The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-07-02
TREASURY FIGURES
SHOW BIG SURPLUS
Income Exceeds Ordinary Ex-
penscs at End of Fiscal
Year by $33,784,452.O7.
EXCEEDS M'ADoO'S ESTIMATE
Administration Officials Point to
Result as Proof of Promises
for New Tariff.

Washington. July 1.-Treasury fig
urcs completed tonight showed that
the Federal government went through
II" first fiscal year under the Wilson
administration with it's income eX
ceedinS ordinary expenses by s33.7S4.-
452.r1. Nearly S33.500, 900 pouring into
the Treasury yesterday. the last day.
brought the total receipts for the yeai
up to sT343+3. 10000. sl,j00.000 above
Secretary McAdoo's original estimate.
and turned into IL surplus what had
promised the day before to be a sub
stantial deficit.
ments furnished the stream of gold at
the finish. From this source came S26.-
l61.IS2.S2 between the opening ana
closing Of the Treasury Yesterday. and
tonight Secretary Mc-Adoo and other
administration officials were pointing
proudly to the total figures as proof
OF their promises AS to what would be
accomplished under the new tariff.
MONEY Spent on CANAL
WILL. WIPE OUT SURPLUS
The Treasury surplus this year. as
last. will be wiped out by Panama Ca
nal expenditures, which have been paid
froUi the general fund. During the
twelve months S3+.S26,Sil has been
spent on the canal. and when this has
been charged off there will be deficit
for the year of sl,O10.O5S.Sf OH III,
hooks. Last year the canal cxpendi-
tures amounted S41,7il.25S. and tn.
hnai deficit was si00.733. Last years
total receipts We're only s69l.i4O. 900.
but on the other hand the ordinary eX-
pcnditures were only SJ54. sos 600 OF
Si5.'ji.2iS below this years total
Secretary McAdoo estimates that
approximately s3,5OO.00O scheduled in
income and corporation taxes assess
ments not paid in June because pen
atty does not accrue against these nm
Ill July 10. would have been a clear
surplus for the year of approximately
s2.500.0O0
The Secretary issued statement.
saying:
The department is exceedingly grati-
fed with the results for the first fiscal
year Of the new tariff and income tax
law Cnquestionably, very much bet
ter results will he obtained during the
present fiscal year"
FIGURES SUBJECT
TO LATER REV ISION
The following figures were an
nodnced for the year. subject to re-
vision upon analysis of complete re-
turns:
Customs receipts. s2s2.12S, 52763
Internal revenue. ordinary. s3OS,6l3,-
S43.73.
Corporation excise and income tax,
s43,079.S19.4i
individual income tax. S2S3O6336 CO.
Total, s1l.3S6,156.13.
Miscellaneous receipts. s62,l25,172.7I
including s3S0o0O0 surplus of postal
revenues for the fiscal year 1913.
Total ordinary receipts. s734,700.20.
Total ordinary disbursements. $780,
JJ2.24S.l3.
Surplus of ordinary receipts. sSs-
7S4.iJ2.07.
Comparative statement of receipts
and disbursements for the last three
fiscal years:
Receipts-IsI2. eI.77S.465; 1918,
S72+.ll1.2a9; 1914. s734.343.7uo
Disburseme S654.553,963;
1918. s6S2,770,IV6: 1914, S700.559.24S.
Surplus-l9l2. S37,2e4 sol: 1918, SAL
3io.524; 1914 $S3.7S4,452.
Panama canal-lsl2. ss5,s27.s7o;
1913, S4l,74l.25S; 1914, S34.S26,94I.
Surplus or deficit--19l2. sl.S97.13l;
1918, S4O0.733: 1914. Sl,OlOO5S