The Birmingham age-herald., 1910-06-27
FISCAL YEAR ID
 END. THURSDAY Larger Income and Reduced
 Expenditure Noted .MACvEAGA IS SATISFIED
Government Expense Has Been Cut Considerab1y-Wheth There Will Be surplus Depends on Cor
 porntio1 Tax Money

Washington, June 26.-Four days remain of the governments fiscal year, which ends with the close of business on June 30. Uncompleted figures and estimates available at this time, or rather of date of yesterdays daily treasury statement, which included the business of Friday, lead Secretary MacVeagh of the depart ment to express himself as well satisfied with the operations of his department for the current year.
 MT. MacVeagh regards the new tariff law as having Justified itself as revenue producer, internal revenue receipts ex- ceeding the estimates by approximately SIG, ,0O0, 900, he says, and he adds the year promises to end showing possibly a sur- plus in the ordinary receipts and expen- ditures or splitting nearly even instead of showing a deficit of $3400o,0O0 as was predicted.
 A larger income and reduced govern ment expenditure list are given by treas ury officials as contributing causes for the good showing made.
 During the year the government has expended on the Panama canal s33, ,910,040. This has been a drain on the regular working cash balance. it Is said there be- ing no special fund from which 1t could be paid. Congress has authorized the is- sue of bonds to meet canal construction expenditures and MT MacVeagh thinks the cost of construction should be shared by posterity, which. after all, he says. will get the benefits
 BnIks Bond Law
 Secretary MacVeagh has baked on the law Sroviding for the bonds. This instru- ataf dAr For 2 pa,f trcf4 md the secretary believes national bank circulation could be privileged to better effect than the outstanding per cent paper and his plan would constitute a non-discrimination against the twos.
 Congress refused to graduate the tax on national bank circulation secured by bonds as recommended by the secretary and the bonds remain unissued. The amount of Panama threes authorized but not issued aggregate s$29O, ,569. 600.
 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, ,00o,o0o, and to date they have az gregatea ss4i ,3sJtsS He estimated the or dinary disbursements at $6se .o7562l. and at this time they amount to S650510,S35.
 Custom receipts this year have been ss2o.5s2,2 PAP. and the treasury estimate for the year was $335. 100000. The prediction Is now made they will reach more than $S30.0Oo,000. falling below the estimates
 There has been material reduction in the estimates in expenditures in the civil war and naval establishments, and de- crease of $7,0O0,000 in the estimated postal deficiency.
 Probability of Surplus
 Whether there will be an actual surplus at the end of the year. officials say, de- bends on the amount of corporation tax money received. Secretary MacVeagh es- inmates it would reach $15.OOOOO0. The prospects are said to be otherwise. The money is to be paid direct in to internal revenue collectors. Several days elapse frequently before the money reaches the treasury department here.
 Senator Cullom's resolution proposing postponement of payment of the tax un- til January l. although not receiving con- gressional sanction, In the opinion of treasury officials had the effect of de- ferring payments by many corporations on the theory that 1t might be acted upon
 Corporation taxes paid to date amount to 8, ,23S, 153 If $15 900, 900 from that source be in the hands of the treasury at Wash ington by the end of the fiscal year the prediction Is made that the daily treas ury statement for next Friday will show a substantial surplus for the year in the items comprising the ordinary receipts and disbursements.
 The total deficit for the year end date. including that on account of the Panama canal the ordinary transactions of the government and those incidental to the public debt, Is $44415 940