yesterday. shows surplus Of So. 4o2,-
49, Ds Of ordinary receipts over eXpendi-
lures. This is q remarkable showing when
il is remembered that year ago yesterday
there was deficit in the national Treasury
Of SIS $50 es. The estimates made last
year before the enactment Of the new tariff
law contemplated a deficit Of not less than
S3zG75,0Oo
Il is believed that the present condition
OF the Treasury jGstifes the prediction that
IL viii not be necessary to issue any Pana-
ma Canal bonds until next winter Secre-
ta,y MacVeagh does not desire TO issue
any new bonds until there shall be an ad-
1ustrnent Of the circulation tax 1t is prob
able that he viii urge Congress to come to
his relief in this matter early in the next
session. When the Panama bonds are is
sued the Treasury viii reimburse the
money which has been advanced for the
building of the canal In the last fiscal
wear the Treasury advanced for canal con-
struction s5s. 81. s73 s.. making the total
amount due the Treasury from Panama
Canal bonds sIls.7S5 "a. Through the in
clusion Of the nearly So, 0eo. opo expended for
the Panama Canal. the total balance for
the year shows & deficit of S., So, 6+6.
This should be compared. however. with the
total deficit for the previous fiscal year,
amounting TO s11&795.e19
The customs dues for the year just closed
produced revenues amounting TO sS2073 .3aI
more than those Of the preceding fiscal
year. Most o. this money was paid under
the schedules Of the Payne law, which was
in force nearly eleven months of the last
fiscal year.
Receipts from ordinary internal revenue
taxes show an increase of 81. 6.S72 over
those OF the preceding year. There was a
decrease in receipts from miscellaneous
sources amounting TO $3.50. 600. The net in
crease Of receipts for 1910 over 1903 was
So ga. 29l. OF this amount the new cor
poratIon TAX furnished S17.362S15. The re-
ceipts from the corporation tax yesterday
were IS. So GA 20.
Although the ordinary disbursements for
the current year were estimated at $685.
e-562a. the actual disbursements have fallen
short of that amount S2S oe0,oo0 and are
659,6623=S, as compared with $50. 324. ~ in
the preceding year. The accounts of the
War Department and the postal deficiency
each show = reduction of sS9o1. 900 in actual
expenditures below the estimates. The civil
and miscellaneous disbursements fall
So 900 GOO short of the estimates. and all the
other classifcauons Of disbursements fall
short Of the estimates. except the disburse-
rlents on account of Indians, which show
en increase Of about 100000.
As compared with previous years. the
principal decrease in disbursements is
shown in The postal deficiency. amounting
10 S11.0a8.e00 The expenditures for the navy
show the largest increase. amounting to
S %. 090. While the ordinary receipts Of the
government for the fiscal year have in
creased Sc. 800. 600 the disbursements have
decreased 81. zoe. COO