viii REPORT OF THE COMPTROLLER OF THE TREASURY.

The cash transfers during this period were $173,439.91, not-
withstanding no direct tax was levied to meet these loans.
This cash transferred from the Treasury proper, together with
the increment accruing to said funds from investments, enabled
the Treasury officials to purchase $121,625 of the State's own
stock and carry over a cash balance of $201,632.50. This
balance was carried over because it was believed that more
advantageous prices could be obtained in the purchase of State
of Maryland securities at the beginning of the next fiscal year.
I am glad to report this has been accomplished, so that today
the whole of this cash balance has been invested in State of
Maryland 3's, which, owing to the financial depression, have all
been purchased at less than par.

By reference to statement "F" you will see there is held in
the various sinking funds of the State the large amount of
$4,124,812.22.

OYSTER FUND.

The condition of this Fund is shown in statement "H,"
giving a balance credit of $4,463.29. This balance is obtain-
able, however, only by a direct appropriation from the State of
$35,000—Chapter 90 of the Acts of 1908. The revenues of
this fund have not been sufficient to meet its expenses for some
time past, and said appropriation was necessary to meet the
outstanding indebtedness of the Force. We have advanced
sufficiently far into the next fiscal year as to warrant me in
saying that the revenues now accruing are much greater, and
it is to be hoped may be sufficient to maintain entirely this
branch of the State government.

STATE DEBT.

In statement "J" is shown the Funded Debt of the State,
aggregating $6,078,926.13, or an increase of $100,000—on
account of the first issue of the "State Roads Loan" of
$5,000,000—Chapter 141 of the Acts of 1908. The first issue
of this Loan, as authorized by said Act, was $500,000 August
1, 1908, and was so advertised, but the Treasury officials sold