998 JOURNAL OF PRCEOCEEDINGS [Mar. 25,

probably still more. The State will obtain at once an addi-
tion to her revenue of from forty to sixty thousand dollars a
year. As matters now stand and,are likely to continue under
existing arrangements, the Statee cannot anticipate the re-
ceipt of a dollar in the next ten years. It will be seen by re-
ference to the bill accompanying the report, that the State
reserves to itself the right to reserve the stock and to vacate
the transfer at any time should it be deemed, for any reason,
expedient to do so, and that in any event it will, by its own
limitations, determine at the end often years, a period which
will be ample for the extinguishment of this whole proposed
debt, and the Canal will revert to the State,

Which was read.

Mr. Morse, Chairman of the Committee on Corporations,
tc whom had been referred the Senate bill entitled an Act of
incorporation of the Howard Mutual Life Insurance and
Trust Company of BaltinJorej reported the same with pro-
posed amendments:

PROPOSED AMENDMENTS.

Strike out section 5, and insert in lieu thereof the follow-
ing:

Sec. 5. And be it enacted, That there shall be a guarantee
capital of at least one hundred thousand dollars, to be divid-
ed into shares of twenty dollars each, which shall be personal
property, transferable on the books of the Company, in con-
formity with its by-laws, that the said guarantee capital
stock shall be invested in the securities of the United States,
the State of Maryland, or the City of Baltimore, either one
or all of said securities, and the same deposited with the
Treasurer of this State, as a guarantee for the payment of
the policies of insurance issued by said Company; and the
said Company from time to time, as they shall deem proper,
may sell and dispose of said securities, and exchange, and
re-deposit the same with tjje said Treasurer, under such rules
and regulations for said exchange and re-depoi=sot as said Trea-
surer shall direct, the said Company confining the said busi-
ness of sale, disposition and exchange of said .securities to
either or alt of the said securities above named in this sec-
tion, the interest and profits accruing and made on said
securities, and the sale or exchange thereof, to be collected
by and paid over to said Company.

Which were severally read and adopted,
And the bill, as amended, read a tecond time.

Mr. Merrick, Chairman of the Committee On Ways and
Meatis, reported favorably,