Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1928-12-05

WASHINGTON, Dec. st 1 I'm
Bandying about sums running into
the billions, Secretary Mellon has
found that business. which reached
a low point in November and De
cember Of 1927. finished the fiscal
year ending June 30 only 2 per cent
below that Of the previous twelve
months.
in his annual report the financial
chief Of the administration Grams
into n 9i-page pamphlet a formid-
able array Of figures showing the
intricate fiscal operations Of the
government and dealing in detail
with agriculture. customs affairs.
taxes. business conditions. prohibi-
ton, and a great many other things
and with scarcely a note ~ pessi-
mism for the future.
Agriculture. as a whole. he saws.
made substantial gains. Automo-
bile production experienced a MAJ
jor turn for the better during the
year. Export trade was but slight
~ under the previous year ard i'm
poras had but n small decline. As
70 liquor. he says only about $780,
600 gallons was identified IN foreign
ports as presumably destined for the
United States against 1900. 600 gal
Ions the previous year.
Liquor Being Made
incidentally tie secretary saw,
that division Of legal liquor, iuclud-
iug industrial alcohol, Is no longer
the major problem o. domestic law
enforcement, but hat illegal manu-
iacturo from sugars and grain is
the principal source ot supply of
the domestic market. The proven
tion of drug smuggling he believes
20 have been improved.
AT the opening NJ the fiscal year.
the secretary says. the volume OF
business was nearly on a par with
the year previous but soon fell off
reaching its minimum in the last
two months ~ 1927. IN January re-
covcry took place and the monthly
volume thereafter was sustained
about equal to the same months of
the previous year.
There was an increase both i'll
prices and IN total cash returns for
the crops and products Of the year
1922 as compared with those OF
The year 1902, this increase rep
%reseuting the net result OF gains IN
some products and losses In others
he says OF agriculture. The aver
Z prices received by the farmers
during the fiscal year increased
about Z per cent while there was u
slight decrease IN the prices paid
by farmers for their purchases. ac-
cording 10 price data compiled by
the United States Department of
Agriculture. The advantage Of tins
increase in average prices per unit
produced was partly offset BY a de-
crease IN volume. As the net eff
feet Of these two forces, the eSti-
mated gross cash income from farm
products increased in the fiscal On
crop year Of lg-7-2s BY S27g,O 600, 600
or 20 per cent as compared with the
preceding crop year
Auto Totals Decline
a. 20 automobiles he SAYS monthly
figures indicate that q general de-
cline which began in November.
1925 reached its lowest point in No
vember and December. 1927. and
that the year ended with June-July
production nearly 81 per cent above
the production Of the same months
of 1927. The total for the year.
however. was y per cent below that
Of the previous year.
Export trade. the secretary saws.
a total value OF Si.s77.OO
a decrease Of Is per cent over the
previous year while imports aggre-
gated Si.i46.0 GOO, 600. q decrease Of
per cent as compared 20 1927.
In reviewing the financial situa-
ton Secretary Mellon calls attention
the gold stock Of the Unitei
decreased nearly $500. GOO. 600
from the S4.600.e 600 900 On hand ut
the beginning Of the year. The out
ward movement of gold, he says. had
a far reaching effect.
1t has contributed n tho r~estora-
ton anG fertilization az the gold