REPORT OF THE COMPTROLLER OF THE TREASURY. ix
FREE SCHOOL FUNDS.

In statement "E" will be found exhibited in full the receipts and
disbursements of this fund. The total receipts during the year, in-
cluding the balance brought down from the year previous, are
$82,002.60, while the disbursements during the same period were
$72,148.87, leaving a balance to the credit of this fund of $9,853.73,
being a slight increase over that of last year.

SINKING FUNDS.

By reference to statement "E," the several transactions of these
funds will be clearly shown in detail. The receipts during the year,
including the balances brought down from the year previous, ag-
gregate $576,597.17, all of which was invested not later than
July 1, 1902, even to the increment accruing to these several funds
on that day. On that day there was issued, of even date therewith,
$400,000 of the $600,000 "State Loan of 1902," herein before
mentioned, the total amount of which was immediately placed in
the Sinking Funds, viz.:

STATE LOAN
SINKING FUNDS. OF

1902.

Consolidated Loan of 1899..................................$264 000

General Sinking Fund....................................... 35,000

Penitentiary Loan........................................... 70,000

Insane Asylum Loan......................................... 11,000

State Building and Improvement Loan....................... 20,000

Total................................................... $400,000

In addition to the above, there was also purchased for these
funds during the year the following bonds :

$17,000 Cumberland City 6's, costing..........................$19,819.17

40,000 Annapolis City 4's, costing.......................... 43,278.00

100,000 Baltimore City 3 1/2's, 1940, costing.................... 113,500.00

The entire amount accruing to these funds during the year has
been invested, as shown above, so that at the close of the fiscal
year there was nothing carried down as a cash balance.

The remainder of the "State Loan of 1902," viz., $200,000, will
no doubt be taken by the State whenever the Treasury officials may
deem it advisable to issue the same.