CABINET: Reports

Annual reports of several Cabinet officers were published. They included:

Treasury Department. Secretary Mellon reported a surplus of $309,657,460 for the fiscal year ending June 30, 1923, with a reduction of $613,674,343 in the public debt. This improvement was due in large part to unexpectedly large receipts from income and customs taxes. The Government's revenue was derived from:

Income and profits taxes 41.89%

Internal revenue taxes ...23.61%

Customs taxes 14.02%

Proceeds from foreign obligations .. 5.81%

Miscellaneous 14.67%

A large part of the report was devoted to an exposition of the...

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