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the president and directors shall continue until the pre-
ferred debt now owing shall be paid or until the Legisla-
ture shall otherwise provide.
And it shall be the duty of the president and directors
of the said canal company to make to the comptroller of
the State true and accurate quarterly statements of all
revenues and expenses of said canal, and to deposit semi-
annually with the treasurer of the State all surplus earn-
ings above the necessary expenses incident to maintain-
ing the canal in a good and efficient state of repair, and
such further sum as is necessary to pay the annual ac-
cruing interest upon the principal sum of the preferred
debt or debts owing.
And the Treasurer of the State shall, from time to time,
invest such surplus and the increment thereon in a sink-
ing fund until it shall be sufficient to redeem the principal
and over-due interest of said preferred debt or debts.
And should either class of the creditors of said company
make default in nominating for directors at any election,
the provisions of this section, so far as it applies to the
defaulting class of creditors at such election, shall be in-
operative and void.
And the president and directors of said canal shall have
the power to establish, and from time to time alter the
same, such rates of tolls as may be by them deemed
necessary to secure the largest amount of revenue there-
from, within the limits prescribed by the charter of said
company.
The report was received, the recommendation con-
curred in, and the committee discharged.
The Convention then adjourned.
SEVENTY-FOURTH DAY.
ANNAPOLIS, FRIDAY, AUGUST 16.
Convention met at 10 o'clock. Prayer by Rev. Mr. Hen-
derson.
Mr. Merrick submitted the following, •which was adopt-
ed unanimously:
Ordered, That the thanks of this Convention be tend-
ered to the Hon. R. B. Carmichael for the urbanity and
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