Great Falls tribune., 1922-04-19
EXCESS INCOME
Bellies BUDGET
FOR THIS YEAR
Instead Of Deficit, U. S.
Treasury Figures Sur
plus of $4,000, 900.
Next Year, Indications
Are for $359,OOO,O 1000
Shortage, Says Mellon.

Washington. April 1S.-An excess Of
lures of about SAT 100000. as compar-
ed with a deficit of about S24.O00O0O
indicated in the budget submitted in
December is apparent from the latest
revised estimates for the fiscal year
1922. Secretary Mellon has INFORMED
Senator McCumber. republican, North
Dakota. chairman of the senate fl
nance committee. in q letter made pub
lie at the treasury.
For the fiscal year 1923. however,
Mr.. Mellon submitted statement
showing an estimated deficit of about
$3.50. .OOO. 900. compared with deficit
of S167.O71 900 indicated by the De
cembcr budget. The budget did not
take into account S125.OOO,OOO Of ac
cumulated interest on war savings GER
tificates of the series of 1913, properly
charged as an ordinary expenditure
which would make the deficit for 1923
as estimated by the treasury $494,-
100000 and would have been a deficit
of S292. 100000 in the budget.
Estimates Based on Receipts So Far
Mr.. Melons letter was in reply to a
request from the chairman of the SEN
ate finance committee. which is soon
to begin consideration Of soldiers bonus
legislation. for the latest revised esti
mates as to receipts and expenditures
of the government for the fiscal years
1929 and 1923.
Estimates for the fiscal year 1922,
Mr.. Mellon said. were based on actual
receipts of the first nine months and
the treasury's estimates as to receipts
for the last three months. and. as to
hn 1o{o
received by the bureau of the budget
from the various departments and es-
adjustments.
. He estimated the total ordinary re-
ceipts for 1922 at $3.994,OO0.OO0 and
the net expenditures at $3.947 900 900.
Big Shrinkage for 1928
For the fiscal year 1923. he esti-
mated the total ordinary receipts at
So. 29S. .OOO.OOO and the net expeditures
at S3.657 100000.
Estimates for 1928. Mr.. Mellon ex-
plained. were based on estimates ap-
pearing in the December budget after
taking into account an indicated shrink
age of internal revenue collections of
about S215.OOO.OOO, an estimated fall
ing off in federal reserve bank fran
chise tax receipts of about S23 100000:
estimated additional revenue Of about
S.VJ,WW,1NV OU dCSouHt pay VI
interest by the British government;
estimated collections of about $780,
100000 by the War Finance corpora
ton and estimated additional expendi-
lures on account of railroads of about
5000, 100000.
Railroads Still a Drag
MIR. Mellon explained that the budget
for 1923. as submitted to congress. did
not include any railroad expenditures.
but the indications now are owing to
delayed settlements. that there will be
payments of about OO,OOO0OO under
the railroad administration and pay
ments of about S1OO, 100000 under the
interstate commerce commission dur
ing the year.
Postponement Of the payments to
1923 is reflected in corresponding re-
ductions in expenditures for 1929 and
partly on this account and partly be-
cause Of the sale of about $3.50, 600 900
Of equipments trust certificates Of the
carriers, the item of railroad receipts
and expenditures for 1929 shows an es-
timated credit of about $50 600, 600. as
compared with estimated expenditures
of about 1897 100000 when the budget
was submitted.
This shift in the situation. the sec
rotary declared, was offset in part by
Withdrawals of about $190.OOO,OOO by |
the War Finance corporation, but the
net res..,t is the surplus Of receipts for |
1929 and the deficit of correspondence |
larger amount for 1923 is indicated. |