REPORT OF THE COMPTROLLER OF THE TREASURY. viii

But this should not be regarded as sealing the fate of the
oyster interests of Maryland, even as now managed. Up to
1892, no portion of the receipts from tonging and scraping
licenses were paid into the Oyster Fund, but were paid to the
School Commissioners of the Counties where, issued. The
Act of 1892 provides that ten per cent, of the last mentioned
license receipts should be paid into the Oyster Fund; at the
same time burdening the Fund with the expense of painting
and furnishing the vessel numbers for scrapers, etc.

An examination of Table No. 1 of this Report will show
that the total receipts on account of tonging and scraping
licenses for the fiscal year 1893 aggregated $37,230.00, ninety
per cent, of which sum was paid to the School Commis-
sioners of the Counties where issued.

If all the receipts for all classes of licenses, etc., had, for
the fiscal year 1893 been placed to the credit of the Oyster
Fund, the following statement would show the condition of
the Fund, as regards receipts and ordinary expenditures for
the year 1893:

From Dredging Licenses........................................ $44,781.72

" Tonging and Scraping Licenses...................... 37,230.00

" Oyster Measurers.......................................... 602.90

" Oyster Fines................................................. 726.50

Total....................................................... 183,342.12

Total expenses for 1893, after deducting for building

and equipping new schooners............................. 77,775.05

Balance showing the excess of receipts over ordi-
nary expenditures for 1893................................. $ 5,567.07

PRODUCTIVE AND UNPRODUCTIVE ASSETS.

Statement "I" shows the productive assets of the State to
be $4,543,768.83, and the unproductive assets $7,110,626.99.

The Board of Public Works was by virtue of Chapter
310 of the Acts of 1892 authorized to dispose of all the State
securities, except the stock of the Washington Branch of the
B. & O. Railroad, but none of said stocks have as yet been
sold, owing to the difficulty of finding State bonds in which
to invest the proceeds, even the Treasury Officers being
unable to secure for the Sinking Funds State bonds to the
full amount required by law to be so invested. And the
Board of Public Works did not deem it wise to sell the pres-
ent valuable stocks, etc., held by the State unless the proceeds
could be readily invested in redeeming the State debt.