COMPTROLLER OF THE TREASURY. ix

cent, per annum, would be, with the other available assets of the
State, more than sufficient to offset the entire public debt. There is
a large amount due from sheriffs, collectors and incorporated institu-
tions, now in course of settlement, and which will, when collected,
belong, under existing laws, to the sinking fund for the redemption
of the public debt.

There is every reason to believe, tbat if the present efficient man,
agement of the Chesapeake and Ohio Canal shall continue, this
work will become, in a few years, a source of reliable income
to the Treasury. During the current year, the sum of $254,925.00
has been devoted to the liquidation of the coupons on the preferred
bonds. If the net revenues of the canal continue to increase in the
ratio of the last four years, they will extinguish the coupons in
arrear by the year 1877 or 1878, and after furnishing a sinking fund
for the redemption of the principal of said bonds, and paying the
current interest, will yield not less than one hundred and fifty thou-
sand dollars per annum to the Treasury.

The following statement of the affairs of the canal for the quar-
ter ending 30th November 1872, is taken from the quarterly report
of the president and directors, made to the stockholders December,

1872:

OFFICE OF THE CHES. & OHIO CANAL CO.

ANNAPOLIS, December 2d, 1872.
To the Stockholders of the Chesapeake and Ohio Canal Company :

GENTLEMEN:—We have the honor to submit this our report of the receipts and
disbursements of this company, for the quarter ending November 30th, 1872 :

The gross revenue accrued from tolls, from 1st Sep-
tember to 30th November, 1872, (inclusive,) was....$143,218 93

Revenue collected from water-rents, houses and lands
for same period, was........................................... 3,107 38

Interest accrued on deposits................................. 898 60

Making the total revenue accrued from all sources...... $147,224 91

There wag expended for repairs, ordinary, extraordi-
nary and.pay of officers....................................$47,391 61

Construction of permanent works........................... 8,397 02

Total expenditures for operating, maintaining and im-
proving the canal.............................................. $55,788 63

Showiaa; the net revenue to be................................ $ 91,436 28

We havfc appropriated during the quarter, on account of

coupons on preferred construction bonds, the sum of. 152,955 00
Which makes the entire amount paid on this account

since January 1st, 1872...................................... 254,925 00

The balance in the Treasury on the 1st of September,
after paying the August expenses, and one coupon
on preferred construction bonds, was.....................$80,295 27