X REPORT OF THE

years by the people of the State, but within the last few years
the business and receipts of that Company justify the belief
that the hopes of the projectors of that great work will ulti-
mately be realized to a large extent. From a statement lately
made by the President of the Canal Company, for the Board
of Public Works of the State, it appears that the receipts of
the Canal for the year 1874, have been $515,594.72, and the
sum of $308,850.00 has been paid within the year in liquida-
tion of the over-due coupons on the Preferred Bonds, $257,-
925.00 of which was from the revenue of the Canal received
in 1874. There are still outstanding coupons, over-due, to the
amount of $1,376,595, and if payments can be made in future
years at the same rate, the over-due coupons will be all taken
up by 1st July 1882, and after that, the revenues of the Canal,
after expenses and payment of current interest on the Preferred
Bonds, will be available to the Treasury. With the present
rate of receipts and expenditures, there will then be a revenue
accruing to the Treasury from this source of about $175,000
annually. The President thinks, however, that with the im-
proved condition of the Canal, and certain supply of water
from the successful operation of the steam pump, with the ad-
dition of a wharf at Cumberland, and increased facilities at
Georgetown, the revenues of the Canal will largely exceed
their present amount in future years, and if so, receipts may-
be available to the Treasury of the State at an earlier day and
in larger amounts.

STATE LEVY.

Statement " K." shows the State Levy for all purposes for
the year 1874:, which foots up an aggregate of. $940,539.46.
The assessable basis has been increased in the State in 1874,
over that of 1873, by the sum of $38,362,100.00. In eleven
of the counties and the City of Baltimore the assessable basis,
has increased, while in the other twelve counties it has dimin-
ished.

BOUNTIES.

Statement " M " exhibits in detail the amounts paid for State
bounties from 1864 to the end of the fiscal year 1874, and the;