HUGE DEFICIT IN U.S..

Press, Volume LXXIII, Issue 22073, 22 April 1937, Page 9

HUGE DEFICIT IN U.S..

PRESIDENT'S MESSAGE TO "CONGRESS TREASURY ESTIMATES FOR, ( TWO YEARS MR ROOSEVELT HINTS AT NEW TAXATION (UNITED PRESS ASSOCIATION— COPYRIGHT.) (Received April 21, 9.5 p.m.) WASHINGTON, April 20. Mr Roosevelt in his message to Congress says that the estimated Treasury deficit at June 30 is 2,557,000,000 dollars. The deficit as at June 30, 1938, is estimated at 418,000,000 dollars. The President pledges that every means at his disposal will be used to eliminate the latter deficit. The public debt next June will reach 35,500,000,000 dollars. Intimating that new taxation will be necessary, the President said: "It is a matter of common knowledge that the principal danger to modern lies in those nations which, largely because of the armament race, are headed directly towards bankruptcy. The proportion of the national Budget which the United States is spending on armaments is far smaller in proportion to the Government income than that of the nations referred to." BATTERSEA RAILWAY ACCIDENT : « _ POSSIBILITY OF ERROR BY SIGNALMAN (Received April 21, 5.5 p.m.) LONDON, April 20. The jury returned a verdict of accidental death in the Battersea smash on v April 2. The Southern Railway intimated that it accepted full legal responsibility for the victims. A signalman, in evidence, said that, thinking the instrument box was out of order, he broke the seal. He may have touched a wrong plunger, admitting „a second train to the blocked section. [Eight persons were killed and 20 injured when a crowded incoming | suburban train ran into the rear of another outside Victoria station. London. One coach was telescoped and another overturned.]