GOVERNMENT HASI HAS HAS- I BALANCED B BUDGET HOUSTON REPORTS Little Deficit Will Be Shown in Years Year's Operation b by y U. U S S. S Treasury Washington June 9 t. L Houston writing today to the bankers bank bank- ors ers of ot tho the country declared that the completed ted operations of ot the treasury for tor tho the fiscal year ear ending ending- with this month should show little If It any deficit deficit def def- tho the government having baring about balanced balanced bal bal- I Its Us budget current receipts against current disbursements for the full tun fiscal year after tho the fighting stopped Though the first quarter of the present fiscal year ear showed a a. deficit of ot about Mt Mr Houston al said in the second quarter there was a l surplus of ot over In the third quarter there was vas a surplus or Ot nearly and the fourth quarter should also show a IL surplus Gross Croft Debt I. I Reduced The total gross cross debt of the United States which on June 30 1919 amounted amount ed to nearly 2 and on August August Au Au- gust t SI 31 U. 1919 amounted to nearly 26 36 t had been reduced on May tay 31 a. a 1920 to less leMs than The floating debt outstanding loan an anti and l tax certificates which on June Juno 13 n 1919 amounted to LO over oyer and andon andon andon on August 31 1 1919 to nearly 1000 ha had been reduced on May 31 31 19 1920 O to less than The reduced ordinary and public debt disbursements have ha made possible blo ble a very Important reduction In the amount of tho the net balance In the general gen gem oral eral fund which has been applied to the reduction n of ot the debt The secretary declared that both gross debt and floating debt would be bo further greatly r reduced by the tho retirement retirement retire retire- ment of ot nearly In treasury treasury treas treas- ur ury certificates due about July 15 15 To Fo De Be Paid Out of or Most ost of ot this will be paid out of ot tax taxes s falling due this month but to me meet t the balanco and to to far i I I j f I j i I current cu requirements j me i of ot- ot ott t the 1 li government govern govern- vcr ment mont up to July 15 Hi the trea treasury ury has ilits decided to offer about aboul in new certifications in two series one I bearing Interest at 6 per cent and maturing maturing ma ma- turing June Juno l 15 1 1921 a and d the other bearing 6 5 per cent interest and maturing maturing ma ma- turing January Januar 3 3 1921 Both series will bo be dated June 15 Discussing the outlook for the tho coming corning com corn ing fiscal year tho the secretary said there would be a a. further r reduction of at both the tho gross OSS and floating debts In the first two quarters qu and that unless ad- ad ad additional adI I burdens should bo Imposed posed b by i future future- legislation lation there thero would be a aI aI I I very Important reduction In the last I two quarter Liquidation In Ince of ot Expansion The period of upwards up of or tw twelve twelvemonths twelvemonths he months since the flotation of the Victory Victory Vic Vic- tory tor loan Mr Houston continued hae har witnessed great reat expansion of or cominer- cominer cial credits but s steady eady liquidation it r United States government Go war s securities cUrl cUrl- ties The federal reserve resene banks bank con corr blued loans and discounts secured I. I IP h government war ar securities have bee reduced d b by more than though they have ha increased their loan and Investments by b about All AU reporting member bank ban I. I about beloved believed to control abet abol 40 per cent of or the commercial ban i deposits of the country have reduce i ii their holdings of or and loans loana upon UnIted United UnIt UnIt- ed States government war securities I. I l lj about but have havo with other loans and Investments by byi about l o