viii REPORT OF THE

period, were $23,076.17, including the expense of furnishing painted
numbers to oyster vessels for the years 1871 and 1872, the cost of
the said numbers for each of those years, being paid in the last
fiscal year, and amounting to $894.90. The salaries and expenses
of the "State Fishery Force" for the fiscal year, amounted to
$19,390.13, being less than those of 1871, by the sum of $1,967.42.
The whole amount standing to the credit of the "Oyster Fund," at
the close of the fiscal year, is $231,294.34.

STATE DEBT.

The total debt of the State, as shown by Statement "I," amounted,
at the close of the fiscal year, to the sum of $10,911,678.75, having
been increased during the fiscal year $330,000, by the loan for the
Maryland Hospital, authorized by the Act of 1872, chapter 236, and
$25,000 for the Deaf and Dumb Asylum, authorized by Act of 1870,
chapter 422.

The debt of the State has been reduced during the fiscal year by
the amount of $1,872,239 93, to which may be added the cash on
band, for further reduction, amounting to $218,750.30, which, when
the bonds arc brought in for redemption to that extent, will make
the total reduction $2,090,990.23.

Of the existing debt, $5,875,555.54 is sterling debt, on which the
interest is payable in coin in London.

The real amount of debt for which the State has no reliable off-
set, may be put down at not over $4,500,000.00, for which the in-
terest must be raised by taxation. This will be a trifling burden on
the people, whenever the whole productive capital of the State is
made to contribute its due sbarc of the taxation necessary for the
support of the State government.

It is believed, however, that before the lapse of many years, some
of the stocks now set down as unproductive, will commence to yield
a revenue to the Treasury.

THE STATE'S INVESTMENTS.

Statement "J" exhibits the productive and unproductive stocks
composing the State's investments. Those designated as productive
amount to $4,794,856.26, including cash on hand to the credit of the
sinking fund for redemption of the State debt. Tbe stocks and bonds
owned by the State, which are now unproductive, amount, with the
interest thereon, to $21,053,056.69. Of this immense amount, the
sum of $7,000,000 was invested in stock of the Chesapeake and
Ohio Canal Company, which, if now paying a dividend of six per