U.S. FINANCES

Hokitika Guardian, 29 December 1933, Page 5

U.S. FINANCES

A HUGE DEFICIT

PRESIDENT NOT PERTURBED

(United Press Association—By Electric Telegraph—Copy right.)

WASHINGTON, December 27

President Roosevelt professed no concern to-day as the Treasury statement revealed that the Federal deficit for the current fiscal year had passed the billion dollar mark.

He said that this was due to emergency appropriations voted by Congress, and he insisted that (the so-

called ordinary budget will keep within the balance, and perhaps show a surplus, while be intimated that future expenditures in the- extraordinary budget must be guided to some extent by the future requirements of the relief programme. The Treasury statement of Decemoer 22, showed a deficit of 1024 millions compared with 1593 millions on the same date in 1932.

FAVOURABLE TRADE BALANCE;

LIMITED BANK DEPOSITS LAW

NEW YORK, December 27

The gold price was again unchanged although foreign exchange market reopened. The dollar showed strength throughout the day while sterling .lost 2;} cents at the opening. Other foreign currencies were down. The trade figures of the United States published to-day, revealed a favourable balance of 56 million dollars- for November. Exports aggregated 184 millions compared with 128 millions of imports.

With the limited bank deposits law coming into effect on January 1, officials predicted that 97 per centum of all the bank accounts will com-e under the guarantee which covers deposits up to oo dollars in Federal, reserve banks, while .thousands of banks are still outside the reserve. • It is expected that most of them will enter as soon as nossiblc.

DOLLAR, STERLING AND FRANC.

NEW YT)RK, December 27

The dollar closed to-day at 64.23 cents. Sterling closed aP 5 dollars 10 cents and the franc at 6 -dollars 10 cents.