The Secretary of the United States Treasury has issued his
estimates of expenditure for 1911, and they are summarised in the papers of Wednesday by Renter's correspondent. The total estimate is £136,826,439. The deficit is estimated at £14,615,124. "Since the Treasury," says the Secretary, "has not at present in the banks or in its vaults materially more
than a working balance, it will become necessary in order to meet the deficits to sell either bonds or certificates of indebtedness." He goes on to explain that in due course it ought to be possible to estimate revenue more accurately than in the past, and to provide for the annual rise or fall by the introduction of some flexible factors in taxation He coif- demns the present revenue syitem, with its recurrent economical agitations. "The absence," he adds, "of any- thing like a Budget in our government has undoubtedly led to a great deal of extravagant appropriation."