vi REPORT OF THE

During the five years immediately preceding the last,
from 1874 to 1878 inclusive, part of which time this
Department received interest from the Susquehanna and
Tide Water Canal Company and a large sum from one-
fifth of the receipts from passengers over the Washing-
ton Branch of the Baltimore and Ohio Railroad Company,
amounting together during that period to the sum of
$746,132.82, the average receipts of the Treasury were
$2,005,420.48, or a fraction less than they have been for
the present year.

But to make a fair comparison, we should deduct the
revenues derived from the tax upon the receipts of the
Washington Branch of the B. & O. R. R. Company, as
well as those received from the Susquehanna and Tide
Water Canal Company,as the one has since been abolished
and the other has failed to pay its interest, and when
we have done this we find the average ordinary receipts
for that period to be $1,876,193.91, or $166,886.02 less
than they have been for the fiscal year just closed.

" Statement A" in the appendix to this report exhibits
in detail the several sources from which the revenues
have been derived.

DISBURSEMENTS.

The total disbursements during the year amounted to
$3,874,671.28. Of this aggregate, the sum of $1,999,086.66
was money expended, in redeeming a part of the Old
Defence Loan, the further sum of $117,794.94 was
for expenses incident to the Session of the Legis-
lature, in the pay of its members and officers, and for
printing, and the further sum of $71,280.00, was invested
in Bonds for the Sinking Fund, for the Defence Redemp-
tion Loan, leaving the sum of $1,686,509.68 as the net
ordinary disbursements for the fiscal year.

The average disbursements for the past five years
exclusive of investments for the Sinking Funds
amount to the slim of $1,8 24,682.37, and should you take
the legislative years separately; the average disburse-
ments amount to the sum of $1,028,713.48, and make a
difference in favor of the last Legislative arid fiscal year