7

This is $6,067.98 less than the disbursements for the
year 1886. As the treasury owed the fund at the be-
ginning of the fiscal year the sum of $141,964.08, the
deficiency in the receipts to meet the current disburse-
ments for the year, cannot therefore be considered, a
burden upon the taxable property of the State.

The service, I believe, is in good condition, and is
administered efficiently and economically. The ex-
penditures within the control of the Commander have
been reduced from $14,399.09 in 1885, to $9,076.45, for
the fiscal year just ended. There remained a balance
to the credit of the Oyster Fund, on the 30th day of
September, 1887, of $129,703.93.

STATE'S CAPITAL AND CREDITS.

The State's capital and credits are given in detail in
Statement I, and are divided into two parts—

1st. Productive.—In this we have put all the stocks,
bonds and other securities held by the State, outside of
State bonds, in the sinking funds, upon which interest
or dividends are paid, and also all moneys owing the
State by clerks of courts, collectors, incorporated in-
stitutions, &c., amounting in all to the sum of
$5,638,310.68.

2d. Unproductive.—And in this we have placed the
interest which the State has in the canals and the rail-
roads of the State, and other securities from which we
do not receive any interest or dividends, and amount-
ing altogether, to the sum of $28,268,781.18. A large
portion of this last mentioned sum, is represented by—

THE CHESAPEAKE AND OHIO CANAL.

The State's claim against this canal, on the 30th
day of September, 1887, amounted to the sum of
$25,574,713.55. Of this sum $7,000,000 is principal, and
the balance, $18,574,713.55, is for interest.

This work, it is said, is in danger of being sold under
the lien created by authority of the Act of 1878, Chap.
58.