VI REPORT OF THE

are happy to state, that we have been able to maintain
in their integrity the Sinking Funds during the fiscal
year just closed.

There was received during the Usual year, on account
of the tax providing for the Sinking Funds of the
various loans of the State, and the increment arising
from investments heretofore made on these accounts,
the sum of $351,728.37, which, added to the sum of
$179.49 standing to the credit of the Funds at the close
of the fiscal year, 1885, makes the sum of $351,907.86,
and we invested that sum in the bonds of the State
and of the City of Baltimore, and have carried the
bonds so purchased to the credit of the various Sinking
Fund accounts for the redemption of the outstanding
bonds for the payment of which a tax has been laid
upon the property of this State.

Since the close of the fiscal year, following the line of
policy marked out in my first report, made to the
Executive on the 5th day of January, 1884, of our inten-
tion of "applying the surplus revenues of the State to
the redemption of its matured obligations," we called
in on the 1st day of October last, one day after the
close of the fiscal year, the bonds of the State issued on
account of the Maryland Hospital Loan, authorized by
the Act of 1876, chapter 263, and thus secured the bal-
ance of said Loan, not before in the Sinking Funds,
amounting to $99,000, and have carried said bonds to-
the credit of the Sinking Fund Account, making a
total Sinking Fund to date of $1,851,290.18.

"Statement F'' also gives the various kinds of stock
held by the State 011 account of the Free School Fund.

DIVIDENDS.

The dividends from various stocks held by the State
are shown in detail in "Statement G,"amounting" in the
aggregate to the sum of $208,934.54.

OYSTER FUND AND INDUSTRY.

"Statement H" gives the receipts and disbursements
on account of the Oyster Fund during the fiscal year
ending on the 30th day of September, 1886.