10 REPORT OF THE

Under the management of the present Board, it is hoped
that a still farther improvement will be made in the finan-
cial condition of the Company. The aid extended to the
various Railroads in the statement, though not positively
requited by direct receipts into the Treasury, will be avail-
able in the development of the counties through which the
roads pass, and will ultimately become a source of per-
manent income to the State.

Statement "J" shows the aggregate funded debt of the
State, on which interest has to be provided, to be
$13,317,475.77, of which, the sum of $6,052,888.88, is
Sterling Debt, on which the interest is payable in London.
To meet these liabilities, the State has available assets to
amount of $7,317,420.03, leaving the sum of $6,000,055.74,
on which the interest must be provided by taxation until
the stocks now styled unproductive shall become remune-
rative to a sufficient extent, to balance the account.
STATE LEVY

Statement "K" shows the State Levy for all purposes
for the year 1870, and a comparison of the assessed value
of property in 1867 and in 1870. The exemptions un-
der recent laws have diminished the basis of assessment to
a very perceptible extent.

In Allegany, Calvert and Prince George's Counties, the
County Commissioners have levied only 19 cents in the
$100, and in Baltimore county, a levy of 19 1/2 cents in the
$100 has been made. These mistakes will have to be
rectified in the levy for the ensuing year.
PUBLIC SCHOOL TAX.

Statement "L" shows the Levy, Receipts and Disburse-
ments, on account of Public School Tax as authorized by
the Acts of Assembly of 1865, chapter 160, 1868, chapter
407, and 1870, chapter 311. The receipts for the year