Treasury New Year

July 1 is New Year's Day for the U. S. Treasury Department, the beginning of another fiscal year. Last week the Department received $117,114,598 in cash from 13 debtor nations and, though this was an expected receipt, made the event occasion for announcing an expected June 30 surplus of about 100 million dollars.

Two days later, after scanning statements of tax collections on 1929 incomes, and the June customs receipts (unusually high owing to the new tariff bill), Treasury officials let it be known that the r-turns were not sufficient to meet anticipated tax losses arising from the business depression. Conclusion: no continuation of last year's 1% cut in income taxes. In fact, Secretary Mellon told the President and the President told the Congress (in a special letter to Senate Leader Watson) that a deficit of $100,000,000 might be expected for 1931; taxes might have to be upped above the 1928 rate, especially if Congress should pass the War Veterans' Relief Bill in the form contemplated.

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