Tightening their belts for several years of declining enrollment and low interest rates, the chairmen of all departments in the College and the Graduate School of Arts and Sciences are paring down their budgets 10 per cent for next year, John W. Lowes, financial vice-president of the University, revealed yesterday.

Though every part of the College and Graduate School will be affected by the cut, officials believe that the necessary savings can be made without reductions in salaries.

Lowes' statement concerned only the College and Graduate School, which are budgeted under one heading, but the heads of the other graduate departments of the University, such as the Law, Medical, and Business School, are planning to introduce equally drastic economies.

Budgets Now Being Proposed

The 10 per cent cut in the college and Graduate School budgets is now being prepared and will be completed within the next two months, it was determined upon by officials when they realized that they could not meet the growing College deficit in any other manner.

This fall when the books were closed for the fiscal year ending last July, the College and Graduate School of Arts and Sciences were in the red to the extent of $114,084.96, the first substantial deficit in recent years.

College losses of previous years have not been such that they could not be met with the surpluses of the rest of the University. This fall, however, it was announced that for the first time in recent history the entire University ran a deficit of $58,605.15, necessitating economies throughout Harvard.