The anticipation by the Fed reassurer, Dr, Page, last year that 1e Budget for this year would show surplus of £48,000 was very wide the mark, In a statement on federal receipts and expenditure the year ending June 80, a deficit f $2,612,000 is disclosed. It has een customary for some years ow tu issue a statement prior to the actual presentation of the Budget the House of Representatives, this was one of the products of the jerled and though there is small difference in the actual figures when the Budget speech is made, it" serves a useful purpose for data to members of the House. "Dr. Page explains away the deficit by the unexpected decline in the Customs and excise revenue. The estimate for the year was 244,800,000 whereas only £41,446,000 was collected. On the other hand Land, Income, and Estate Duties taxes show an increase over estimate which is not astonishing as in the case of the first two taxes the estimate was actually below the receipts obtained for the year 1926- 27, The figures are:
Text read from the printed page and cleaned; old type leaves the occasional error.