Evening star., 1936-01-06


act and made by the Civilian Con-
servation Corps This difference Is
partly due to this fact:
r. F. C. NET RECEIPTS OF sl07,-
0Oo,oO0 CITED.
When the budget for 1896 was pre-
pared it seemed probable that the
Reconstruction Finance Corporation.
in al. accounts except relief, would
close the year with an excess Of loans
over repayments; and the amount OF
the net expenditures was estimated at
S556 COO 900. However. because of i'm
proved business conditions, the de-
mandS for corporation assistance were
so much less than estimated and the
repayment Of loans so much greater,
that the corporation actually closed
the year with net receipts Of slo7,-
OOO. .0C0. Therefore. the net difference
between the estimated expenditure
and the actual result amounted to
1868 900. 900. other agencies spent for
recovery and relief s33700o.oo less
than estimated.
For the operation and maintenance
of regular departments and establish
ments of the Government. including
the agricultural adjustment act and
the Civilian Conservation Corps ac-
tual expenditures were s2,9l2,537 500,
against the estimate of s3,l04.96l.l74.
For statutory debt retirements
there was expended s573.558.250. and
for interest on the public debt
s82O.926,353, whereas the amounts
budgeted Tor these items were, respec-
lively. s572. .566.000 and $685., ,000, 600.
Deficit and public debt.-The year
closed with a gross deficit of $3.50
357.964 instead of the estimate OF
81. .869. .4l8.338. After deducting the
amount paid out for statutory debt
retirement the net deficit was $3.0ol,-
7997lt. The increase in the total
outstanding gross public debt was
81 s1.647.15l210. which figure is properly
obtained by subtracting from the net
deficit the decrease in the general
fund balance the excess of receipts
from trust funds. increment on gold.
ct cetera. over expenditures from the
same accounts, and the amount of
retirement of national-bank notes from
the gold increment. As OF June 80.
1885. the total outstanding gross pub
lie debt was S28, zoo. 1872 GA, while on
June 80, 1884. it was s27,053, 3,l4l.414.
FISCAL YEAR 1896.
Drawing upon the experience OF the
first six months of the current year
it is possible to forecast with a fair
degree of accuracy the results OF
financial operations for the whole
1886 fiscal period.
Receipts.-The same sources OF in
come (excluding postal revenues)
which a year ago were expected to
produce receipts aggregating s3,ssl.-
904.639 are row expected to produce
a total of s44l0,793.946.
OF the items comprising the whole.
income taxes will develop $l,434,-
$4,000. or s246.000. 900 more than the
1886 budget estimate.
NESC-lldilCOuS lAlICAAldA hCfCAAS -
elusive of processing taxes is now esti-
mated at s1,873,09l 900, an increase of
sl87 100000 Receipts from customs
are expected to reach total of
1858, 3,191 900, exceeding the original
estimate by $55.oo0,000. Other
changes. some upward and some
downward, result in the new estimate
of total receipts at a figure OF
s419 9,0O0, 900 higher than shown in the
budget for 1886 which was presented
a year ago.
1885 Processing Tax
Estimated at $685., 100000.
The present estimate for processing
taxes in 1895, included in above
total, Is in round figures s529, 900 900.
as against the original estimate OF
$570, 900 900. Actual receipts for the
five months ended November 80. 1885.
totaled $4,000, 900, while up to that
date approximately $l48,000.000 of
due payments had been impounded as
the result of preliminary court action.
1t is pertinent to repeat here state
ment appearing In the summation OF
the 1886 budget: Estimates of re-
ceipts contemplate continued collec-
ton of processing taxes. If the at
tack which has been made upon this
act is sustained we will have to face
the problem of financing existing con-
tracts for benefit payments out OF
some form of new taxes"
Two new taxes, namely, the btu
minous coal tax and the taxes upon
carriers and their employees. both
representing recent legislation. will
contribute s3e e,0O0, 900 not included IN
the original estimate of receipts for
1886. New taxes imposed by the
social security act and the revenue
act Of 1885 will not produce any in.
come until the fiscal year 1887.
ETpenditures-Indic are that
expenditures including debt retirement
during the present fiscal year will not
reach the amount budgeted by ap-
proximately. $875,000, 900; the total
now foreseen is $7,645 ,301 1888, against
the original estimate Of $500, 0,4l3 500.
Exclusive of debt retirement the total
of expenditures Is now estimated at
$7,093, ,276.338 while the original COM
parable figure was $7,883, ,979 500. For
recovery and relief the revised esti-
mate of expenditures for the fiscal
year 1896 is less than the original
budget estimate by $738, 8,000, 900. and
expenditures for all regular purposes,
including agricultural adjustment act
and Civilian Conservation Corps, win
be less by $4,000. 900. Debt retire
ment will require $4,000, 900 less than
was budeeted and interest payments
win be Sl33 1000. 900 less. All regular