ABSTRACTS OF REPORTS OF BUREAUS AND DIVISIONS.

The following is a summary of the reports of bureaus and divisions of the Treasury Department for the fiscal year ended June 30, 1917, with the exception that the figures in relation to public moneys are brought down to November 1, 1917.

TREASURER OF THE UNITED STATES.

The ordinary receipts in 1917 were $1,118,174,126.43, an increase of $338,509,573.94 as compared with those of 1916. The ordinary disbursements were $1,147,898,991.16, an increase of $423,405,992.26 by like comparison. The net result for the year on ordinary account was a deficit of $29,724,864.73.

The disbursements made on Panama Canal account during the fiscal year were $19,262,798.32, while the receipts from tolls, etc., were $6,150,668.59. The net excess of disbursements over receipts was $13,112,129.73, which was paid out of the general fund of the Treas

ury.

During the fiscal year 1917 extraordinary expenditures of public moneys were made under provisions of law as follows: Purchase of Danish West Indian Islands, act of March 3, 1917, $25,000,000; subscriptions to stock of Federal land banks, act of July 17, 1916, $8,880,315; and purchase of obligations of foreign governments engaged in war with the enemies of the United States, $885,000,000; making a total of $918,880,315.

The transactions in the public debt during the fiscal year 1917 were as follows: Receipts for Postal Savings bonds, act of June 25, 1910, $1,794,660; for retirement of national-bank notes, act of July 14, 1890, $37,293,045; for one-year Treasury notes, act of December 23, 1913, $4,390,000; for certificates of indebtedness, acts of March 3 and April 24, 1917, $918,205,000; and for Liberty bonds, act of April 24, 1917, $1,466,335,094.61; making a total of $2,428,017,799.61 received, while the disbursements on account of principal of matured loans and fractional currency were $18,398.75; for national-bank notes canceled and retired, $40,564,115.50; for certificates of indebted

ness, $632,572,268; and for one-year Treasury notes, $4,390,000; making a total disbursement for the debt of $677,544,782.25. The net result was an excess of receipts of $1,750,473,017.36.

The balance in the Treasury of the United States on June 30, 1917 (exclusive of credits to disbursing officers), was $967,247,123.48, as against a balance (excluding credits to disbursing officers) on June 30, 1916, of $178,491,415.58, showing an increase for the year of $788,755,707.90.

During the fiscal year 1917 the redemptions from the reserve fund were, in United States notes, $38,555,910. The redeemed notes were, under the provisions of the act of March 14, 1900, immediately exchanged for gold, and thereby the reserve was maintained in volume and character.

During the fiscal year 1917 the gold in the Treasury attained a maximum at $2,445,875,313.94 on April 11, 1917, and at the close of the year it amounted to $2,325,472,035.87, an increase of $521,978,103.04 as compared with that of 1916. Set apart for the respective uses, it was held on the following accounts: Reserve fund, $152,979,025.63; trust funds (for redemption of gold certificates in actual circulation), $1,584,235,909; gold settlement fund of Federal Reserve Board, $526,295,000; and in general fund (belonging to the Treasury), $61,962,101.24.

The imports of gold during the year were $977,176,026, the exports $291,921,225, and the net excess of imports $685,254,801.

During the fiscal year 1917 the currency distributed from the Treasury in Washington to the subtreasuries and to the banks amounted to $1,353,485,620, an increase of $259,737,595 as compared with that of 12 months earlier.

The balance of public moneys on deposit in designated depositaries at the close of the fiscal year 1917 was, in Federal reserve banks, $299,871,632.42; in national banks, $39,395,650.24; and in special depositaries, $783,922,759.51; making a total of $1,123,190,042.17.

The general stock of money in the United States at the close of the fiscal year 1917 amounted to $5,407,990,026, an increase of $925,130,893 as compared with that of the preceding year. The growth in gold was $569,440,358; in silver, $9,415,430; in Federal reserve notes, $371,239,510; and in Federal reserve bank notes, $3,790,245, while the national-bank notes decreased $28,754,650. There was no change in the volume of United States notes. The money in circulation increased in volume by $739,477,870, and amounted to $4,763,575,632 on June 30, 1917. The circulation per capita was $45.74, and the share of gold to whole circulation 50.97 per cent.

The notes and certificates of United States paper currency issued during the fiscal year numbered 390,016,642 pieces, of the total value

of $2,068,356,000. The redemptions were 354,926,184 pieces, of the total value of $1,711,773,000. The pieces outstanding number 417,938,931, of the total value of $2,935,273,685. The average cost of each piece of United States paper currency issued and redeemed is about 1.526 cents, and the annual cost of maintenance of the currency issued by the National Government averages slightly less than onefifth of 1 per cent of the amount outstanding.

National-bank notes amounting to $406,462,419 were presented for redemption during the fiscal year 1917. This sum was 56 per cent of the average circulation outstanding. Of the notes received at the Treasury, $50,655,650 were fit for use and were returned to the banks of issue for further circulation.

Federal reserve notes amounting to $54,061,530 were presented for redemption during the year, of which $12,430,300 were fit for use and were returned to banks and agents for further circulation.

Federal reserve bank notes amounting to $1,307,770 were presented for redemption, of which $27,550 were fit for use and were returned to banks of issue for further circulation.

The expenses of redemption, amounting to $420,160.42, have been assessed upon the national and Federal reserve banks, as follows:

National banks:

Notes redeemed on 5 per cent fund account (not including notes of District of Columbia banks) ____.

Notes redeemed on 5 per cent fund account, District of Colum

bia banks only‒‒‒‒‒‒

Notes redeemed on retirement accounts (all banks) –

Federal reserve banks:

Federal reserve bank notes

Redeemed on 5 per cent fund account_.

Redeemed on retirement account_---

Federal reserve notes

Redeemed out of gold redemption fund

Fit for use....

Unfit for use_

Received direct from banks of issue____

This departure from the method of making previous assessments is to effect a more equitable apportionment of the expense and, while it has not been practicable in this assessment to adjust all items of expense to an exactly equitable basis, it will be feasible for

1918.

Experience in recent years makes clear that the supply of small notes is not equal to the demand. No rule can be set up by theory of the proper ratio of the several denominations to each other. The needs of business clamor for small bills as instruments of local trade. The growth in the volume of the $1, $2, $5, and $10 denominations of United States paper currency for the past two years measures

the efforts of the Treasury to respond to the demands for small notes. The additions to the denominations named are shown in the statement following:

The United States bonds in the custody of the Treasurer pledged to secure bank circulation amounted to $681,333,060 on June 30, 1917, a decrease of $20,488,170 as compared with those of 12 months earlier. United States bonds and other securities amounting to $43,054,350 were held to secure public deposits in national banks. The securities held for the safe-keeping of deposits in postal savings depositaries amounted to $169,987,745.12.

The stock of standard silver dollars in the United States at the close of the fiscal year 1917 was $568,269,513, of which $71,825,375 were in circulation and $496,444,138 were held in the Treasury, against which Treasury notes and silver certificates to the amount of $479,154,920 were outstanding. Silver dollars were shipped to depositors therefor at the expense of the consignee for transportation as usual during the fiscal year. The stock of subsidiary coin in the country is $198,274,719, of which $4,422,622 was held in the Treasury and the balance, $193,852,097, was in circulation on June 30, 1917.

At the close of the fiscal year 1917 the trust funds, gold, and silver held to redeem outstanding notes and certificates amounted to $2,063,390,829, an increase of $5,981,438 as compared with like holdings 12 months earlier. The increase in gold was $18,835,620, while the silver decreased $12,854,182.

The balance in the gold settlement fund July 1, 1916, was $155,510,000. The deposits therein during the fiscal year 1917 were $567,925,000, while the withdrawals were $197,140,000, leaving a balance in said fund of $526,295,000 on June 30, 1917.

The act approved June 21, 1917, amending the Federal reserve act, contains provisions for simplifying the manner of keeping this account, viz: Deposits of gold coin or gold certificates are received by the Treasurer or any Assistant Treasurer of the United States when tendered by any Federal reserve bank or Federal reserve agent for credit to its or his account with the Federal Reserve Board. Deposits so made are held subject to the order of the Federal Reserve

Board and are payable in gold coin or gold certificates on the order of the Federal Reserve Board to any Federal reserve bank or Federal reserve agent at the Treasury or at the subtreasury of the United States nearest the place of business of such Federal reserve bank or such Federal reserve agent. All expenses incident to the handling of such deposits shall be paid by the Federal Reserve Board and included in its assessments against the several Federal reserve banks. The balance to the credit of the gold settlement fund is shown on the daily statement of the United States Treasury.

District of Columbia.

The transactions of the Treasurer of the United States, ex officio commissioner of the sinking fund of the District of Columbia, are fully set forth in a separate statement.

During the fiscal year 1917 the funded debt retired amounted to $130,600, and there was purchased for this fund $631,000 of United States bonds and $6,000 was deposited with the Federal Reserve Bank of Richmond, Va., on account of a subscription to the first Liberty loan of 1917. This reduces the bonded debt of the District of Columbia to $6,049,350, while as an offset against this there is held in trust by the Treasurer $1,326,000 of United States bonds.

With the beginning of the fiscal year 1917 the Treasurer held for the District of Columbia contractors $254,652.69. The law providing for this 10 per cent guaranty fund was eliminated by Congress during the present fiscal year, with provision for the repayment of all such amounts on authorization by the Commissioners of the District of Columbia, with the result that the Treasurer now holds but $132.51 as a balance due District of Columbia contractors, this amount being unclaimed. The old securities of the District of Columbia held in the care and custody of the Treasurer are: Chesapeake & Ohio Canal bonds, $84,285; board of audit certificates, $20,134.72; total, $104,419.72.

COMPTROLLER OF THE CURRENCY.

The fiscal year ending June 30, 1917, has witnessed the greatest growth in the resources of the national banks of the United States that has been shown in any year since the inauguration of the national-banking system.

The total resources of the national banks at the call of June 20, 1917, were $16,290,406,000, the increase during the year being $2,363,538,000. This was an increase of $5,253,487,000 as compared with the call of June 4, 1913, toward the close of the last fiscal year preceding the passage of the Federal reserve act, the resources in June, 1913, having amounted to $11,036,919,000.