AMERICAN DEFICIT

Rotorua Morning Post, Volume 3, Issue 726, 29 December 1933, Page 5

AMERICAN DEFICIT

(Press Assn.—

PASSES THE THOUSAND MILLION DOLLAR MARK .rooseveilt ungoncerned

-By Telegraph — Copyrlght)

(Rec. Dec. 28.) Washington, Dec. 27. The President, Mr. Roosevelt, professed no eoncern to-d.ay when the Treasury statement revealed that the Federal' defieit for the current fiscal year had passed the 1,000,000,000 dollar mark. He said this was due to the emergency appropriations voted by Congress, and insisted that the so-called ordinary Budget will keep within the balance and perhaps show a surplus, while h'e intimated that future expenditures in the extraordinary Budget must be guided to some extent hy the future requirements of the relief programme. The Treasury statement of December 22 showed a defieit of 1,024,000,000 dollars, compared with 1,593,000,000 dollars at the s.ame date, ^ 1932. With the limited bank deposits law 'coming into eifect on January 1 efficials predicted that 97 per cent of all bank aecounts would. come under the guarantee which covers deposits up to 2500 dollars in the Fedoral Reserve Banks, while thousands of banks are still outside the reserve. It is expected that most of them will enter as soon as possibleThe trade fiigures published to-day l'evealed a favourable balance of 57,000,000 dollars for November. The oxports aggregated 184,000,000 dollars, compared with 128,000,000 dollars of imports.