Evening star., 1935-01-07
Repayments Made.

4OLdl f.~So.O
Repayments Made.
A part of this expenditure of $4,-
283 1000 900 for recovery and relief is
repayable; indeed, substantial repay
ments have already been made to
the Government. Loans amounted to
s732, 100000, and subscriptions to
capital stock and preferred shares to
1926 ,000.0 900, making total of ST.
558,000,000 which may be regarded as
repayable expenditures made during
the fiscal year 1884. The part re-
garded as non-repayable totals S2,725,-
100000 This sum has been spent
mainly for grants, aids, public works
projects, and e. administrative ex-
penses.
The total receipts of the Govern
ment for the fiscal year 1894 reached
in the aggregate $3,115. 100000. OF
this amount $2,640, 100000 came from
internal revenue, $3l3, 100000 from
customs. S152, 100000 from miscel-
laneouS revenues, and S8,900,000 from
receipts due to realization upon as
sets. Income tax supplied 1918 .000.-
600 of internal revenues; miscel-
laneouS taxes (e. g., estate, capital
stock, liquor, tobacco, stamp, and ex-
else taxes, s1,469, 100000, and proc
essing taxes. $3.50, 100000. Since the
processing taxes are appropriated for
the use of the Agricultural Adjust
ment Administration. their total
should be subtracted from the aggre-
gate receipts shown above in order
to arrive at the general receipts Of
the Government.
The general receipts of $2,762 $780,
600, excluding processing taxes, ap-
proximately equaled the regular ex-
penditures for the year, a fact which
should be duly recognized.
The deficit at the end of the fiscal
year 1884. as shown in the General
Budget Summary, was $3,989, 100000
in round figures. After deducting
1859, 100000 for statutory debt retire
ments during 1884, the resulting net
deficit financed from borrowings was
S3,629, 100000. The gross increase in
the national debt amounted to S4,-
5l4, 100000, making total debt of
S27,053, 100000, as indicated in Sup
porting Schedule No. 6. This addi-
tion to the debt during 1884 included
the financing of the net deficit of
So, ,629 100000 and an increase Of
1884, 100000 in the cash balance of
the general and special accounts, as
shown in Supporting Schedule No. 4.
Business More Active.
Because of its profound influence
on the Federal budget, the economic
situation may be briefly summarized
at this point. Business was sub
stantislly more active during the fiscal
year 1884 than in either of the two
fiscal years. At the OPEN
ing OF the year, in July, 1888, pro-
ducers were increasing their opera
tions sharply, rejecting in part larger
orders placed in anticipation of code
regulations. There was a temporary
decline in output in the Autumn and
early Winter, in response to an over
accumulation of inventories during
this period, but production again ad-
vanced during the last half of the
fiscal year. Industrial output for the
period as a whole, when measured by
the Federal Reserve Board index, was
Is per cent greater than in the fiscal
year 1888, and only slightly below
the level of the fiscal year 1881. The
degree of recovery varied in the diff
ferent industries. Production of nom
durable goods, which had declined
only moderately during the depres-
sion, approached within l per cent
of its 1923-25 average, while output
in the durable goods group, where
prices showed relatively small declines
since 1929, was SO per cent below its
average in those years. Construction
activity financed by private indi-
Vlduals continued to be restricted in
amount, although public construction
increased. This result was in no
way surprising in view of the enor-
nous sums spent on permanent
structures, in many cases in excess
OF actual requirements, during the
period 1858.
The average volume of industrial
employment expanded in proportion
to production, and the total number
OF unemployed at the end of the fiscal
year 1884, although still very large,
decreased by about two millions, as
compared with June, 1888, and four
millions, as compared with the worst
point Of the depression, which fell
in March, 1888. Rejecting higher