The Cordova daily times., 1917-12-08
ID RAISE LARGE:
 SUMS
(By Associated Press)

his annual report that $5,12S,203,7 ,793 must be provided in addition to funds from taxes and bond issues already authorized in o-Jier to make estimat- ed receipts for the fiscal year ending June 30, 1918 equal disbursements. If this deficit is met by a new issue of bonds, the total amount of securities to be issued in the next seven months is estimated at $9969, ,433, $50.
 For the next fiscal year. ending
 June 30, 1919, the estimated excess of disbursements over receipts is ST. 627978,9SO
 Huge war expenses and loans to Americas allies at the rate of half 1 billion dollars a month have made these estimates many times larger 1 than any ever presented in a secre- tary of the treasury's annual report. Of the $12,316,000,000 estimated or dinary expenditures for the year end ing next June 30, S11,527, 100000 is for war purposes, and the proportion is about the same for the fiscal year ending in 1919.
 So far the nation has borne the i financial burdens of the war we'll, says Secretary McAdoo, owing to healthy business conditions, and the valuable aid of the established federal reserve system. In the future, how ever, increasingly greater habits of economy must be developed by indi- viduals and business institutions, the | secretary declares, and business as usual' cannot be adopted as the guid save and invest in government secur- ing principle of the war. People must save and invest in government secur- ities to avoid postponing victory.
 With this admonition, Mir McAdoo proceeds to cite the enormous figures of goyernment receipts and expendi- times.
 Total estimated receipts for the 
 current fiscal year are $12,580, 732.- s00, which, with a balance in the treasury last June of $1,066, ,983, ,361, makes total of $13,647, 7,716,161 Most of the receipts, or s8,686, 900, 900, are | from sale of bonds and war saving certificates; ordinary receipts are s3,- 1 886, 900 ,000, largely from war taxes and the Panama Canal income is ST. 100000
 Ordinary disbursements are es timated at s12,316,295, ,223: loans to allies in the year at $6,115 ,000,0 900; public debt disbursements at $321,- 
 100000; and Panama Canal expenses, $29,593,O ,OO0;' making total estimated disbursements $1S,775, ,919,915. 1 In order to allow for balance in the general fund of about 500000,000
 next June 30, congress must author
 ize raising of about $5640, 100000 ad-' 1 ditional funds. This figure, together with the $3,666, 100000 of authorized
 but unissued Liberty Bonds, and S663,- | 100000 estimated receipts from war savings, make the S9,969 000 900 which | Mr McAdoo believes Americans must loan the government between now and June 30 1918.
 For the next fiscal year. ending June 30, 1919, the secretary estimat-I ed receipts at $5.176,0O0, ,000 and dis
 bursements at $12,So4, ,o34,440, exclu- sive of allied loans. This makes al 1 $7,627 000, 900 excess of disburse- l ments. If the present rate of loans l to allies is continued in the 191S-19l fiscal year, S6OO0.00 900 additional
 would be required Estimated inter-
 est on bonds to be- issued that year is $3S5, 5,000,O00S, and estimated ex- pense of floating the bond issues $2S,- O00,0O0
 Thus if the deficit is to be met by
 bonds. $14,O4O 900. .ooo worth must be floated between July 1, 1918 and June 30. 1s1s in addition to receipts from l war savings.
 While these figures represent the
 situation as it appears today" the secretary says, "it should be borne in