Evening star., 1929-07-02
New Year on the Ledger.

4
This is the bookkeeper's New Year.
Decembers may come and Januarys
may 20, but July Is the big day for
the fiscal officers of the Government.
They close their old ledgers and turn
to new ones. The sins Of the past are
washed away In food of new dollars
that becomes available. And If new
resolutions are taken by any Of them
they probably resolve themselves into
the determination to make one penny
grow where two grew before.
/ This fiscal New Year day, which
should be observed ct the Budget
Bureau by the exchange of gifts, con-
! sisting of neatly tied bundles Of fresh
blue pencils, is generally celebrated
throughout the Nations counting houses
hy . retrospective examination OF
what has happened In the last SIX
months. It Is the end Of . fiscal year
and the halfway mark IN calendar
year. This years look backward Is en-
eouraging.
The surveys indicate that the record
| kreaking pace Of trade and industry IN
this country is being maintained New
high records for 1929 are In prospect.
Judging from accomplishments In the
first six months. According to- the
statisticians of business, the first six
months Of 1929 have surpassed the
arst six months Of any other year In
the output of pig iron and steel. auto
mobiles and trucks, airplanes. motor
boats, tires, crude oil and gasoline,
farm implements, machine tools, elec-
ltrical apparatus, copper, plate glass, sui
phuric acid, silk and rayon. cotton
goods, clothing. news print. hour. dairy
and bakery products. confectionery and
cigarettes and what the National City
Banks survey terms numerous other
less important products"
Banking and credit conditions have
improved in the last two months. There
has been marked recovery In agricul-
turai prices. The separations agree
ment Is regarded as having an impor-
tant influence toward stabilizing eco
noanic conditions the world over. While
foreign trade In May resulted in an inn
mort balance for the first time In three
years, the decrease in exports Is exc
planned by falling on In shipments Of
ccston, wheat and other agricultural
products, while the imports gained
through rush to bring In sugar and
other commodities In anticipation Of the
new tariffs. On the other hand, the
total volume Of trade has been on the
upsrade, and for the first I'VE months
of 1929 was IL per cent ahead Of last
year, With q favorable export balance
stu ahead Of last years favorable ball
ance for q similar period.
Corporation earnings, it is believed,
viii reflect unusual industrial activity in
the first six months Of this year. Many
concerns, it is reported, have IN this
period made more profits than In the
entire year Of 1928. Hot weather has
brought brisk retail trade sales of Sum-
iner clothing and reports from whole-
sale branches Of the dry goods trade
are favorable. Steel mill operation in
June averaged better than 90 per cents
Of rated capacity and was IA per cent
ahead, for the six months Of this year,
Of the same period in 1928. The auto
mobile industry is expected to set new
high mark for 1929. Building construc-
tion is behind last year, but about on
par with 1927 and 1926. The Jones'
white shipping bill, passed in 1928. has
brought about an interesting revival in
ehipbuilding. an American industry
that threatened ut one time to disap-
pear altogether.
The Government closes its fiscal year
! n condition that Secretary Mellon be-
lieves is highly satisfactory. There Is
surplus Of $ls5, 100000, which exceeds
by 5000, 900 the surplus forecast by
the Treasury in submitting the budget.
Aggregate tax receipts we're higher than
last years by $l7e,ooo,ooo an increase
attributed for the most part to q pros
porous business year.