xii REPORT OF THE COMPTROLLER OF THE TREASURY.

July 1,1903, the entire issue therefore being taken by the State
as outlined in my former Report, the total holdings in said
Funds being $2,347,751.90, of which $1,886,587 is in bonds of
. the State.

OYSTER FUND.

In Statement "H" is shown in detail the operations on
account of this Fund. The balance brought down from the
previous year was $37,820.42, which, added to the receipts dur-
ing the fiscal year of $59,655.17, aggregates $97,475.59, with
disbursements of $63,657.39, leaving a balance on hand Septem-
ber 30, 1903, of $33,818.20.

While this balance is apparently satisfactory, yet the receipts
accruing to this Fund since the close of the fiscal year, show a
heavy shrinkage, especially from licenses to dredge for oysters,
as will be seen by the following table:

Years. No. issued. Amounts.

1902 838 $40,960,08

1903 609 28,416.49

1904 371 19,172.81

Most of these licenses are issued early in the season—Septem-
ber and October—and the number given for the fiscal year 1904
as 371, virtually embraces the entire issue for that season.

While said statement shows disbursements of $63,657.39, yet
it is proper to state that of this amount $14,075.75 was ex-
pended for repairs, largely occasioned by improvements upon
the steamer Governor Thomas, which economy imperatively de-
manded, and which will not enter so largely into next year's
expenses.

STATE DEBT.

The funded debt of the State is clearly shown in Statement
"J", aggregating $7,101,926.13, or an increase over the year pre
vious of $200,000, less $7,400 of the 3 per cent Exchange Loan
of 1889 maturing during the year and therefore redeemed.
While the gross debt shows an increase, yet by reason of invest-
ments for the sinking funds during the year, the net debt of
$2,616,704.23, is less by $180,564.90 than the year previous.