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As an off-set to this debt, the State holds the following Bonds
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and Stocks, on which interest or dividends are promptly
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paid, to wit:
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Stock of the Baltimore and Ohio R. R. Co........................
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$ 968,615 70
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Stock in Washington Branch B. & O. R. R. Co..................
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550,000 00
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" Farmers' National Bank of Annapolis................
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46,470 00
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'' Annapolis Water Co......................................
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30,000 00
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Bonds of Northern Central Railway— Mortgage..............
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1,500,000 00
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Stocks and Bonds to Credit of the Sinking Funds...............
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1,752,290 18
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$4,847.375 88
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Net debt after productive Stocks held by the State and the
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Sinking Funds are deducted.......................................
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$6,113,159 68
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The debt was reduced during the Fiscal Year ended Septem-
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ber 30th, 1886, by redemption and Exchange as follows:
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+5 per cent. Sterling, Chap. 386 of 1838............................
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$27,777 78
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6 per cent. Maryland Defence Loan, Chap. 235 of 1868.......
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12,300 00
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Reduction by redemption and exchange................
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$40,077 78
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The net debt of the State was reduced during the fiscal year
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by increase in stocks and bonds purchased on account of
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the Sinking Funds to the amount of......... . ......................
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$338,404 29
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* Of this sum, $4,001,111.11 is Sterling Debt, on which the interest is payable in London in gold or its equivalent.
+ In the Exchange of the Sterling Debt, the calculation being required to be made at the rate of $4.84 per £ Sterling, as per section 13 of Art-,
icle 94 of the Code. The increase of the Maryland State Loan by exchange during the Fiscal Year am mats to $30,250.00, although the Ster-
ling Debt seems to be reduced but $27,777.78, the Sterling Debt having been always computed in this statement at the rate of $4.44.4-9 per
£ Sterling.
For this balance of $6,113,159.68, the State has as an off-set her unproductive stocks, amounting to $28,126,034 06 and $1,600,000 00
due from Accounting Officers and Incorporated Institutions.
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