Treasury Ends First Half of Fiscal Year With a $218 Million Surplus

The Treasury ended the first half of its fiscal year with a surplus of $218,279,937, against $125,598,300 for the same period a year earlier, the Associated Press reported on Tuesday. Income tax and customs receipts flowed in at increasing rates during the last quarter and accounted for most of the excess.

In the calendar year ending Dec. 31, the Treasury reduced the public debt by $1,173,504,301, to $19,074,665,337, the New Britain Herald’s copy of the dispatch said. Of that reduction, $314,353,900 came in December alone.

Customs receipts for the six months came to $318,817,857, up from about $292.6 million a year earlier, and $48,431,263 was collected in December, roughly $2 million more than in December 1925. The Herald added that income tax collections for the six months were $1,046,840,959, and that miscellaneous taxes, many repealed by the new revenue law, yielded far less than a year earlier.