The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1928-12-05
BUSINESS ENDS
YEAR SLIGHTLY
BELOW NORMAL
Automobile Production Better
Exports and Imports Have
Declines
ILLICIT LIQUOR TROUBLES
Again Suggests Surtax Re-
mOyal from Government
Securities in Report

. Washington, Dec. 5.--(AD- Bandy
! ing about sums running into the bill
lions, Secretary Mellon has found
. that business, which reached a low
/. point in November and December of
1927, finished the fiscal year ending
. June 30 only per cent below that
Of the previous IL months.
In his annual report the financial
, chief Of the administration Grams
intoa 91-page pamphlet formid-
abh 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 great many other things
and with scarcely note of pessi-
mism for the future.
Agriculture. as whole, he says,
made substantial gains. Automobile
production experienced a major turn
for the better during the year. En-
port trade was but slightly under the
previous year and imports had but
small decline. AS to liquor. he
says only about 100000 gallons
was identified in foreign ports as
presumably destined for the United
. States against 100000 gallons the
previous year.
Incidentally the Secretary says
that diversion of legal liquor, i'll
! GLIDING industrial alcohol, is no long
or the major problem of domestic
! law enforcement, but that illicit
manufacture from sugars and grain
: is the principal source Of supply Of
the domestic market. The preven-
ton Of drug smuggling he believes
; to have been improved.
Nearly on Par
. At the opening Of the fiscal year.
) the Secretary says, the volume Of
. business was nearly on par with
. the year previous but soon fell off
I. reaching its minimum in the last two
, months Of 1927. In January recov-
cry took place and the monthly
: volume thereafter was sustained
. about equal to the same months of
. the previous year.
{. There was an increase both in
/. prices and in total cash returns for
: the crops and products of the year
: 1928 as compared with those of
! the year 1926-27, this increase rep
rcscnting the net result of gains in
some products and losses in Others"
he says of agriculture. 1.-The aver
age prices received by the farmers
during the fiscal year increased
about z per cent while there was a
slight decrease in the prices paid
by farmers for their purchases. &C.
cordlng to price data compiled by
the United States Department Of
Agriculture. The advantage Of this
increase in average prices per unit
produced was partly offset by a de-
crease IN volume. AS the net effect
OF these two forces, the estimated
gross cash income from farm prod
ucts increased in the fiscal or crop
year of 1929 by $4,000, 900 or
20 per cent as compared with the
preceding crop year."
Export Trade Drops
Export trade, the secretary saws.
reached total value Of $4,S77 900,
a decrease of Is per cent over the
previous year while imports aggre-
gated 81, 100000. decrease OF
30 per cent as compared to 1927.
In the banking situation loans and
investments of all banks in the
country increased $500 ,OOO, 900 o,
about IL per cent, he points out
This was the largest growth since
the year ending June 80, 1925.
The total ordinary receipts of the
government for the last fiscal year
Secretary Mellon places at S4,O42.
548,156, a decline Of $87,0OO,OOO a.
compared with the previous fisca
year. Customs receipts declined
$36,5OO,O0O to $569, 100000 while in
come taxes dropped $51, 100000 t,
81, 100000. Miscellaneous in
ternal revenue taxes declined S23.
400, 900 to 1921 100000 but payments
from foreign governments increase,
$2,8O0,00O to $2O8, 100000.
The total expenditures chargeabl
against ordinary receipts for the fis
cal year, the Secretary fixes a
$3,643,519,875 or $149,935, 1856, NOR
than in the preceding year. TIL
total ordinary expenditures wer
$3,103, 264,854 of $129,235. $50 NOR
than the previous year while it re
Quired $540,255,O2O for public deb
retirements, $2O,70O,176 more thai
in the preceding year.
Retire Public Debt
For the year the surplus of re
ceipts over expenditures amounte
to $398, 828,28 but most of it, O
$685., 358,710, had been expended b
the end of the year in public deb
retirements. 1t was 1927 zoo, 90
less than the year previous.
At the close OF the fiscal year tn
gross public debt of the Unite
States government amounted to SIT
604 ,298,563 and the net cash balanc
in the general fund of the treasur
was $3.50, 190,331. The figures rer
resent q decrease of 1905, 1888, 7O3 j
the public debt and an increase O
$27, 592,21O in the net balance 70
the .yeaf.
In closing. his report Secretar
Mellon reiterates his suggestio
made = year ago that Congress r.
move the surtax from governmer
securities as well as the normal ia,
This, he says, would remove the dis
advantage Of the government q
compared to state bonds.
CASE GOES BACK TO FORKS
The case Of the u. s. VS.. L.
Haxlett, which was on the calend,
81 federal court for this session, wi
not BE- tried here. The charge /,
epnhoRa1Anaenk anid DnnaYfv Clel