Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-07-02
TREASURY DEFICIT
NOW S35,864,
This Is Compared With Surplus
of $34,418,677 for Year End
ing June 80, 1914.
NO OFFICIAL EXPLANATIONS
Congress May Restore Duty on
Sugar-Income Tax Is
Big Producer.

WASHINGTON. July 1.-The second
tration. which closed yesterday, showed
s35.ss4.3S1 deficit, compared with Il
surplus for the year ending June 80,
1914. OF s3441s.677
Official explanations will not be
issued until the figures for the year
are analyzed by Secretary McAdoo, but
on the face of records it is apparent
that receipts were much smaller, an
enues resulting from the war. and that
disbursements were much greater.
Notwithstanding the deficit on the
years business, the Treasury now has
With every prospect that this balance
will be increased by possibly 10000
900 in the next ten days, it is evident
there will be no bond issue to replenish
the Golfers for many months to come,
II at all
Customs receipts for the last fiscal
year amounted to s2Oe,26s.lo7, about
s11, 100000, under estimates made by
Secretary McAdoo several months af-
ter the war began, and $4,000 900 be-
| low the amount from this source in
1914. With the end Of the war ap-
parently remote, many Treasury Of
ficials are convinced II will be neces-
sary for Congress to restore the old
duty on sugar, which is TO become free
next year Sugar has produced about
s6o.000,oo0 revenue a year.
INCOME TAX PROVES
TO DE DIG PRODUCER
The income tax proved the big pro-
ducer the last twelve months Total
receipts up TO the close of business
last night were s7esoS.s75, of which
s36.3o3.525 came in June 80. This is
! more than ss.500.oo0 above the total
receipts from the tax last year, and
there remain ten days in which 1t may
be paid. Officials believe $4,000, 600 will
! roll in during that time. bringing the
total s5.ooo.ooo above the amount
estimated.
1t was said tonight that the per-
sonal income tax proved a surprise this
year. Last year it brought in only
about S2S,0o0.o00 but up to date this
year. it has produced more than SAL
! 100000. and that probably will be
augmented by several millions. The
evident intention OF officials to prose
cute tax dodgers probably helped to
swell this total, as the number of
taNables remains about the same. The
corporation income tax apparently will
! be about the same as last years
Contrary TO current reports, it now
develops that the emergency tax law
has proved better revenue producer
than expected. Despite this, however,
internal revenue receipts this year,
s335.ses,371, We're only about $4,000
600 in excess Of last years. One con-
tributing fact is that whisky is NOT
paying the revenue it used 10 produce
by some S16.000.000 or $4,000, 900 a
year.
POSr-OFFICE DEPARTMENT
RUNS BEHIND THIS YEAR
Another thing pointed out tonight
by Treasury officials was that the Post
| once Department, usually self-sustain-
ing, has run behind this year, and ha 6
| received advances from the Treasury
| amounting to more than $4,000. 900
The Treasury has paid out on account
OF the Panama Canal during the year
more than s29,o00,0oo, which, though
reimbursable. is not likely to be re-
imbursed unless through a bond issue
! for many years TO come.
Including the Panama Canal expen-
| ditures. but deducting the amount adj
vanced the Post-Ofice Department. the
| account shows net excess of all dis
bursements for the year over all the
receipts of about s57,5O0.O 900.
Total expenditures for the year were
sI3l l,527,572, compared with $500
| 5o9,24s last year.