President Roosevelt's budget estimates ostensibly indicated the Treasury expects to purchase smaller amounts of silver during the fiscal year 1939 than in 1938, but only Slightly under 1937, observers believed.
The indication was derived from the fact that the President estimated the Government's silver seignorage receipts would be $35,000,000 compared with $60,000,000 for the current fiscal year and $39,000,000 for the previous year.
These estimates however, sometimes have been changed in the past. In January, 1937, Mr. Roosevelt estimated that seignorage receipts this fiscal year would amount to $40,000,000, "whereas it is now estimated at $60,000,000. The difference in estimates, it was believed, was a result of shifts in the Treasury Department's purchase policy in accordance with expediency as the fiscal year develops—United Press. mounting sixteen-inch guns are expected to be laid down under the expansion programme, The Navy Department possibly may ask fog several 45,000-ton battle cruisers to
Text read from the printed page and cleaned; old type leaves the occasional error.