Show NATIONAL DEBT FURTHER GUT GUI SECRETARY MELLON CLOSES BOOKS ON FISCAL PERIOD OVER Surplus Jumps Beyond Estimates But Fells Falls to Reach Roach Coolidge Count Income Tax Collections Were Above Those of Last Year r Washington Secretary Washington Secretary Mellon reported reported re reo ported Friday a l government surplus of for tor the fiscal year Just closed A record collection of customs totaling total big ing as well as ns a n heavy In Income come tax yield amounting to 1982 1952 0 swelled the treasury fund far beyond the needs of tho the government The surplus recently forecast by President Coolidge for the year rear which ended Thursday failed to materialize however as a result of last fast minute disbursements to meet a 0 department deficit and tax refunds At that it was mare than three times the tho total estimated by administration administration ad ad- ministration officials in February The Tho total cost of government during the last twelve months e exclusive of debt retirement charges was a n reduction of about from the tho year previous The surplus was immediately applied applied applied ap ap- plied by Secretary Mellon to retirement retire retire- retirement ment of tho the public debt cutting it to and making tho the total reduction in the debt for the tho year Income tax collections were above those of a year ago despite despite de do- spite tho reductions in rates provided i iby by tho the new revenue law which was effective in the last two quarters of ot the fiscal year Miscellaneous taxes many of or which were repealed by the law produced for the year compared with willi the year previous Customs receipts a year ago totalled or less than the record collection of ot the tho year Just ended The previous high point for tariff receipts was reached In 1923 when was collected collect General expenditures by the government government govern govern- ment last year totalled compared with during the previous twelve months Other Ollier expenditures ran about the same although although although al al- though the adjusted service certificate certificate cate fund to take care of ot the soldiers' soldiers bonus required last year as compared with the year before Tax refunds were compared with the previous year |