HUGE DEFICIT IN AMERICA.

Press, Volume LXVII, Issue 20250, 30 May 1931, Page 15

HUGE DEFICIT IN AMERICA.

MORE THAN BILLION DOLLARS. NEW BOND ISSUE LIKELY. OCNITED PU3SSS ASBOCiATIOH—BY ELECTEK TEtdSORAPH—COPXMGHT.) (Received May 29th, 7 p.m.) WASHINGTON, May 28.; Following upon a report by the Treasury Department that the deficit had passed the billion dollar mark, responsible sources intimated that a long term bond issue, the largest since the war time, would be put upon the market, and Liberty Loam would be resorted -o unless there was a- sharp improvement in the business outlook during the next ,two weeks. The Treasury statement showed that, with the ordinary receipts declining by 500,000,000 dollars during the current fiscal year," the Government expenditure had exceeded receipts by 1,000,7!;2,43'2 dollars, as on May 26th, and the trend is expected to be continued to a point where the deficit total on Jnue 15th is contemplated to be near L.500,000,000 dollars. I STORMS IN ENGLAND., j ' 1 ! MUCH DAMAGE BY FLOODS. (BRITISH OFFICIAL WIBBL?S6.) RUGBY, May 28., Violent thunderstorms broke over the south of England last .night, and in the early hours to-day, causing considerable damage, particularly in .the Western counties and Wales. Several buildings wpre struck by lightning, and in some cases fires resulted, but no loss of life -is reported.' The most serious damage was as the result of .floods. The storm caused great havoc in South Wales, where several rivers btirst their banks and flooded houses in the low-lying districts of Pontnewydd, in Monmouthshire. which were deserted during the night by the occupants, .who temporarily were accommodated in tho • local cinema theatre." In some cjuses- it was necessary to use. boats to'rescue people, trapped in their houses in tho Clun Valley, on the border of Wales, 'ine heaviest damage, was done ■ at Abergavenny, where many people ace homeless, and landslides of considerable'proportions are reported,. • Local: rail ..services in some cases have been dislocated. • . The camps of units of the Territorial' Army, which were undergoing trainr ing at New Weymouth. Mineliead and Monmouth, were flooded out. '-.! In London some houses were struck by lightning, but the damage was sligi.it. _ i- ' i Two cargo air-liners made forced landings . chiving the storm, ;Oiie. was j Imperial Airways Citv of' Melbourne,; winch'was bound for Paris with newspapers from Croydon. It came down near Luton, and- its undercarriage was damaged, but the "were uninjured. The second, a French Air. Union machine, which encountered-the storm on its jpurnev from Lympne to Paris, returned and, landed at Amor«ham, in Buckingliamsbire-