X REPORT OF THE

discretion it should seem advisable, and to the interest of the
State to do so. After the passage of that Act, a large amount
of the debt maturing in 1870, was exchanged for this loan, as
authorized by the Act, and after inviting proposals, a
sufficient amount of the loan was sold to take up the re-
mainder of the bonds maturing in 1870. Since that time,
no period has occurred, at which it was considered by the
Governor, Comptroller and Treasurer, to the interest of the
State to sell any portion of said loan for the purpose of re-
deeming the overdue sterling bonds which matured in 1865,
until the last fiscal year, when the high premium offered, in-
duced these officers to dispose of $197,000.00 of said loan, to
provide for taking up an equal portion in value of said over-
due debt. This sale realized to the Treasury, together with
the premium thereon, the sum of $219,315.00.

On the 23d day of March, 1877, the Comptroller and
Treasurer in pursuance of the Act of 1872, Chapter 276,
transmitted a notice to be published in London, to the effect,
that on the first day of July, 1877, they would redeem at the
State's agency, in that city, the outstanding bonds of the
State issued to the Susquehanna Canal Company, from No. 1
to No. 125, inclusive, and that interest on the same would
cease from that day. On August 6th, 1877, a similar notice
was transmitted by these officers to the effect, that on the
first day of October, 1877, they would redeem at the State's
agency, in London, all the outstanding bonds of the State
issued to the Suequehanna Canal Company, from No. 126 to
No. 483, inclusive, and that interest on the same would cease
from that day. These bonds with the exception of nine,
which appear by the books of the Treasurer to be outstand -
ing, but which had not been presented for payment at the
last advices received at this office from Messrs. Baring, Bros.
& Company, the State's agents, in London, have been redeem-
ed, cancelled and transmitted by express to this office, and
deposited with the Treasurer of the State. These bonds
have been due in London since the year 1865. The State
loan, authorized by the Act of 1872, Chapter 366, has been
increased for the purpose of raising the funds to take up the
said overdue debt by the sum of $197,000, and for exchange