Arizona republican., 1917-11-15
0F
 GOVERNMENT FAR
 BELOW ESTIMATES
Republican A. p. Leased Wire1

BALTIMORE, Md, Nov. 14.-In < speech before the Investment Bank CTS association here tonight, Secre- tary McAdoo disclosed that govern ment expenditures. are running far below estimates given congress, and predicted that the amount of money still to be raised for the fiscal year would not exceed ten billion dollars.
 Vague and unfounded apprehen- sions seem to exist in the public mind as to the extent of the fiscal requirements of the United States during the current fiscal year." the secretary said.
 Tt may be helpful to the country to know that these requirements have been greatly exaggerated and that in the judgment of the secre tary of the treasury, there is no reason whatever for apprehension on this score. This opinion is based upon the latest estimates of our if nancial needs.
 During the past few days the various departments of the govern ment- have submitted to me their estimates of expenditures during the current fiscal year. On the basis of these estimates I am confident that, allowing for a liberal balance in the general fund at the close of the fiscal year, not more than S10, 000, ,000, 900 remains to be raised by the issue of bonds, war saving cer- tificates and treasury certificates of indebtedness.
 This is not regarded by the treasury department as task that will in any way strain the capacity or resources of the United States. The splendid success of the second Liberty loan shows that the people are fully determined to support the war and are prepared to make such sacrifices of luxuries, pleasures, com forts and conveniences as may be necessary.
 The estimates of the various de- partments include appropriations al- ready made and proposed supple mental to be submitted at the forth coming session of congress. Though the estimated ordinary expenditures (excluding advances to the allies) for the year average about billion a month. the ordinary expenditures for the four months period ended De- tober 31. have been only s1.296, 900, 900 or at the rate of S324 4,000, 900 a month. For instance, the expenditures for the war department for the four months period have been 70 per cent less than was estimated by that department for that period. It may be confidently expected, therefore. that the actual expenditures for the balance. of the fiscal year ending June 30 1918, will not at the most exceed the estimates.
 The actual credits to the allies have averaged $500, GOO, ,000 per month. or within the estimates of the secre tary of the treasury, and the actual cash disbursements against the credits so established have fallen be- low the estimates. Of the expeLdi- lures made for the account of the l United States as we'll as those for l the account of the allies, very great preponderance is for purchases i in the United States so that the operations involve merely shifting l of credits and have not been a strain on the financial resources Of the country. Not only is this true. but every precaution is being taken by wise restrictions upon the ship ment of gold, accompanied by care i ful study of the course of interna i tional trade to husband the resources of the country.
 | The gold monetary stock (coin and bullion used as money) in the United States on Novembe, l. 1917
 is estimated at $3,041, 800, 900.
 "The increase in the past ten months has been STA. 300, 009; while
 in the past five years it ha, been S1,161,333, ,000. In five years the DOT i tion of worlds gold monetary stock
 held by the United States has in- l creased from approximately one-fisth 1 to more than one-third.
 The business of the Investment