THE TREASURY 81 This gap makes it impossible to follow in detail the operations of the Treasury in the weeks immediately following the Loan flotation. The consolidated statement for the interval (July 2— July 23) shows, however, that during this period there was advanced to the Allies $375,000,000 and expended in ordinary disbursements $157,149,769. By July 24, 1917, the Treasury balance stood at $494,394,365. of which $158,296,453 was in the Federal Reserve Banks and $320,264,871 in the special depositaries on account of Loan receipts. Three installments on account of the First Liberty Loan remained unpaid, nominally to the amount of $541,000,000; but of this only 20 per cent, was due on July 30, 30 per cent, being payable on August 15, and 30 per cent, on August 30. Revenue from taxation, even with the important schedules of the war tax act then in operation, offered no adequate relief. The 1917 income tax payments were largely completed by June 22, and the total ordinary re ceipts of the Treasury were actually less in July and August than in the months immediately follow ing the declaration of war. On the other hand, a definite obligation lay immediately ahead in the maturity on July 30 of the outstanding parts of the certificate issues of May 25 and June 8, and be tween July 24 and August 14 the Treasury disbursed $265,648,579 for this purpose. The graver problems of the Treasury had to do with the huge financial requirements of the Allies and with our own swiftly mounting expenditures for national defense. Of the two demands, the Allies’ loans were the larger absolutely — beginning