Show NATIONAL NATIONAL INC INCOME MEI IN EXCESS OF EXPENSES Government Debt Reduced Reduced Re Re- Billion Bilion During Fiscal Y Year car W WASHINGTON Jul July 26 The governments government's income for Cor or tho the fiscal fis fla- fla cal eal year ending June 30 exceeded expenses expenses- for the first time In three years Secretary Houston declared declared de de- de- de dared Sunday In a statement He announced a reduction In the ho gross gros public debt and antI forecast a n further fur tur- ther tiler important reduction for tor the next twelve months While the annual operations of or orthe the government go showed a surplus of ot 92 the more important change chane tho the treasury official said was the cutting of or from the gross public debt during the tho year Tho The national debt debt- aggregated aggregated ag ag- ag- ag rebated on June 30 and a year previously previously previously pre pre- but In the meantime the tho obligations of t the nation had mounted to their highest point point- point on August 31 due 31 due to the tho operations incident to the handling of ot maturities of ot treasury treasury treas treas- ury certificates of or Indebtedness Indebtedness- thus a I reduction of or from tho the posh pOk is shown sho n. Outside the transactions tons InvolvIng Involving involving ing tho the gross debt debt treasury treasur re receipts receipts re- re for the year ear aggregated 6 56 63 while expenditures to totaled to- to Tho The statement revealed however er cr that tho the surplus was was due largely large to a partial liquidation of ot tho the assets of ot the war finance nanco corporation Exclusive of or the special special cial cal Income from that that source there thero was a deficit of In the actual handling of oC income and ex ex- ex- ex The operations Incident to tho the handling of or the maturities of or treasury treasury trea- trea treasury trea trea- sury certificates from Crom June 15 to July 16 15 have have now been completed the statement said Eald and have resulted In further reductions In both the gross debt and the floatIng floatIng float float- Ing debt of the Untied United Staten T The gross debt on June 30 1920 10 on the basis of ot daily daly treasury statements state state- menU ments ments amounted to 24 67 a as as' against al st at a the end of ot tho the previous s fiscal year on Juno June 30 1319 1919 and on August 31 21 o w the gross grossI I debt was at Its is peak I |