Evening star., 1922-07-04
j. s. DEBT REDUCED
MORE THAN BILLION
Surplus Past Fiscal Year,
$313,801,651.10, Accord
ing to Treasury Dept.

The government showed a surplus
for the fiscal year 1922. ending June
| 80, amounting to $313.S01. .65l.10, it was
announced yesterday by the Treasury
Department, as against an estimated
! deficit last December amounting to
$24,46S,7O3. while the total gross debt
of the United States was reduced dur
! ing the year by 81. .014, ,06S.S44.23.
This remarkable showing for the
year was attributed to increases in
the customs receipts, miscellaneous
| receipts. including Panama canal
/ tolls while the total expenditures
of the government were cut down to
almost $2O0.00O,00O less than the
estimates given last December in the
| budget"
Large Surplus.
The total ordinary receipts of the
government for the fiscal year 1922,
| as shown by the daily Treasury state
ment for June 80, amounted to S4.-
10s.104.150.94. while the total ex-
penditures chargeable against or
dinary receipts amounted to $780,
! 302.499.84. resulting in the surplus
of about a third of a billion dollars.
When the budget was submitted
last December" said the Treasury
statement, the estimates indicated "a
deficit for 1922 amounting to s24,46s,-
103, and the better showing which
| has been made results from a COM
blnation OF several factors. Aggre-
$40, 100000 greater than originally
estimated Customs receipts proved
| to be larger than for any previous
! fiscal year in the history Of the gov
ss7.ls. as compared with the estimate
of S215.000,0O0. Internal revenue re-
ceipts amounted to $3.213. .253.256.79,
or almost exactly the estimated $3.-
.
| amounted to s5ss. .4o7, ,5osss7. as cons cons
pared with an estimated $47S,S53.663
the difference being due chiefly to
SECURITIES. and the sale of about $44.-
| 100000 of Federal Land Bank bonds
! owned by the government
Total expenditures, on the other
hand. were almost 100000. 900 less
than the estimates given last Decem-
| Der in the budget, due largely to de-
creased expenditures on account of
the railroads and to unexpectedly
large realization upon railroad OBJ
legations held by the government, in
cluding particularly equipment trust
notes.
Gross Debt.
THE total gross debt of the United
States on June 30. 1922. amounted to
$23,977. .450,552.54 on June 80, 1921, a
reduction during the fiscal year 1922
of sb014.068,s4423 This reduction in
the debt was accomplished, first, in
the amount Of s422.694 800. through
retirements on account Of the sinkin g
fund and OTHER public debt expendi-
lures chargeable to ordinary receipts:
second, in the amount of s277.572. :
| 593.13, through the reduction in the
| net balance in the general fund of the
Treasury on June 80, 1922 as com
Jared with June 80. 1921; and third,
in the amount of $313.SO1,6 1,651.10, on
account of the above-described sur
plus of ordinary receipts over total
expenditures chargeable against ordi-
nary receipts.
The preliminary statement of the
! public debt on June 80, 1922. also re-
fleets the results Of the refundine q
operations which the Treasury has
been carrying on during the past year
or more. The outstanding Victory
notes on June 80, 1922, had been re-
duced to $1.991,183,400 as compared
with s3,s13,s33,350 on June 30, 1921,
while outstanding Treasury notes by
June 80, 1922, had increased to $2,246,-
596,350. as compared with $311,191,60O
on June 30, 1921. Treasury certifi-
Gates of indebtedness were reduced
during the year to $1.828, 1877, 500 as
compared with $2,69s,572,s50 on June
80, 1921.
"As appears from this preliminary
statement, however, there remains al
most $4,500,000,O0O Of debt maturing
within the fiscal year 1923, most of
which will have to~be refunded dur
ing the year. This total is made up
Of the following items: Ak per cent
Victory notes. 1891, 1ss. 400; Treasury
| certificates, 81, 1,828,7s7, 500; war savings
January 1, 1928, in the amount of
about $625, 900 O00"