Every evening, Wilmington daily commercial., 1918-12-04

Ooo. 600 and ordinary receipts, excluding
money received from Liberty Loans,
amounted to Si,l74,00O 900 Loans 10
Allies during the year amounted To
81 I'D u00,000 additional
FORE, AsTIN0 ExrENsE- pIrriCuIT.
Looking forward Secretary McAdoo
found great liiculty in forecastlng
expenditures for the current fiscal year
which ends next June 80. on account of
the sudden coming of peace Estimates
which he presented are based on calcula
tions ol each department in advance of
rcvlslons since the signing of tho armsticc
and he does not consider them reliable.
N,th tins explanation MIR. McAdoo
forecast expenditures for thus year nj
$50 ,6S7 100000 for government purposes
and 4,375, 600, 900 for loans To Allies
and S2.5i0. 900 900 for redemption of
outstanding certificates and other debt
cancellation Total estimated dlSbursc-
ments for the year were put at S21 1iN.-
600 600.
Against this estimate which actual
expenses Mt the rate of n little more than
"a billion and n half dollars Il month to
date. indicate is too high. MIR. McAdno
calculated that the government will
end Of the fiscal wear next June 80. from
income and profits taxes, 81 iM0o0,000
from other taxes St90.00O 600 from
customs and SI5I 000, 900 from ms
cclancons sources. including s90.OuO0 ono
from increased postage, making estimated
receipts from ordinary sources Sb,Slb.-
OOO.O0n In addition. he figured roughly
on = little more than $1,000. .000. 900 from
further issues Of liberty bonds and 81,
10000 600 from war savings lhesc
figures added To receipts from Liberty
Loan bonds already sold make Sli.l6S.-
600. o0O the total Of popular borrowings
expected during the year On this basis
total estimated receipts would bc S2l,
O32 100000 or ST ,695. 600, ,0O0 less than
tentative estimates of disbursements
Actual developments arc expected t.
charge these calculations greatly
ruriAE uILlIoN nEpT LAST JNE.
The United States s,uhlc debit last
June 80 was S12.396 600 600 without
taking INTO consideration the 81 .3l9,0o0-
OOO free balance IN tho Treasury fo
partially offset the debit The public debt
lI.t- been increased slucC then ny tho
Fourth Liberty Loan of nearly $1,000
O00 600 and hy Treasury certificates oi
indebtedness amounting to several hum
drcd million dollars
Tho report disclosed for the first tlmo
The actiritics u the Treasury sinkin0
tund IL hu1 NJ Liberty Bonds III ~ clinrt
tn keep rthcr prIrc from falling tar below
paf lp 10 November l. II i shown.
~Lei0S6. 500 worth OF bonds. face value.
had bccn purchased on the open market
lrr $t5i.5l000o. or IT IN average pflcc
at about % per cent. and subsequently
hrld hV he TREASURY OF tins sum
St-1iI1. .OnO we're second llbcrtY loan
bonds. Ut both I And ~ pcr cent ISSUES.
SO. .a3IO00 were thlrd Liberty loan
bonds. and STD. 5.O000O0 were lr-t lIhrrtt
Loan converted bonds
lhr report 3lsu showed that Tic War
Finance Corporation, up to Octo cr ~
had made loans amounting to Sbs.1i6,0 600.
II Whlch 50 N63 000 had hecn repaid
leaving advances outstanding SE1.Na2. .00n
Most s! the loans nr &bt 1}4 oOO, went
.jlrey.l to var Industries PuhIc utilities
were th. prlncipaI followers. while lumber
companies. coal operators manufacturers
ana stock rai~er~ rank nrNt IN number of
applications
Tho magnitude II the work Of the
Capital Issues 1onluIttcr was Indicated |
~ tie report that ~ngc It's organization
issi NIay l. Il ha- examined noarlr 1000
applications ttom prospective l~Snors q
securities uggrcgaflne ahou' S9.%.1n thhi- /
OOu
tbout III pcr cont 81 thcS, applications
ucrc dl~approvcd SAID The report. and +
these vcr, mostly q 4 character I'M I
vnlying rcN extensions whlch "o'd not +
hr contributor, "a tic winning y the var. .
fhc prevention ., approximately >tAo T
OOO. .UO0 ~ unnecessary l-~ut- Nhlch caald /
ir POSTPONED VA a1 important eonuIha .
tlnn Ia the conservation rI thu nation i
resources.
llSlFTs luA> 4.,C1ss