17

all traders licenses run a year from date of issue, and
I think that this law, has something to do, with the
falling off in the receipts from licenses in Baltimore
city.

The old way requiring all traders licenses to be re-
newed, on or before, the first day of May, was a good
one for the State, and it is believed that the change in
the law has not improved, but on the contrary occa-
sions loss to the treasury. I therefore recommend
that chap. 507, of the Acts of 1886, be so far amended
as to require all traders' licenses to expire on the first
day of May, following the day upon which they are
issued.

RAILROAD TAXATION.

Table No. 5 gives the receipts into the treasury for
the fiscal year 1887, from tax on gross receipts of
railroad companies to be $52,433.23.

There has been a gradual improvement in the re-
ceipts from railroad companies.

In 1883 the tax paid amounted to..................... $43,884 46

"1884 " " " ..................... 45 824 70

"1885 " " " ..................... 46,489 76

"'1886 " " " ..................... 47,261 96

and showing an increase of over $5,000.00 for the fiscal
year 1887, when compared with the fiscal year 1886, and
an increase of nearly $10,000.00 when compared with
the year 1883.

RECEIPTS FROM INCORPORATED INSTITUTIONS.

The assessment of the stock of corporations, as made
by the State Tax Commissioner, shows an increase of
upwards of eight millions of dollars over that of 1885,
and the revenue accruing from such assessments for
this year is larger by upwards of ten thousand dollars,
than it was in the former year.

This is largely due to the indefatigable industry of
that officer.