VIII REPORT OF THE

ciently to provide for the support of the service, were
questions which were left to the Legislature to deter-
mine.

The Legislature passed a new Oyster Law for the
State, and therein provided for the retention of the ser-
vice as then organized, but the revenues under it will
be less than those we received under the old law, and
will not be sufficient to maintain the present service by
at least twenty thousand dollars a year.

It has not been our expectation to realize revenue for
State purposes from the oyster industry, yet we think
the people of the State expect that this interest shall
at least be self-sustaining.

While the oyster interest has not, so far, been a tax
upon the Treasury, and there remained at the close of
the fiscal year 1886, the sum of $141,964.08, as a credit
to the Oyster Fund, yet that balance would be annually
decreased should we not be able to maintain the service
from present receipts.

I have no doubt, after the dredging season is over,
that the Board of Public Works will devise some plan
by which the expenditures for the fiscal year 1887
shall be kept within the current revenues from this
source.

THE STATE DEBT.

The debt of the State is shown by "Statement J" to

be $10,960,535.56.

As an offset to this debt the State holds
stock of the Baltimore and Ohio Rail-
road Company to the amount of..... $1,518,615 70

Stock in Farmers National Bank of An-
napolis, amounting to............... 46,470 00

Stock of Annapolis Water Company..... 30,000 00

Bonds of Northern Central Railway..... 1,500,000 00

Bonds of the State, City of Baltimore and
other good securities in Sinking
Funds.......................... 1,752,290 18

$4,847,375 88
To which add Maryland Hospital Bonds

called in on 1st Oct., amounting to.. 99,000 00

And making to date an offset of........ $4,946,375 88