New Britain herald., 1915-07-02
s35,864,5Sl YEARS
|. Deficit FOR NATION
Treasury Has Balance Of S2,
O26,7t6-No Issue Of Bonds

Washington, July 2.-The second
business year of the present admins
tration, which closed Wednesday.
showed a deficit of ss5,se4,ss1, com
pared with surplus for the year end
ing June so. 1914, of s34,41S,s77.
Official explanations will not be
issued until the figures for the year
are analysed by Secretary McAdoo,
but on the face of the records it is
apparent that receipts were much
smaller, an enormous reduction in Gus
toms revenues resulting from the war,
while disbursements were much
greater.
Balance Of $s2,O25, Tie.
notwithstanding the deficit on the
Years business, the treasury now has
an actual net balance of $82,025,716.
With such a balance on hand and
every prospect that it will be increased
possibly by s1o.000,oo0 in the next ten
days, it is evident that there will De
no issue Of Panama Canal or other
goyernm ent bonds to replenish the.
Il Golfers for many months to come, II
at all.
Customs receipts for the last fiscal
year amounted to $209,268,107, about
Sll, 100000 under the estimates made
by Secretary McAdoo several months
after war began and $S2,O0O,o00
Below the amount received from this
source in 1914. With the end of the
War apparently remote, it is well
known that many treasury officials are
convinced that it will be necessary for
congress to restore the old duty on
sugar at the next session. Sugar be-
GENES free next year, whereas in the
days when it paid duty it brought in
about $60,o00,000 a year.
Income Tax Big Producer.
Theincome tax proved the big pro-
Queer during the past twelve months.
Total receipts up to the close of bust
ness last night were $79,828.675, OF
which $36, 303,525 came in on June so.
This is more than $8,5O0.000 above
that total received from the tax last
year and there remain ten days Of
grace in which it may lawfully be paid
Officials are confident that during
this period there will be received in
income tax payments at least $4,000
900 which would bring the total $5,-
100000 above the amount estimated
Tt was said last night that the per-
sonal income tax proved a surprise
this year. Last year it brought in
only about s28,00o,0oo, but up to date
this year it has produced more than |
$41 100000 and that probably will be |
by several millions. The |
corporation income tax apparently |
ho al ~ =, IS he
ceived last year.
Better Revenue Producer.
Contrary to current reports, it now
develops that the emergency tax law
also has proved an even better reve- /
hue produced than was expected. De-
spite this, however, internal revenue
.eceipts for the year, $335,S28,377,
we're only about s27,000.000 in excess
IF last years. One contributing fact
Is that Whiskey is not paying the reve-
nue. it used to produce by somewhere
between s16.o00,o00 and 100000 900
/ year.
II Another thing pointed out last night
~ treasury officials was that the post
,fTice department.. usually self sustain
ng, has run behind this year and has
received advances from the treasury
4
e this were to be paid back, the de-
icit would be that much decreased.
On the other hand the treasury has
paid out on account of the Panama
Canal during the year more than $29.-
100000, which is reimburse b1e though
lot likely to be reimbursed, unless
through a bond issue for many years
o come.
s57,5oo,ooo Net Expenses.
Including the Panama Canal ex-
but deducting the amount |
advanced the post office, the account
shows a net excess Of all disburse- |
nents for the year over all receipts
# about $57, 100000.
Total expenditures for the year
we're s731, 527.572, compared with
'7o0,559 .24S last year.
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