REPORT OF THE COMPTROLLER OF THE TREASURY. vii

in order to properly ascertain the working balance or revenues
of the State, by which is meant the revenue applicable to the
payment of its current expenses, and the following statement is
herewith submitted:

Total receipts for the year...................		§5,875,598.65
Less direct tax from Collectors ..............	$1,223,999.99
Less direct tax from Incorporated Institutions	129,428.12
Less direct tax from Baltimore City stock . . .	44,737.63
Less State Roads Bonds sold ...............	776,904.00
Less High Liquor Licenses, Baltimore City. . .	1,144,820.63
Less receipts of Oyster Fund ...............	61,814.32
		3,381,704.69
Total for 1910.........................		$2,493,893.96
Total for 1909......................... Increase for year 1910 .................		2,327,239.60 $166,654.36

DISBURSEMENTS.

Statement "B" exhibits in detail, exclusive of the fund's ac-
count, all the expenses of the State, giving the name of the
accounts, amounts paid and the Acts of Assembly authorizing
the same, aggregating the unprecedented sum of $6,328,557.15,'
leaving a cash balance of $875,111.16, which was carried over
into the next fiscal year. The disbursements during the year
just closed have been exceedingly heavy, necessarily so by vir-
tue of the return to Baltimore City of three-fourths of the high
liquor licenses, payments on account of the proceeds of bond
issues for State roads and payments incidental to the expenses
of the Legislature.

FREE SCHOOL FUND.

The receipts and disbursements on account of this fund are
given in Statement "E," while in Statement "F-A" you will
find the invested funds. The receipts, including the balance
brought down from the previous year, aggregate $79,967.60,
while the disbursements to Baltimore City and the several
Counties for the same period amount to $73,070.40, leaving a
balance to the credit of this fund of $6,897.20.

In the investment or stock account, Statement "F-A," some
changes will be noticed. The State has heretofore held 1,054