vi REPORT OF THE COMPTROLLER OF THE TREASURY.

After the deduction, however, of this total, there yet remains the
sum of $4,104,415.05 as the ordinary revenue of the State.

Comparison being had with previous years, this amount will be
shown to be the largest ever received into the State Treasury, clearly
demonstrating that as the State has increased in material wealth
and prosperity, that \ve.alth under wise and just revenue measures
has contributed its share towards the prosperity of the Common-
wealth.

The three items above referred to are worthy of more than pass-
ing comment. When the Washington Branch of the Baltimore and
Ohio Railroad Company was incorporated, the State subscribed to
5,500 shares of its capital stock. Upon this stock the State received
dividends regularly from 1838, with the exception of two years—
1876, 1877—and from 1863 at the rate of 10 per cent, per annum up
to and including the year 1896. From that period until March 1,
1906, all dividends were passed, notwithstanding action by the State
to enforce their payment. In that month the said Railroad Company
declared a dividend of 6 per cent, on its Washington Branch stock
and the State received its share of $33,000. Inasmuch as the State
has parted with its holdings in this corporation, a subject I shall
discuss with you later in these remarks, this revenue will not accrue
again to the State.

The item of $141,000 represents the proceeds of sale of a part of the
unissued, loan of 1904, Chapter 228, known as the "Public Buildings
Loan." As this loan is now nearly all issued, the revenue accruing
from the sale of the remainder of such bonds will be immaterial.
But inasmuch as these moneys were received from the sale of bonds
and are dedicated to specific purposes, they cannot form in any sense
an ordinary receipt.

The last item of $251,055.02 is the revenue from the sale of Tobacco
Warehouse lots and from premium on insurance of such warehouses.

We have, therefore, notwithstanding these large, extraordinary
receipts of $425,055.02, a working revenue of $4,104,415.05, by far
the largest in the history of the State. The increase of $120,000, in
round figures, on Tax on Gross Receipts of Corporations is especially
attributable to the new law of 1906, increasing the rate of taxation
on such corporations, while steady increases are shown in Excess of
Fees of Office, Tax on Incorporated Institutions, License and Tax on
Insurance Companies, etc.