The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-07-07
YEARS BUSINESS SHORT.
sECOND YEAR CLOSES WITH DE.
f1CIT OF s3S.sei,ssi.
War Cuts Down Customs More Than
Last Years Surplus-Notwithstan
Ing Crippled Conditions, Treasury
Has Cash Balance of s2.O25,7i8.

Washington. July 1.-The second
business year OF the present admin
istratlon which closed yesterday
showed n s35.s64.3s1 deficit. compar-
sd with n surplus for the year ending
Juno so. 1914. OF s34.41s.677.
Official explanations will not be is
sued until the figures for the year are
analysed by Secretary McAdoo. but on
the face OF the records 10 Is apparent
that tho receipts were much smaller
an enormous reduction IN customs
revenues resulting from the war-and
that disbursements were much great
or.
notwithstanding the deficit on the
years business. the treasury now has
an actual net balance OF ss2.025,716.
With every prospect that this balance
will be increased by probably s10.-
100000 In the next ten days. II Is
evident there will be no bond issue to
replenish the Golfers for many
montns 10 come, it AT all.
Customs receipts for the last fiscal
year amounted to 5000. .26s. .1O7. about
$1l,000.000 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
1910. With the end OF the war appa-
rentiy remote. many treasury officials
are convinced 10 VIII be necessary for
congress to restore the old duty on
sugar. which Is to become free next
year. Sugar has produced about S6o,-
100000 revenue year.
The income tax proved the big pro-
ducer the last tweive months. Total
receipts up to the close Of business
last night were s7s.s2s.s75. OF which
s36.303.525 came In June 30. This is
more than $500. 900 above the total
received from tho tax last year, and
there remain ten days In which II
may be paid. officials believe $6,-
100000 will come IN In that time,
bringing the total s5.000.000 above
the amount estimated.
II was said tonight that the person
al income tax provided a surplus this
year. Last year Il brought In only
about s2s.o0o.o0o. but up to date this
year u has produced more than SAL
100000. and that probably will be
augmented by several miilions. The
corporation income tax apparently
will he about the same as last years.
IL now develops that the emergency
tax law has proved n better revenue
producer than expected. Despite this
however. internal revenue receipts for
the year were only about $4,000, 900
In excess OF last years. One con-
tributing fact Is that whiskey Is not
paying the revenue II used to produce
w some ti6.oO0.o00 or $40. 900, 900 a
ssar.
Another thing pointed out tonight
by treasury officials was that the post
ONCE department usually solf-sus-
taining. has run behind this year. and
has received advances from the treas
ury amounting to moro than $1,000
900. The treasury has paid out on ac-
count OF the Panama canal during the
year more than $50, 200. 900. which,
though reimbursable. is not likely to
be reimbursed unless through a bond
ISSUE for many years to come.
Including the Panama Canal ex-
penditures. but deducting the amount
advanced the postoffice. the account
shows net excess OF all disburse
ments for tho year over all receipts
OF sbout s67.5OO. 900.
Total expenditures for the year were
Tsi.S27572. compared with s7Oo.,
b69.i2s last year.