REPORT OF THE COMPTROLLER OF THE TREASURY. ix

the Constitution of Maryland, a like amount of the Bonds of
the State, in this case, Consolidated Loan of 1899. Inasmuch
as these Bonds were then selling upon the market at 98%, he
paid to the State the difference between the market and par
value, or $2,325 in cash, which sum was accordingly carried to
the credit of the Consolidated Loan of 1S99 Sinking Fund.

In Statement F is shown the stock exhibit of the seven
Sinking Funds, with the Bonds standing to the credit of each,
aggregating the sum of $3,301,587, or an increase over the year
previous of $655,000.

OYSTER FUND.

The condition of the Oyster Fund is fully shown in Statement
H, and is far from satisfactory. While the statement shows a
balance on hand of $5,162.51, yet as a matter of fact the fund
was not self-sustaining, and bills, pay-rolls, etc., amounting to
$10,000, were compelled to be carried over and paid out of the
receipts for the season of 1905-06. It is absolutely impossible
to maintain the State Fishery Force upon a revenue of $45,000
per annum. Notwithstanding the economy practiced by
Commander Howard, and he has given to the service his
undivided and personal supervision, this condition is manifestly
apparent by diminution of revenues alone. A statement, of the
receipts on account of this fund is only necessary to demonstrate
this contention:

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

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

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

1904 .................................. 39,989.10

1905 .................................. 45,623.22

The indicated receipts for the season of 1905-06 will not
exceed, if equal, those of 1905. Therefore, it is absolutely
necessary that your Honorable bodies shall take such intelligent
action as shall preserve one of the greatest industries of the
State.