The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-12-09

the foreign exchange market caused
large exports OF gold 70 belligerent coun-
tries In September. November. Decern-
Der. 1914. and January, 1915, the bal
ance OF trade began early In the present
calendar year to favor the United States
and increased until. In November. It
amounted to more than a billion and Q
half dollars. Our stock Of Gold coin
and bullion increased from e1.e06.S 76.-
$50 on January 2. 1915. to ~32iss.1l3..
762 on Nov. 1. 1915. by far the largest
amount OF this precious metal ever hetd
by any ons country. 1t Is interesting to
note that the production Of our own
mines. including those In Alaska, for the
calendar year 1914 totallsd Ss4,53l.so0.
an increase Of S5,sS7.lo0 nj the year
1918.
From Sent. =. 1914. to Nov. 10. 1915
slightly over fourteen monthsOpolicies
have been written on war risks aggregat-
Ing 9s9.245.052 The total number Of
policies written was 1888. or IN average
Of nearly 100 n month. The total net
premiums received by the bureau
amounted 10 e2.127.s76.7o.
The losses paid aggregate $74<.l2S.
being for tho Evelyn. Csrib. Greenbrier.
william p. Frye. and certain Navajo
cargo. Salvage Of s4s.i&3.es has been
received on account of the Evelyn. how
ever. making the net losses $685.. 9S<.32.
The net losses paid deducted from the
premiums MISUNDERSTANDING. 70-ieave
a surplus OF premiums received Of ST.
431 .992. 3s."
increase In Income Tax.
Secretary McAdoo says Of the income
tax
For tho fiscal year ended juno so.
1915. the total receipts from personal in
come tax were s4l. O4S.l62.09. an in
crease Of Sla.79e.S27.ol over the proceed.
Inc year. The total receipts from cor
poration income tax for the fiscal year
ended June 30, 1915. were $3s.144.531.7l,
a decreaoe OF S3.9S3.2 os. is. The increase
In the personal income tax receipts was
due in great measure to the fact that the
collections for the fiscal year 1915 were
for a period Of twelve months. whereas
the collections for the fiscal year 1914
we're for ien months.
The decrease in the income tax from
corporations Is due, In large measure. to
the effect OF the European war. which
has reduced the operations Of some OF
our largest corporations in the ~beiiigerent
countries OF Europe. and also to the dis.
turbances in Mexico. which have had a
similar effect upon some OF our large cor-
poutions doing business In hat country.
and also to the ,eiiex action upon our
" domestic situation occasioned by the
great conflict In Europe
The Secretary calls attention 70 the
need or larger revenues and says II 10
evident That the emergency revenue
measure and the existing duty on raw
sugars can be continued with advantage.
New Forms Of Taxation.
This being done. we now have 20
consider tho . forms OF taxation
which must be resorted to for the pur-
pose OF providing the additional reve-
nues required. the major part OF which
Is needed 70 carry out the enlarged pro.
Grainms for national defence. The total
amount " required for the year 1917 il
oll2.80s.3s< 4. including 325. 900. 900 Of
expenditures for the Panama Canal In
each OF the years 1915 and 1917. II the
canal expenditures for both years are
to be nance by bonds. tho additional
revenue required would be $6:,sOs..
Ss%.22.
Il believe that no part OF these ex.
penditures should be provided by the
sale Of Government bonds. with the nos
sible exception Of the payments for the
Panama Canal. Even as to the ma
Canal II seems to me wise to continu e
I TO provide for Its necessities out of the
revenues OF the Government.
The entire amount OF the deficiency.
estimated on the basis herelnbefore
stated. for tho fiscal year 1917, amount
Ing to &ll2,s06. 3s<.22 (which includes
payment OF Panama Canal expenditures
for 1915 and 1917 from the general fund.
and provides for the maintenance OF a
general fund working balance In the