X REPORT OF THE

That the oyster beds if protected out of season are in-
exhaustible, as clearly shown under the workings of the
present law.

If the reports which have come to this office from per-
sons engaged in oyster catching be correct, and I have no
reason to doubt them, we have to-day more oysters in
our waters than we have had for years.

It therefore becomes our duty, first .to protect the oys-
ter beds, and in doing this we encourage this indus-
try; and second, to realize by law just so much money
as will be necessary to defray the expense of that pro-
tection, and thereby prevent the service from being a
tax upon the Treasury.

THE STATE DEBT.

The debt of the State is shown by "Statement I'' to be
110,970,363.34.

As an offset to this debt, the State holds bonds and
stocks on which interest or dividends are promptly paid,
amounting (with the State bonds in the sinking funds)
to the sum of $4,518,799.37.

These bonds and stocks if put upon the market would
Bring a handsome premium upon their face value, but,
deducting them, as shown by their face, it leaves the
debt of the State on the 30th day of September, 1885, to
be 10,451,563.97.

As a further offset to this indebtedness of the State,
we have the State's interest in the Works of Public Im-
provement, and a large sum due by corporations and
collectors of public money. Much of this, however,
possesses no value.

The debt of the State was increased during the year
By exchange, under 13th Section of Article 94 of the
Code of Public General Laws, to amount of $1,879.89,
being the difference in exchange. (The Sterling Debt
having always been computed at $4.44 49 per pound
sterling, whereas, under the law above referred to, it is
exchangeable at $4.84.)