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, 1916, with the exception that the figures in relation to public moneys are brought down to November 1, 1916.

TREASURER OF THE UNITED STATES.

The ordinary revenues for the fiscal year 1916 were $779,664,552.49, an increase of $87,180,107.37 as compared with those of 1915; the increased receipts from customs, internal revenue (ordinary), emergency revenue, and corporation and individual income tax were $100,817,822.70, while decreased receipts are recorded in sales of public lands and from miscellaneous sources amounting to $13,637,715.33.

The total ordinary disbursements were $724,492,998.90, which by classified comparison with 1915 shows an increase on account of the Naval Establishment of $13,193,771.80, while decreased disbursements are recorded in the civil and miscellaneous accounts, the Military Establishment, the Indian Service, pensions, and interest on the public debt amounting to $18,804,364.70, so that the net result on ordinary expenditures was a decrease of $5,610,592.90. The surplus on ordinary transactions for the year was $55,171,553.59.

The receipts from the Panama Canal during the fiscal year 1916 were $2,869,995.28, while the expenses incurred amounted to $17,503,728.07. The net excess of disbursements was $14,633,732.79, which was paid out of the general fund of the Treasury.

Deposits for postal savings bonds, authorized by the act of June 25, 1910, were received during the fiscal year to the amount of $1,803,500. Under the provisions of the act of July 14, 1890, deposits of lawful money of the United States to retire national-bank notes were received amounting to $56,648,902.50, which, with the deposits for postal savings bonds, aggregate $58,452,402.50 in actual cash received on account of the public debt, while the cash disbursements on account of the principal of matured loans and fractional currency were $35,903 and for national-bank notes canceled and retired $24,633,010.50, a total disbursement for the debt of $24,668,913.50. The net result was an excess of receipts of $33,783,489.

On June 30, 1916, the balance in the general fund, including $55,129,185.82 to the credit of disbursing officers, was $235,925,945.68.

The redemptions from the reserve fund during the fiscal year were, in United States notes $70,684,405, and in Treasury notes $2,000, making a total of $70,686,405. The transactions were more in the nature of exchanges than a desire of the holders of these notes for gold. 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.

The gold in the Treasury at the close of the fiscal year 1916 amounted to $1,803,493,932.83, an increase of $420,533,943.65 as compared with like holdings in 1915. 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), $1,565,400,289; and in general fund (belonging to the Treasury), $85,114,618.20.

The imports of gold during the year were $494,009,301, the exports $90,249,548, and the net excess of imports, $403,759,753.

The currency distributed from the Treasury in Washington to the subtreasuries and to banks during the fiscal year 1916 amounted to $1,093,748,025, against $836,961,227 during the preceding 12 months. The Secretary of the Treasury on November 24, 1915, designated the Federal reserve banks as depositaries and fiscal agents of the United States under section 15 of the Federal reserve act, effective on and after January 1, 1916, and until revoked. The deposits of all officers of the Government in Federal reserve cities, including Brooklyn and St. Paul, have since that date been made with the Federal reserve banks, with the exception of post-office funds and the deposits to the credit of United States courts and their officers. The Federal reserve banks have cashed Government warrants and checks drawn on the Treasurer of the United States in the same manner as nationalbank depositaries. The amounts held by the national-bank depositaries in the Federal reserve cities at the close of business December 31, 1915, to the credit of the Treasurer of the United States were transferred to the Federal reserve banks in those cities, and the national-bank depositaries were discontinued, except as to such depositaries holding post-office and court funds. The balance of public moneys on deposit in the Federal reserve banks at the close of the fiscal year 1916 was $113,480,576.

The balance of public moneys on deposit in national-bank depositaries at the close of the fiscal year 1916 was $39,520,201.80.

The gold settlement fund inaugurated and established by the Federal Reserve Board in May, 1915, under the provisions of section 16 of the Federal reserve act, has been of great service in settling balances arising out of transactions among the 12 Federal reserve banks. The fund is in the custody of and operated under the direction of the Federal Reserve Board with the cooperation of the Treas

ury Department. The amount deposited in the fund during the last fiscal year was $224,970,000. If the Treasury finds it necessary to ship from one point to another funds to make payment on account of the said settlement fund, the Federal Reserve Board will refund any expenses incurred in making such shipments.

At the close of the fiscal year 1916 the general stock of money in the United States amounted to $4,482,859,133, an increase of $493,402,947 as compared with that of the preceding year. The growth in gold was $464,167,033, in silver $3,426,897, in Federal reserve notes $91,907,950, and in Federal reserve bank notes (a new kind of money issued during the year) $9,000,000, while the national-bank notes decreased $75,098,933. There was no change in the United States notes. The money in circulation increased in volume by $454,878,188 and amounted to $4,024,097,762 on June 30, 1916. The circulation per capita was $39.28 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 358,838,465 pieces, of the total value of $1,510,334,000. The redemptions were 310,343,348 pieces, of the total value of $993,220,100. The pieces outstanding number 382,848,473, of the total value of $2,578,690,685. 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 more than one-fifth of 1 per cent of the amount outstanding.

During the fiscal year 1916 national-bank notes amounting to $522,923,441 were presented for redemption. This sum was 68 per cent of the average circulation outstanding. Of the notes received at the Treasury $86,938,900 were fit for use and were returned to the banks of issue for further circulation. The expenses incurred for redemption of national-bank notes during the year have been assessed upon the banks in proportion to their notes redeemed and was at the rate of $0.817229 per $1,000.

Federal reserve notes amounting to $41,065,305 were presented for redemption during the fiscal year 1916, of which $14,410,600 were fit for use and were returned to banks and agents for further circulation. There being only 12 Federal reserve banks, their notes can be assorted with more facility than national-bank notes, and this condition appears to warrant a difference in rates to bring about an equitable distribution of expense; therefore the rate charged Federal reserve banks on notes redeemed in the ordinary course of business was $0.41880208 per $1,000.

The United States bonds pledged to secure bank circulation amounted to $690,440,930 on June 30, 1916, a decrease of $45,583,260 as compared with those of the preceding year. United States

bonds and other securities amounting to $42,674,350 were held to secure public deposits in national banks. Under the provisions of the act of June 25, 1910, establishing the Postal Savings System, the Treasurer of the United States held in trust, as security for deposits in postal savings depositaries, bonds and securities amounting to $111,399,577.40 on June 30, 1916.

Silver dollars were shipped to depositors therefor at the expense of the consignee for transportation as usual during the fiscal year. The stock of such coins is $568,270,319, of which $501,855,387 are held in the Treasury for the redemption of outstanding Treasury notes and silver certificates, leaving in circulation $66,414,932 at the close of the fiscal year 1916. The stock of subsidiary silver coin is $188,858,483, of which $17,449,437 was held in the Treasury and the balance, $171,418,046, was in circulation on June 30, 1916. The trust funds, gold and silver coins held to redeem outstanding notes and certificates, increased $387,987,402, and amounted to $2,057,409,391 at the close of the fiscal year. The increase in gold was $391,691,300, while the silver decreased $3,703,898.

District of Columbia.

The amount of the funded debt retired during the fiscal year 1916 was $338,100, while additional United States bonds have been purchased and are held for this fund.

The total issue of District of Columbia bonds was $14,997,300, and of this amount $8,817,400 has been redeemed, leaving the outstanding funded debt only $6,179,900, while there is held in trust against this amount $689,000 United States bonds.

At the close of the fiscal year 1916 the 10 per cent guaranty fund retained from District of Columbia contractors amounted to $254,652.69, and is represented by $72,498.93 cash and United States and District of Columbia bonds aggregating $176,250 and costing $182,153.76.

Detailed information in regard to the affairs of the District of Columbia will be found in the reports of the District Commissioners and the Treasurer of the United States, ex officio commissioner of the District of Columbia sinking fund.

COMPTROLLER OF THE CURRENCY.

On June 30, 1916, there were 7,588 national banks in operation, having an authorized capital of $1,070,858,375 and total circulation outstanding of $744,174,660, of which $686,583,635 was secured by United States bonds and $57,591,025 by deposits of lawful money in retirement account.

Charters for 10,869 national banks have been issued since the beginning of the national-banking system in 1863. Of this number,