Xii REPORT OF THE COMPTROLLER OF THE TREASURY.

to the welfare of our State to be treated in other than a
broad and liberal manner ; " and in this statement I most
heartily concur.

ASSETS.

Statement " I " will show you the productive and' un-
productive assets of the State, as of September 30, 1898,
and many marked changes will be noted therein. The
large amount of $550,000.00 stock of 'the Washington
Branch of the Baltimore & Ohio R. R. Co., was forced into
the unproductive column, while the large amount of Balti-
more City Stock heretofore Held by the State was sold du-
ring the year. One very gratifying exhibit, however, is
made in the amounts due the State by collectors and other
receivers of public" money, amounting this year to $615,-
375.25, as against $821,914.14 for the year previous, or a
reduction of $206,538.89. Even this balance appears large,
but to the collection of which I shall devote my best ener-
gies and care.

STATE DEBT.

In Statement "J" is clearly shown the total State
debt, as of "September 30, J 898, aggregating $9,284,986.2i.
or the same as last year. From this sum, however, should
be deducted the available and productive assets of the
State, as therein set forth, aggregating $1,587,470.00, as
well as the amount of stocks, bonds and cash to the credit
of the Sinking Funds of $4,604,488.75, making the total
amount $6,251,958.75, hence.leaving as the net debt of the
State at the close of the fiscal year, $3,033,027.49, as against
$2,949,078.13 for the corresponding period "of last year, or
an increase of $83,949.30. This apparent increase is made
possible by the loss of $550,000.00 of the stock of the Wash-
ington Branch of the Baltimore & Ohio R. R. Co., which,
by reason of its unproductiveness, cannot now be entered
as a credit against the State debt, although permissible
last year. By deducting this apparent increase of $83,-
049.36 from the $550,000.00, would give the sum of $466,-
050.64 as the actual reduction of the State debt during the
year. The other change noticed will be in the accretion of
$30,000.00 stock of the Annapolis Water Company, the
same having become productive during the year.

The last Legislature, per Chapter 210, provided for the
refunding and consolidation of the entire State debt, ag-
gregating $9,284,986.24 save and except the Penitentiary
and Insane Asylum. Loans, amounting" to $600.000.00, but
not maturing until 1911, as well as issuing a new loan to
the extent of $900,000.00, hereinbefore mentioned. The De-
fence Redemption Loan, maturing January 1, 1899, could
not be entirely liquidated, although its Sinking Fund ex-