The annual Report of the Secretary of the Treasury on
the finances of the United States was submitted to Congress on Wednesday. For the fiscal year ended June 30th, 1904., there is a deficit of 28,354,114, total receipts being £136,842,874, as against total expenditures of 2145,196,989, but under the latter head must be reckoned £10,000,000 paid for the right of way of the Panama Canal; while securities redeemed on account of the Sinking Fund amounted to 26,880,592. As compared with the fiscal year of 1903, the receipts of 1904 decreased by 22,081,348, and expenditure increased by £17,132,299. The Estimates for the current year indicate a deficit of £3,600,000, but for that ending June 30th, 1906, a surplus of 24,066,029. The available cash balance in the general fund stood on June 30th, 1904, at 236,410,313, or £13,326,909 lower than a year previously. This is attributed to the Panama Canal pay. ments, redemption of outstanding 5's of 1904, and a change in the ratio of revenue to expenditure, Customs showing in 1904 a drop of 24,641,003, the net result being a decrease in ordinary revenues of £3,952,987). For the first quarter of the fiscal year 1905 the excess of expenditure over receipts amounts to £3,571,203. The domestic coinage of the mints during 1904 was of a value of 245,640,430, of which 240,723,728 was gold coin, the largest amount ever coined. Amongst miscellaneous items, we may note the Secretary of the Treasury's reiterated demand for systematic and economical reorganisation of the Customs service ; during the past year at forty-six ports it has cost more than a dollar to collect a dollar. He also notes the constant increase in the relative proportion of free to dutiable goods ; practically the entire increase-22,000,000 —in imports during October, 1904, as compared with October, 1903, being in free imports.
The war in the Fax East is exercising an educative influence on Australia. A correspondent has sent us a copy of the Sydney Daily Telegraph of October 22nd containing a vers.
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