Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-07-02
END Of FISCAL
YEAR SHOWS BIC
CASH DEFICIT
Revenues Of Government Less
Than Treasury Officials Is
timated and Expenditures
Considerably Greater


Washington, July l-Thc second
business year Of the present admins
ti7ation, which closed Yesterday.
showed a deficit Of Sa5.sGL8Sl. com
pared with surplus FOR the year end
ing june 80, 1914, Of s3i.4lS,677
Official explanations viii not be is-
sued until the figures FOR the year are
analysed by Secretary McAdon but IA
face of the records Il Is apparent that
receipts were much smaller. an enor-
nous reduction in customs revenues
resulting from the war while dis.
bursemenis We're much greater
Notwithstanding the deficit on the
years business, the treasury now has
an actual net balance OF SS2,02b.11G.
With such "A balance on hand ana ev-
cry prospect that il viii be Increased
possibly by $4,000 900 In the next ten
days, Il Is evident that there win bo
no issue OF Panama or other govern
inent bonds 10 replonish the Golfers
for many months to come. II al all
Customs receipts for the last fiscal
year amounted TO s20R. 26A.l01, nhout
81 600 900 under the estimates made
by Secretary McAdoo several months
after the war began, and $4,000. OU0
below the amount received from this
source IN 1914. With the end of the
wiir apparently remote. Il s well
known that many treasury officials
are convinced that u viii be necessary
for congress 10 restore the old duty
on sugar az the next session Sugar
becomes free next year, whereas In
the days when " paid duty II brought
in about 500, 100000 a year
Income Tax Receipts Good
The income tax proved the big pro-
Queer during the past twelve months.
Total receipts up to the close of bust
ness Inst night were SiQ,k2S6T6. uf
which $50, 3os,626 came In on June
so. This il more than $4,000. 600
above that total received from the tax
last year and there remain ten days VI
grace IN which it may lawfully be
paid,
Officials are confident that durue
this period thcro win be received no
income tax payments al least So 900.
600, which would bring the total S1
GOO. geo above thr amount cstiWatcd.
II was said tonight that the pcr-
sonal income taX proved surprise
this year Last year ID brought tn
only about sgsV00 O0N. hut up tu date
this year It has produced moro than
900, goo and that probably VIII Dee
augmented by several millions Ac
eording 90 Information "A hand This
Increase IS not 40 b" accounted for iu
any large increase boa the number of
taxablcs. III fact. II is understood That
the number remous practically whit
il wna IN 1914
y closer examination uf raturus Hnd
The evident intention uf oiitiul- lu
pfosecuto tax dodpcr probably heprd
to sven the total received fhc cur-
pofntiou income .faN apparently VIII
ut about thr mmc 81 thai received
last year,
whlskci Rotcnne Decline.
Contrary 90 current reports 10 nov
dcyclons hat me emergency tpx law
also has proved a better revenue pros
dNCer than was expected Despite
this however INTERNAL revenue re
ceipts Tor the AcuE &aSa,b2A,3t
were onls about sg1 600 coo tn excess
~ lasf years one contributing fHtt
s that whlskeg IL NOT no1ne the re,e-
nue. Il used ta produce hy aomcWhtre
between 100000 600 and S2a.OoQ. poo
year
Another thing pointed out tonight
hy treasury officials was thnt the
post office department usually sole
sustaining, has ran behind ths gcar|
and has received ADVANCES unm the
treasury amounting a. MORO than tt.-
GOO 600. II his were to bc paid puck
The deficit would pa that much dc-
creased Ou the other band the
treasury has out ou account uf the
Panama canal during ihr teai more
than $4,000 eco whiah f. te#nfhata4
bic. though NOT likely to boz ouubul
ca unless throuth q bond Heue ion
many years - come
Including fht Panama canal tNptH.