14 REPORT OF THE

The most of them complied and made their statements in the
form prescribed ; others declined doing so, alleging in excuse,
that the law did not demand such a return.

All the statements as received, are appended to this report,
those complying with the form adopted, being contained in
part 1, and those not complying, in part 2, of Statement "G"
of Appendix 2, and you can judge whether or not they have
complied with the letter and spirit of the Act. The evident
intention of the law is, that every one, whether interested or
not, may know the exact financial condition of the Corpora-
tion, the Stock investments, risks and rate of interest, and this,
every community in which these Institutions are located, has
a right to know and demand.

FOREIGN CORPORATIONS.

I would respectfully call your attention to Section 58, Article
III of the Constitution, which the last Legislature ignored.—
There are several Foreign Companies in the State, doing a
large and lucrative business, that procure no license and pay
no taxes, except on the little property they hold within the
limits of the State, viz: Express and Telegraph Companies. Not
having their principal office in Maryland, they do not pay a tax
on their Capital Stock, as Home Companies are required to do,
and there is no way to reach them except by taxing their
revenues.

In some of the States—Pennsylvania—a tax is levied on the
revenues or receipts of Foreign Insurance Companies. I
would suggest that a similar levy in this State would, greatly
increase the revenue from this source.

A license might be required as provided by Chapter 243, of
1868, as an earnest of their intention to comply with the law in
good faith. At the end of the year they might be compelled
to make a statement under oath to the Comptroller, and pay
such a per cent, as you may deem proper on the revenues of
the Company in the State.