The Washington times., 1915-07-01
new YEAR IS BEGUN
BY UN|TEDSTATES
Fiscal Anniversary of Country
Finds Trade Balance Of
Billion Dollars. .-.

With billion dollar trade balance tc
its credit. and with internal revenue re-
ceipts from all sources s95. 40, ,44l. y
greater than they were for the fisca
year 1914. but facing a big drop In Gus.
toms receipts and loss in postal reve.
nue. as a result of the European war
the United States began a new fIscaN
year today.
Final figures on the state of the
finances of the country will not be tabu-
lated by the bookkeeping and warran,
division until late this afternoon, and
the exact figures will not be known
untn that time. II is believed, however
that the close Of the years business
VIII fnd the Government with casn
balance In the general fund Of upwaro
OF seo0oo.o00. but with a deficit Of re-
cstpts under expenditures Of from $50,
Wo.ooo to noo,oodooo. not including ex-
Canal and the public debt, to meet which
there are bond issues available.
AT the close Of business on June ",
one day before the end Of the year. the
cash balance In the general fund was
SS.O2s.17o.2s. but the last days business
of the year. usually shows o heavy
rush Of receipts. that may considerably
BOOST this balance.
Is Working Balance.
The cash balance IL merely working
balance, showing funds on hand not
apportioned for disbursement The
United states has in cash S1s9, OIL, ,73s SO
In the United States Treasury. and over
s57.0o0.0oo In depositaries and the treas
ury Of the Philippines. bringing the to-
tai of cash assets to $247,52S, $500.
On June % there was an. excess Of
receipts over disbursements of nearly
ia. as fssss ts5 ths .ss yssr essstss shcg to-
the Internal Revenue Bureau, a heavy
increase due largely to the war "emerg-
ency tax" II is no secret however,
mat collections from this source were
4 Whether the collections from the cor
poration income tax will meet the
1000 estimate of Secretary McAdoo
WI not be known until July 10. The
by July l. but provides no penalty for
FAILURE to pay until July 10, and II can
not be foretold, just how many are
waiting until the last minute TO make
from the corporation income tax had
reached but A3,b25, ,149.3l, nearly q. .oO0. 900
less than collections up to the same
dawss date last h, year The returns for, the last
Up to the close Of business June 70.
customs receipts dropped from $291, ,362.-
4132l for the year 1914. to $20s. 407, SID, II
Tor the last fiscal year Ordinary In
!s.nai !wsa revenue receipts, including the
49, McAdoo Is Optimistic.
offcial statements from Secretary or
the treasury McAdoo. and from Secre-
tary OF Commerce Redfield. are ex.
Pected as soon as the final tabulations
for the year are completed. Secretary
McAdoo holds an optimistic view or
the situation. and 1t Is generally con-
ceded that the question OF a bond issue
Is a remote one bacuse of the healthy
increase in the general fund durinS
June. 1t is pointed out that while re,
csipts for the year will be less than
all disbursements, there Is no real de-
ncit IN the Governnient finances. as
Sasn set aside TO meet disbursements
cash in the Treasury
"A remarkable feature of trade con-
dltfons Is that the billion dollars bal
ance1the greatest In the history or
ucally IN nine months. For the mrs,
three months OF the year imports ex-
ceeded the exports, leaving the net
balance .or the first quarter S8,ou,oov
nsainst US All records for, foreign
,.ns uas ~ highest ~ previous trade balance was
on ofneial figures for the eleven months
GSnains Ss with May. made public by the
noon; show favorable balance on
merchandise transactions of S9s3Ii7. 4Ty'
ha,i rs thirteen e ports which ordinarily
balance of approximately $50, ,OoO, ,O0J, it
Is now known that the excess OF exs
ports over imports Of merchandise ha 3
at this date exceeded 81. ooo,OQo.Wo.
In the eleven months ending with
an increase of sass osssfS or Ust
cent when compared with like period
s a year earlier Imports for the eleven
crease OF sAs NO. or the Ma I'M
ports 90 per cent entered free of duty.
COZ NAY na imports totalled sl42. .2S4, ,s51, or
S1o,Uc9, 600 below figures for the same
ports ssxresated ,s fss 1885, 49, eseesdfnx Mes INK
by sN'ooo'ooo the largest May total here
The inward flow of gold which be-
came pronounced about the commence
ment OF the current year continued |
May at an accelerated rate. imports
amounting to s3l 1876, ,31l. against sf,y72,- |
q ~ ,,I N May. 1914. Gold exports totaled
May. 1914. In the eleven months ending
May 81, 1915. gold imports totaled sis.
zG9l5 an increase Of $50, sos, ,46S: while |
SoIo exports aggregated $l43, 402, 160, an |
Increase of s7s.47o,e95 over a Hike period !
one year ago.
Department Of Commerce experts
point out that the immense trade bal |
ance Is not owing to orders for war
In fact. manufactures In
general, Nther than foodstufrs, hav,
been les sthan In the similar period |
before the war.
Large In 1908.
The nearest approach to the billion |
dollar record was In 1908. when a fn
vorable trade balance of s6s6 600, 900 was |
shown for the United States. In 1901
there was balance OF 1884, 900, 900, and
In 1903 OF s652 10000 while in 1914 tbe |
balance dropped to $i7O,OOO, 900 The last
lime 1t showed against the United States |
was in 1894
This billion dollar balance for the |
fiscal year is distinct from the billion
dollar net balance which Government
officials have predicted will be reached
by the United States during the present
calendar year. To arrive at a net hal
ance. there must be substracted from
the gross balance tho interest on Uni
ted States debt paid in Europe, tourists.
expenses, ocean freishts. money sent
home by alien residents. and numerous
other items
CtOrk RrjnUS Oiiartat