416 Assembly Proceedings, April 13-May 6, 1761.

U. H. J.
Liber No. 35
April 24

Amounting in the whole to one hundred and thirty Pounds Six
Shillings and three pence as appears by the Above Accounts, but
we dont find any payments made by the Said Naval Officer in
discharge of the above Sum So that the Same is Still due from
him, And Your Comittee think it their duty to Observe that the
Naval Officer Af^d did not render the Above Accounts till the 21^st
Instant which we humbly conceive is a neglect of Duty the Naval
Officers being by Law directed to render the Accounts Yearly

p. 474

Your Comittee also find by the Said Trustees Accounts that they
did not buy in or convert any of the Monies remitted by the Naval
Officers or received as Dividends on the Interest from the Capitol
in the Bank from September 1755 till 1759 and February 1760
and untill the Sum to be converted from the last Purchase Amounted
to £6,000 Sterling or upwards and for their justification they write
to the Commissioners the 10^th of March 1757, as follows You may
wonder as the Sum lying dead that we have not invested it or some
or some part thereof as We have from time to time heretofore done
but as the times lately and Still are so precarious We thought it better
to defer it as we have done notwithstanding the Loss of the Interest,
the Price of Stock is at 119 p Cent and doubt will Shortly be Lower,
We Shall Act to the best of our Judgment for the Countrys Interest
at all Times "and by their Letter dated London 13^th March 1759
they say as the Same Reason Continues as was given in our last, there
has not been any Cash disposed of in the Purchase of any more Bank
Stock the Value of its price still lowring and no reason can be As-
signed, it should be better untill a good Peace be attained the Price at
present is but 116 p Cent. Your Committee Apprehend the Trustees
keeping the Countrys Money dead in the Bank so long a Time without
purchasing Capitol Stock have not complied with the directions
of the Act of Assembly to which we beg leave to refer, tho by their
Account rendered it appears they purchased Capitol Stock at a much
Lower Rate than they could have before done to wit from £112..10..0
to £111 p Cent yet we conceive that saving is not equal to the Sum
which woud have arisen to the Credit of this Province by the Divi-
dend and accruing Interest thereon if the Moneys had been Yearly
converted into Capitol Stock as appears by an Account here under
Stated

D:^r

Profit and Loss to the Province of

Maryland by

C^r

delay of Purchase of Capitol Bank Stock

........

To Loss of the Dividend of £1000

Capitol for 3! Years from April

1756 to Oct^r 1759 which would

have then Cost a 122 p C.^t there

£157.. 10.. 0

£1220

being then enough in the Trustees

hands to have purchased so much

Stock .......................