THE CABINET: Pin Money Besides

Brigadier General Lord, Budget Director, who announced six weeks ago that the Treasury would probably have a deficit of $180,000,000 on June 30, changed his estimate. He just announced expectation of, not a deficit, but a surplus of $60,000,000.

Hardly were the words out of his mouth when Secretary of the Treasury Mellon raised the "expectation" from $60,000,000 to $125,000,000. The cause of the change from a deficit to a surplus is, in part, economy on the part of Government departments, but even more so, an unexpected influx of revenue. The income tax...

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