xxvi REPORT OF THE

basis of assessment by practical officers, and obviate the
expense and inconvenience of periodical general assessments.

A defect has always existed in the laws in this State regu-
lating the taxation of corporations. As the law requires the
shares of stock to be assessed, it frequently happens that a
corporation'owns real estate in a County, or in the City of
Baltimore, and the owners of the shares of stock all reside
elsewhere. The effect of the operation of the law in such
cases, is to take from the county or city where the real
estate is located, all benefits from such property for the pur-
poses of taxation. This defect can be easily remedied by re-
quiring all real estate belonging to corporations to be taxed,
to the company owning the same, in the place where located,
and requiring the State and county taxes to be paid on such
property by the corporation. The value of all such property
when assessed, can be deducted from the aggregate value of
the shares of stock of the corporations, and in this way com-
plete justice be done to all parties and localities.

The taxes on the.shares of stock of every corporation, for
county and municipal as well as State purposes, should be
paid by the corporation. This would obviate all the trouble
of ascertaining the residence of the owners of such shares,
and would enable the authorities to settle the taxes with the
proper officer of the. corporation in all cases.

The duties of the Comptroller previously heavy as com-
pared with those of other officers, have been doubled since
the year 1872. By the legislation of that year it was made
the duty of that officer to assess the shares of capital stock
of all banks and other corporations in the State. To perform
this duty with absolute accuracy, is by itself a sufficient task
for one officer. While this duty should be performed by a
State officer, it ought not to devolve upon the Comptroller.

To superintend the collection and disbursement of the
revenue, will entail sufficient labor on the office to occupy
the Comptroller all the time with advantage to the State.—
At the same time to the duty of assessing the shares of
stock of corporations in. the hands of another officer might be
added a general supervision of the assessment of property, the
operation of which would tend largely to the accomplishment