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Show NATIONAL DEBT FURTHER GUT SECRETARY MELLON CLOSES BOOKS ON FISCAL PERIOD; $377,767,816 OVER Surplus Jumps Beyond Estimates, But Fails to Reach Coolidge Count; Income Tax Collections Were Above Those of Last Year Washington Secretary Mellon reported re-ported Friday a government surplus of $377,707,815 for the fiscal year Just closed. A record collection of customs totaling total-ing $579, 0, 092 as well as a heavy income in-come tax yield, amounting to $1,982,-0-10,0X8 swelled the treasury fund far beyond the needs of the government. The $390,000,000 surplus recently forecast by President Coolidge for the year which ended Thursday, failed to materialize, however, as a result of last minute disbursements to meet a postodlce department deficit and tax refunds. At that it was mare than three times the total estimated by administration ad-ministration ollicials in February. The total cost of government during the last twelve months, exclusive of debt retirement charges, was $3,097,-611,822, $3,097,-611,822, a reduction of about $33,687,-812 $33,687,-812 from the year previous. The surplus was immediately applied ap-plied by Secretary Mellon to retirement retire-ment of the public debt, cutting it to $19,013,210,315, and making the totnl reduction in the debt for the year $872,977,572. Income lax collections were $221,-02,205 $221,-02,205 above those of a year ago, despite de-spite (he reductions in rates provided by the new revenue law which was effective In the last two quarters of the fiscal year. Miscellaneous taxes, many of which wero repealed by the law, produced $S55,599,289 for the year, compared with $S26,638,097 the year previous. ' Customs receipts a year ago totalled $547,501,220 or $31,868,000 less than the record collection of the year just ended. The previous high point for tariff receipts was reached in 1923, when $560,000,000 was collecte.d. General expenditures by the government govern-ment last year totalled $1,826,726,923-compared $1,826,726,923-compared with $1,837,004,4775 during the previous twelve months. Other expenditures ran about the same, although al-though the adjusted service certificate certifi-cate fund to take care of the soldiers' bonus required $120,152,000 last year, as compared with $99,45S,000 the year before. Tax refunds were $1S2,220,-000, $1S2,220,-000, compared with $147,777,000 the previous year. |