The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-01
u s. TREASURY HAS
%$9O,OOO,OOO DEFICIT
Will Start New Year To-day
With $4,000 O0-Had
S145,OOO, 900 Last Year.
A NEW TRADE RECORD

WAsHiNGroH. June 30-The fiscal
year 1915. which came to an end to-day.
leaves the United States Treasury with
a deficit OF about 500. 900, 900 OF the
years business.
The cash balance In the Treasury at
the close OF the fiscal year 1914 was
s14j. 0OO, 900. The receipts for this. the
last day of the fiscal year, are not yet
available. but 1t is estimated that the
ash balance with which the Treasury
will start the new year tomorrow Will
be only about $55 1000. 900. compared
with the S145, 00O, 900 OF Il year ago.
While the Treasury figures are such
as to suggest the possibility OF a bond
issue or further revenue legislation, un-
less relief IL obtained In the coming
year, reports from the Department Of
Commerce for the twelve fiscal months
Just ended present u more cheerful out
look.
A statement issued by Secretary Red
field to-day shows that the United
States has made a gigantic new trade
record for Itself. the balance in favor
OF this country having exceeded $1,000.
0OO, 900. This surpasses by nearly $780,
O00, GOO the previous high record by the
United States.
Secretary Reiheld shows that for the
eleven months ended with May 81. 1915.
the Exports exceeded the imports by
1888. 600. 900. Thirteen of the ports
which ordinarily andled 90 per cent.
of the country's foreign rade show for
June an export balance of approximately
ESQ., Goa, 900. From these figures Mr..
Reifeld estimates that the favorable
balance of the year Will easily exceed
the 81, 200, OOO. 900 mark.
Exact figures on the condition of the
! Treasury at the close of the fiscal year
will not he available until tomorrow,
when the returns of the income tax pay-
ments have been received at the Treasury
! Department. At the close yesterday the
expenditures of the Government had eN-
ceedei the receipts for the fiscal year
by sos. 164. 900.
The receipts from the income and
corporation taxes to-day will, however,
materially reduce this deficit. Last year
the income AK payments on June 30
amounted to $26. 000. 900. but Treasury
officials do not believe that to-day's coll
lections will run as high. because II is
now generally known that the date on
which the legal penalty for non-payment
becomes operative is July 10, instead
Of July /. officials tonight were Of
the opinion that the days collections
will not exceed $4,000, 900.
This would bring the excess of dis
bursements over receipts for the year
down to about $50. 100000. This 500
100000 includes s29,o00.0o Of expendi-
lures on account Of the Panama Canal.
against which bonds already have been
authorized.
OF cours the figures for the end OF
the fiscal year will not include all Of
the income tax collections. Up 20 the
close of yesterday s26. 0O0. 900 had been
received by the Treasury from income
and corporation taxes. The Treasury
! officials hope that these taxes will yield
the full amount estimated. or about $780,
000,0 OO.
II their expectations are realized. and
only $4,000 900 was collected to-day.
there will still be s36. 900. 900 to be
added to the revenues of the Govern
'nent by July 10. This $40. 600, 900 will
figure on the records OF the next fiscal
year. II probably will bring the cash
balance In the Treasury up to about
$50. 900, 600 for the starting OF the new
year.
This balance will carry the Govern
mert along for some time. but many
fear that unless there is "A relief from
war conditions some measures will have
10 " adopted TO meet the drain in the
new fiscal year. The wal revenue tax
law expires on January ! next. and
many believe that the President will be
obliged TO call Congress In extra session
before December To reenact this meas
ure II the war continues.