viii REPORT OF THE COMPTROLLER OF THE TREASURY.
FREE SCHOOL FUND.

The receipts and disbursements on account of this Fund are
fully shown in statement "E," while the stock or investment
account is exhibited in a new statement, as '' F-A.'' Heretofore
the investments, both for the Sinking Funds and the Free School
Fund as well as the Maryland Agricultural College, have been
shown in one statement, making it extremely difficult to follow
readily each separate fund. I have therefore segregated these
amounts, placing the investments for the Sinking Funds in one
statement—'' F''—where at a glance can be seen the amount and
character of investments for each Fund, while in statement
"F-A" will be plainly exhibited the investments, amounts and
character, for the Free School Fund and Maryland Agricultural
College.

SINKING FUNDS.

The transactions of these Funds are clearly shown in statements
"E" and "F," the total receipts being $311,471.94, with pur-
chases during the year of $211,471.94, representing a par value
of $213,000, leaving a cash balance carried down of $100,000, viz:

$13,000 Allegany Co. Con. Debt 3 1/2's costing......$13,613.56

200,000 Consolidated Loan of 1899 costing........ 197,858.38

Cash balance carried down .............. 100,000.00

$213,000 Total..............................$311,471.94

By reference to statement "F," to which your attention has
already been directed, you will find clearly set forth the entire
holdings in the Sinking Funds, with the amounts and character
of the investments, aggregating $2,646,587.00.

OYSTER FUND.

In statement "H" will be found the condition of the Oyster
Fund. The receipts, together with the balance from the proceed-
ing year, aggregate $73,807.36, as against $97,475.59 for the cor-
responding period of last year, or the very heavy shrinkage of
$23,668.23. This loss is not the result of larger expenditures,
for these are smaller, but solely from diminution of revenue,
notably from dredging licenses and the excess from general
measures and inspectors of oysters, which latter amount yielded
during the fiscal year 1903, the sum of $4,855.98, while this year