Los Angeles herald., 1910-06-27
YEARS. EXPENSES
FOR GOVERNMENT
ARE sG48,000,000.
Secretary MaCVeagh Estimates
Customs Receipts for Twelve
Months at $326,567,42O
DEFICIT WILL BE SMALLER
Panama Canal for Year Has
Cost the United States
$33,91o,O40
[Associated Press1

WASHINGTON, June 26.-Four days
remain in the governments fiscal year
which ends with the close of business
on June 30.
Uncompleted figures and estimates
available at this time lead Secretary
MacVeagh to express himself as we'll
satisfied with the operations of the
treasury department for the fiscal year
now closing.
Mr.. MacVeagh regards the new tariff
law as having justified itself as a
revenue producer; internal revenue re-
ceipts have exceeded the estimates by
approximately $10,000,000, and the year
may end with a surplus in the ordinary
receipts and expenditures. instead of a
deficit of $340OO,00O, as was predicted.
$8S,91O,O4O ON CANAL
During the year the government has
expended on the Panama canal $33,91O,-
040. This has been a drain on the
regular working cash balance, there
being no special fund from which pay
ments for this purpose can be made.
Congress has authorized the issue Of
bonds to meet canal construction ex-
penditures, but Mr.. MacVeagh has
baked, on the basis on which the law
provides the bonds shall be issued.
If at 3 per cent, as now proposed, the
secretary believes they would have a
much better national bank circulation
privilege than the outstanding per
cents, and their issue would therefore
constitute O. discrimination against the
twos.
BANK TAX REFUSED
Congress refuses to graduate the tax
on national bank circulation secured
by bonds, and the bonds remain unfs-
sued. The amount of Panama threes
fr,e,
$500 569, ,000
In his annual report to congress in
December, Secretary MacVeagh esti-
mates that the ordinary receipts of the
government for the fiscal year 1910
would be $64S000,0 600; to date they have
aggregated $641, ,355,532. He estimated
the ordinary disbursements at 1852 2075,-
600; at this time they are s6l5,510,sS
CUSTOMS RECEIPTS
Customs receipts this year have been
1926, 562. 400, the treasury estimate for
the year being $685., 1000, 900. Now the
prediction is they will not reach more
than 1880 900, 900, thus falling below the
estimates.
There has been a material reduction
from the estimates in expenditure in
the civil. war and naval estimates and
a decrease Of 81, 900, 900 in the estimated
Whether there will be active surplus
at the end of the year, officials say, de-
pends upon the amount of corporation
tax money received.
ESTIMATE s15,0OO,OOO
Secretary McVeagh estimated 1t
would reach $4,000, 900. The prospects
are otherwise. The money is paid di-
rect to internal revenue collectors, and
several days elapSe before it
reaches the treasury here.
Corporation taxes paidN to date
amount, to $3,2SS,153. If $15,O00,OOO more
from that source be in the treasury by
the end of the fiscal year the prediction
is made that the daily treasury state
ments for next Friday will show a sub
stantial surplus for the year in the
items comprising the ordinary receipts
and disbursements.
The total deficit for the year to date,
that on account of the Pan
anna canal, the ordinary transactions of
the government and those incideptal to
the public debt, is $44, 415,940.