COMPTROLLER OF THE TREASURY. 7

to the credit of the Fund on the 30th September, 1868, viz :
$123,294.93, make an aggregate of $184,596.42. The disburse-
ments during the fiscal year amount to $28,186.80, leaving

a balance to the credit of the Fund, of $156,409.62.

Chapter 406 of the acts of 1868, regulating the taking or

catching of oysters in the waters of the State, is imperfect, as
all laws heretofore enacted on this subject have proved. It
needs material amendment or alteration, but as my successor is
perfectly familiar with its operations, he may deem it proper
to make this a subject of special communication.

As many members of your Honorable Body, from the tide
water region have made it a study, and have a deep and abiding,
interest in the protection and preservation of this luxury, as

every citizen of the State should have, they will no doubt be
prepared to make such alterations and amendments, as circum-
stances may demand.

STATE'S CAPITAL AND INVESTMENTS.

Statement "I," exhibits the productive and unproductive

stocks in which the State's capital is invested, the productive
amounting to $7,115,121.89, and the unproductive aggregating
$19,676,632,08.

There are several .items in the list of unproductive stocks
that should be stricken from the books, by an Act of the

General Assembly ; for instance, the loan to and stock in the
Potomac Company," all the property of which is held by the
Chesapeake and Ohio Canal Company; " Nanticoke Bridge

Company;" "Chesapeake Steam Towing Company;" bonds
installed and not installed ; due from the Penitentiary ; Stock
of Elkton Bank and Dividend Bond No. 58 of Baltimore and
Ohio Railroad Company.

It is a matter of regret that the liberal investments of the
State have proved so unproductive. It is a subject for your
calm and considerate reflection whether it will be for the in-
terest of the State to sell this unproductive and sufficient of
the productive stock, and pay off the State's liabilities, or hold
at, hoping for future receipts.