NEW YEAR BEGINS.

Star (Christchurch), Volume XLIV, Issue 493, 30 June 1932, Page 1

NEW YEAR BEGINS.

U.S.A. Has Huge Deficit, but is Optimistic. TAXES WILL WIPE THIS OUT. United Press Assn.—By Electric Telegraph—Copyright. WASHINGTON, June 29. WASHINGTON, June 20. At midnight on Thursday the United States closes its fiscal year and embarks on a new period with additional revenue-producing machinery and an auxiliary economic programme, which promises to produce sufficient income tc keep the Treasury in order. On Wednesday the deficit was 2,837,644,914 dollars, and on June 25 of last year it was 902,716,000 dollars and the year before a surplus of 183,000,000 dollars was established, ending eleven consecutive years of profitable operations. For the fiscal year 1933 Government officials aver that there is expected to accrue 3,261,000,000 dollars in taxes, sufficient, says Mr Hoover, impregnably to establish the- credit of the Federal Government. The National Economy Bill, which has been badly battered through weeks of controversy, was finally approved on Tuesday night. The Bill enforces savings estimated at 150,000,000 dollars.