REPORT OF THE COMPTROLLER OF THE TREASURY. V

" Statement F" shows in detail the several investments which
have been made of the moneys belonging to these funds from
time to time, and the amounts remaining uninvested at the close
of the fiscal year. Chap. 533 of 1888, being an act to regulate
the levy for State purposes for the year 1888, and subsequent
years, provided a tax of one-fourth of one cent on each one
hundred dollars to meet the interest and create a Sinking Fund
for the redemption of the Exchange Loan of 1886. This tax is
too small to meet the requirements of said act, as the amount
realized from said tax for the fiscal year 1888 and 1889 was
$19,862.35, whereas the interest paid on said loan for said years
amounted to the sum of $113,929.72.

DIVIDENDS.

"Statement G" shows the dividends from various stocks held
by the State, and interest accrued and paid during the fiscal
year ended 30th September, 1889, to be $373,693.34.

OYSTER FUND.

" Statement H " gives in detail the several receipts to credit
of the Oyster Fund, amounting in the aggregate to the sum of
$61,562 08.

The expenditures during the year have been in the aggregate
$63,306.09, in which sum is included, on account of the purchase
of two new sailing vessels, the sum of $2,950.00.

The amount standing to the credit of the Oyster Fund, at the
close of the fiscal year 1889, was $113,883.48.

STATE DEBT.

The total indebtedness of the State, as is shown in detail in
"Statement J," was at the close of the fiscal year 1889, $10,370,-
535.56.

The State holds productive assets and cash to the credit of the
Sinking Funds, as shown in "Statement J," to the amount of
$6,031,255.04.

The Legislature of the State from time to time has authorized
investments in works of internal improvements, and Maryland
has numbered among her unproductive assets upwards of twenty-
eight millions of dollars, besides the interest on said sum. The
great majority of this sum will never be realized, and whilst the
principal and interest may be regarded as lost, it has been the
means in some cases of developing the resources of the State and
adding greatly to its prosperity. As I stated in my report last