* Of this sum, $4,038,888.89 is Sterling Debt, on which the interest is payable in London in gold or its equivalent.

The Sterling Debt in this Statement, has always been computed at the rate of $4,444.4-9 per £ sterling, while the exchange of Sterling,
Bonds for the Currency Debt of the State is directed by Section 13, of Article 94, of the Code to be made at the rate of $4.84 per £ sterling.
While the Gross Debt of the State appears by the above Statement to have been increased during the past Fiscal Year by the sum of
$4,428.89, the Net Debt of the State, compared with the Net Debt at the close of Fiscal Year, 1884, shows a Net Decrease in the State Debt
during the Fiscal Year, 1885, of $621,518.92.

tThis amount of Maryland Defence Loan had aot been presented for redemption at the close of the fiscal year.

fSr- For this balance of $6,451,563.97, the State has as an off-set her unproductive stocks, amounting to $27,723,286 94 and $1,529673 24
due from Accounting Officers and Incorporated Institutions.