viii REPORT OF THE

tion on the part of the officers of the Treasury absolutely neces-
sary, in order to enable them to invest the amounts accruing
to the Sinking Fund, without being obliged to give a premium
on said investments.

DIVIDENDS.

Statement "G" shows the receipts during the fiscal year from
dividends on bank and railroad stocks, and interest on the
bonds of the Columbia and Port Deposit Rail Road Company,
amounting in the aggregate to the sum of $139,469.03.

OYSTER FUND.

The receipts on account of the "Oyster Fund" during the
fiscal year, have been very small, owing to the change made by
the Act of 1874, chapter 181, in the time for commencing to
catch oysters with dredges, from 15th September until the first
day of October, which, of course, had the effect to postpone
receipts from dredging licenses 'beyond the end of the fiscal
year, and the diversion, by the same Act, of the revenue from
tongs licenses to the free schools of the counties. Statement
"H" shows the total receipts on account of the "Oyster Fund,"
during the fiscal year, to have been $36,278.65.

The disbursements during the same period, on this account,
amounted to $36,882.97. The balance to the credit of the
"Oyster Fund," at the close of the fiscal year, was $271,409.82.

The receipts from dredging licences, since the close of the
fiscal year, have been quite large.

STATE DEBT.

Statement " J " shows the total amount of the Public Debt
of the State, at the close of the fiscal year, to be $11,095,019.49.
Of this, $5,416,444.44 is sterling debt, on which the interest, is
payable in coin in London.

Of the $500,000.00 authorized by the Act of 1868, chapter
454, to be paid to the counties of Charles, Calvert and St.
Mary's, for the building of railroads in said counties, the sum
of $352,520,00 has been paid, but no bonds have been issued for
that purpose, as authorized by that Act, the Treasurer, under the
advice of the Comptroller, declining to multiply the series of