Show NATIONAL L DEBT FURTHER BT CUT SECRETARY MELLON CLOSES BOOKS ON FISCAL PERIOD OVER I Surplus Jumps Beyond Estimates Bu But Falls FRIIs to Reach Coolidge Count Income Tax Collections Were Above Those of Last Year Washington Washington Secretary Secretary Mellon reported reported re re- re-I re ported Friday a government surplus of or for the t-he fiscal year just closed A record collection of ot customs totalIng totaling totaling total total- ing as well as a heavy income income in in- come tax yield amounting to 1982 swelled the treasury fund far beyond the needs of the government The surplus recently forecast by President Coolidge for the year rear which ended Thursday failed to materialize however as a Iesu result of last minute disbursements to meet a postoffice department deficit and tax refunds At that it was mare than three times the the- total estimated by administration ad ad- ministration officials in February The total cost of or government during the last twelve months exclusive of debt retirement charges was a reduction of about from the tho year rear previous The surplus was immediately applied applied applied ap ap- ap- ap plied by Secretary Mellon to retirement retirement retirement retire retire- ment of the public debt cutting it to and making the total reduction In the debt for the year Income tax collections were above those of a year ago despite despite de de- de- de spite the reductions in rates provided by the new revenue law which was effective in the last two quarters of the fiscal year ear Miscellaneous taxes many of which were repealed revealed by the law produced for tor the year compared with the year previous Customs receipts a year ago totalled or less than the record collection of the year ear just ended The previous high point for tariff receipts was reached In 1923 when was collected General expenditures by the government govern govern- government ment last year totalled compared with during the previous twelve months months Other expenditures ran about the same although although although al al- al- al though the adjusted service certificate certificate cate fund to take care of of the soldiers' soldiers bonus required last year as compared with the year before before Tax refunds were compared with the previous year |