COMPTROLLER OF THE TREASURY. XIII

The amount of Bonds in the Sinking

Funds January, 1884, applicable to

this debt were................... $411,209 18

Amount of Sinking Funds January, 1887,

are................................ 1,851,290 18

Increase in Sinking Funds in 3 years.. $1,440,081 00
But as this increase of Sinking Fund in-
cludes Bonds of the Baltimore and

Ohio Railroad Company placed to

the credit of the Fund by an Act of

Assembly, we must, in order to show

the actual increase of the Fund from

the revenues derived from loan taxes,

deduct these bonds amounting to. .. 366,000 00

And we have an increase of Sinking Funds
from revenues from loan-taxes, after
paying interest on the loans in three
years of. ......................... $1,074,081 00

And making an average increase of the Sinking Funds
of $358,027.00 a year.

As we have had in these three years the expenses in-
cident to two Sessions of the Legislature (1884 and
1886) to discharge, the above statement does not give
as high an average as it will when you take the invest-
ments of four years—two Legislative and two non-Legis-
lative years—and average them.

For instance, had it not been for the expense of the
last Legislature and its refunding Acts, to which I
have before referred, instead of having money to invest
on account of the Sinking Funds to the amount of
$450,907.86, we would have had $207,000.00 additional,
making $657,907.86 for investment in a single year, and
still we would have had the same balance in the Treasury
that we now have.

Should we do so well the present year, 1887, the
average would be raised to over $430,000.00 per year.

But as there are expenses to be incurred such as the