VIII REPORT OF THE

said fund, 30th September, 1876, viz: $28,408.87, make an
aggregate of $34,142.56; of this, the sum of $33,396.00 was
expended in the purchase of stock of the Maryland State Loan,
leaving to the credit of said fund the sum of $746.56.

The several stocks in which the sinking fund is invested,
are shown in statement "F," amounting, in the aggregate, to
the sum of $125,895.84.

Statement "G." exhibits the amounts received from divi-
dends on stock held by the State, and interest on debts due
the State on bonds and mortgages, amounting in the aggre-
gate to $190,756.70.

OYSTER FUND.

The receipts on account of the "Oyster Fund" during the
fiscal year, are given in detail in statement "H," amounting
in the aggregate to $51,078.76. The expenditures, detailed
in same statement, amounted during the fiscal year, to the
sum of $50,136.76.

The amount to the credit of the ''Oyster Fund" at the close
of the fiscal year was $250,824.26.

The large amount paid for salaries of the "Police Force, "to-
gether with other expenses, nearly equals the receipts. It is
submitted, that if the whole of this force is considered neces-
sary by the Legislature, to protect the waters of the State
from depredations by persons not entitled to catch oysters in
said waters, a considerable saving might at least be made by
lowering the salaries of the officers of the force, which, are
probably out of proportion to other salaries paid by the
State. It is to be hoped that a saving may be made in some
way, so as to enable the cost of licenses for dredging to be
reduced. The persons engaged in the catching of oysters,
have for a number of years, been poorly paid for their labor,
and any thing which can be done to relieve them from un-
necessary taxation, should be done. No more taxes should
be imposed upon the catching of oysters, than such as are
necessary to protect the waters of the State, for the benefit
of the people of the State.

THE STATE'S INVESTMENTS.

Statement "I" exhibits in detail the different stocks in
which the money of the State has from time to time been in-