Evening star., 1933-12-03
TREASURY STUDIES
NEW TAX FIGURES
Administration Refinancing
Policy Shaped as Dollar Re.
valuation Continues.
Continued From First Page.)

(Contmued FTom F1rst Page)
under the system Of separating emer-
gency from ordinary expenditures most
Of the liquor tax yield would go for
the time being to defraying the former.
These circumstances have developed
considerable speculation on whether the
administration would recommend re-
enactment Of the special levies.
Yesterdays Treasury statement, show
ing how the Governments books stood
at the end Of November's last business
day, disclosed jump Of $483 ,859 ,054 in
the gross public debt for the month,
carrying it to a total Of $23,534, ,115,77l.
The peak of the Nations Indebtedness
was reached soon after the close of the
war, when it went to $26,596, ,701, SAB
on August 81, 1919. Il fell to its post
war low, SIC, 1as, ,3Oe 900, in 1880.
However, in reaching public debt to-
tals, treasury off1cials prefer to deduct
the Governments cash on hand, Just
as man who owes IS and has 81 in
his pocket would figure that his indebt-
edness was 81. To be deducted from
the November 90 Indebtedness total,
the Treasury had balance Of s1,107,-
325,902.
On this basis the following debt fig
March 81, 1917, sl,2o7. .s27.ss6: August
81, 1919, S25,478,5s2; November 80,
1892, 20,2l6,204,332 October 81, 1888,
$22, l4l ,OS5, ,423; November 20. 1888,
s22. .426, 7s9 869.
showed deficit for the fiscal year so
far Of S772,465,574, as compared with
$l.15l ,S85,OO0 for the equivalent period
a year ago, deducttng all receipts from
all expenditures. A new system of
Treasury bookkeeping instituted several
months ago, however, segregates emer-
gency outlays from ordinary expendi-
lures.
Budget Shows Deficit.
For the four-month period, the for
mer totaled 1892 ,826,80 and the latter
Slr2l6,l43,l73. BY contrast ordinary
income totaled 1908, ,563,893, after de-
Quoting from gross receipts the sum Of
$232, $40 900 unoficially estimated as
the return from emergency taxes for
which exact figures were unavailable.
On the basis OF these figures, the
Treasury'S theoretical budget of ordi-
nary income and ordinary expenditures
showed deficit Of $3l2,579, $50 while
emergency expenditures exceeded en-
ergency income by $459 9,8s6,294. The
emergency income includes the special
taxes plus proceeds from processing
taxes on farm products.
The initial phase of the Roosevelt
aom1nlstration's first big Treasury re-
financing venture since instituting its
new currency policy ended last night
with the closing of books on the offer
to exchange bonds of new issue for
fourth Liberties. While the Liberties
yleIo IA per cent, the new bonds bear
the same interest for the first year but
thereafter only 3l4 per cent.
OF $4,000, 0c0 900 in fourth Liberties
outstanding, the Treasury called ST.
BIS, 900, meaning that interest pay
ments on bonds totaling that amount
VIII cease next March Is. AL holders
OF fourth Liberties were given the
chance to exchange them for the new
4h4-3h4s.
Holders of fourth Liberties to the ex-
tent OF more than $3.50 900 900 respond
ed to the exchange offer. Other issues
OF new bonds will be offered in trans
fer for the remainder of the called Lib
critics, which otherwise must be re-
deemed in cash A new conversion is
sue is expected to be offered to holders
OF the fourth Liberties in connection
with the December is financing. Plans
for the latter are to be announced next
week
The days gold price was fixed at
S34.Ol, with the value of the metal
abroad standing meanwhile at $32. So at
an exchange rate of $5.20l2 to the
pound. The Washington quotation,
which stood at s3376 on Monday. was
increased 9 cents Tuesday, 8 cents
wednesday and 8 cents Friday.