REPORT OF THE COMPTROLLER OF THE TREASURY. ix

said fund was not self-sustaining by $2,357.80. The greatest
loss, however, is from dredging licenses, which shows a shrinkage
of $9,233.36 for the present year and of $21,776.95 over the year
of 1902. To show the heavy loss of revenue accruing to this fund,
a comparison of receipts, exclusive of balances, for a few years is
only necessary:

1904............................ $39,989.16

1903............................ 59,655.17

1902............................ 73,359.02

1901............................ 74,974.32

STATE DEBT.

In statement "J" is shown the funded debt of the State,
amounting in the gross to $7,926,926.13. After deducting, how-
ever, the productive stocks of the State and those in the Sinking
Funds the net debt is $3,142,869.13, or an increase in gross of
$825,000, and in net of $526,164.90.

The Legislature of 1904, per Chapter 228, created a new Loan,
known as the "Public Buildings Loan," providing for the issue
of $1,625,000 Maryland State Bonds for the purpose of com-
pleting and repairing the State House at Annapolis and for sun-
dry other public buildings in the State, as follows:

State House at Annapolis........................ $600,000

Maryland House of Correction.................... 200,000

Springfield State Hospital....................... 200,000

Maryland Asylum and Training School for Feeble

Minded ....................................... 66,000

Maryland Agricultural College..................... 57,000

Maryland Hospital for the Insane................. 53,000

Cambridge Hospital............................. 10,000

Charlotte Hall School............................ 5,000

St. Mary's Academy............................. 5,000

St. Mary's Female Seminary.......................4,000

Maryland Institute............................... 175,000

Relief Fund Commission......................... 250,000

Total.................................... $1,625,000

The Board of Public Works, acting within the discretion given
them under said statute, issued on July 1, last, only $825,000 of
said Loan, inasmuch as the needs of the above institutions did
not demand any further amounts. Hence, the gross debt of the
State was increased to the amount of this issue, viz: $825,000.