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Show SURPLUS HITS HIGHEST MARK GOVERNMENT ROUNDS OUT TWELVE MONTHS' BUSINESS $640,000,000 AHEAD Nonrecurring Items Contribute to Big Amount; Tax Reduction Ahead Washington The government rounded out the fiscal year with a treasury surplus estimated at $635,-000,000 $635,-000,000 to $640,000,000, the greatest In history. Acting Secretary Mills expressed ex-pressed the opinion, however, that the amount was, to an extent, misleading because of non-recurring- items which contributed to It. Inasmuch as congress, at its last session, did not pass legislation to apply ap-ply to least a part of tha surplus to further reduction of taxes, it is being applied to decreasing the public debt. It is the intention, however, of congressional con-gressional leaders to put through a permanent tax reduction bill at the next session and first steps toward that end will be taken when the house ways and means committee meets October Oc-tober 31 to consider the drafting of a new schedule of rates. In reviewing operations of the treas-iry treas-iry during the current fiscal year, officials pointed out that along with a reduction of more than $1,000,000,000 in the public debt, several offerings of certificates and bonds had been floated float-ed and approximately $1,828,000,000 of second Liberty loan bonds and a considerable con-siderable amount of the third Liberty loan had been retired. |