Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-02
TREASURY SURPLUS
TOTALS S1&,ODO,ODO
Unexpected Cash Payments
by Foreign Debtors
SWellS Amount.

Secretary of the Treasury Mellon in
an annual accounting to the American
people of the financial operations of
the Government reports in a formal
statement issued for publication today
that the fiscal year closed June 80 with
a surplus Of $1S400O,000 The year, he
said, made a satisfactory showing"
Included in this surplus. however. he
explained is the abnormal sum of $76,-
100000 paid by foreign governments in
June in cash instead of in obligations
of this Government in accordance with
prevailing practice for a number of
years and the abnormal customs re-
.ceipts due to anticipation of tariff
legislation
Public Debt Reduced.
A further reduction was made in the
public debt, Mr.. Mellon explained.
The aggregate of customs and in
ternal revenue receipts was S3,626,000,-
000," the Secretary reported, or $685.
100000 greater than receipts from these
sources in 1929 and $11 100000 below
the Treasury's aggregate estimate after
allowance for tax reduction.
Income tax aggregated $2,411 .000,-
600, as against 50, 331 900 900 in 1929, or
preliminary reports from collectors, the
receipts from the current corporation
income tax were higher than during
the previous fiscal year. due to the fact
that growth in corporate income more
than Offset the l per cent reduction
effective on collections made during
the second half of the fiscal year 1890.
Back tax collections were $6,000.000
greater than anticipated. The current
individual income tax receipts were also
higher than during the previous fiscal
year. In this connection 1t will be re-
called that there was a substantial ag-
gregate increase in individual income
in the calendar year 1928 due to realiza-
ton on sales of capital assets in the
security market.
Advance Estimate Accurate.
GAS above indicated. the total income
tax receipts during the fiscal year 1880
were SAIL, 100000. The Treasury's eS-
innate last Fall before tax reduction
was S2,480 900 900. After taking into
consideration the effect of the tax re-
during only half of the fiscal year, the
estimate became s., 400 200, 900, or $1l,-
100000 below actual collections. Obvi-
ously, the advance estimate, in view of
the amounts involved, showed a remark
able degree Of accuracy.
Receipts from customs duties, in
Guiding the tonnage tax, were $751;
100000. as compared with $602, 900 900
in 1929. and the Treasury estimate of
the same amount for 1880. For the
first quarter of the fiscal year 1880 |
customs receipts were about $13, 000, 900 |
greater than for the same period in
1929. Subsequently, there was steady
decline until the month of MAY, which |
was slightly over May, 1929. In June, |
1880, however, the collections were SUBJ |
stantially greater than in the same
month a year ago, due to the large re-
ceipts during the period of few days |
prior to the effective date of the new |
tariff law.
Miscellaneous internal revenue re-
ceipts were 1928 900 900, as compared |
with $607, 900, 900 in 1929, an increase of |
$21 100000 and a decrease below the |
estimate Of $7,000,000 More than 30 |
per cent Of the miscellaneous internal /
revenue receipts Is derived from the |
tobacco tax, the stamp tax and the |
estate tax. On the basis of collections |
received during the first IL months of !
the fiscal year and estimates for the |
month of June, 1880, the receipts from |
tobacco were about $3.50 100000, an in |
crease of about $16,000,000 over 1929. !
as compared with an increase for 1929 |
Of S38,000,000 over 1928. Stamp tax
receipts we're about 1000, 900, as COM
pared with the high figure of $64, 000,-
600 during 1929 and $49, 900 900 in 1928
Estate tax yielded about the same as
last year, when the receipts were $62,-
100000. The remainder of the differ
ence between 1880 and 1929 collections
is largely accounted for by decrease In
collections under repealed laws.
Back Railway Mail Pay Settled.
fa1
against ordinary receipts were 1894
100000, as compared with $3,848, 00O,-
900 in 1929, or an increase of $146,-
100000. There are a number of items
of increases and decreases comprising
this difference, but the principal items
Of increases are $37 900 900 on account
OF the War Department, $4,000, 900
for the Navy, S29,00O,O0O for the Vet
Grams Bureau, S14,0O0,000 for the De-
partment of Commerce (due principal
ly TO cost of the census), $16,000,O00
for the Shipping Board, and $150,O00,-
600 for the revolving fund provided in
the agricultural marketing act. The
main items of decrease are $4,000, 900
reduction in interest payments, $751;
900 900 decrease in internal revenue re-
funds, and $50 10000 paid in the pre-
vious year to railroads under a Su-
preme Court decision on account of
back railway mail pay.
Estimated expenditures in the
budget were $4023, 900 600, or $29 ,000,-
900 greater than the actual expendi-
lures. This difference Is the net
amount of a number of increases and
decreases, the most important OF which
are increased expenditures under the
agricultural marketing act and the Vet
Grams Bureau, and decreases under the
Treasury Department on account of
postponement TO the fiscal year 1881 of
estimated expenditures under the set
Element of war claims act and for pub
lie buildings, and payments made in
cash in June by foreign governments
under debt settlements.
Cash Payment Not Expected.
1.-THE original estimate of the surplus
made In advance of the fiscal year was
1925 900 900. The l per cent tax reduc-
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