REPORT 03? THE COMPTROLLER OF THE TREASURY. ix

Maryland bonds, while the balance of $373,000.00 is in County
and municipal bonds, all of the State of Maryland.

OYSTER FUND.

The revenues to this fund in the whole have remained about
the same as last year, aggregating for the fiscal year 1910
$61,814.32, exclusive of the balance brought down from the
previous year, all of which will be fully shown in Statement
"H," while the expenses of the State fishery force amounted to
$66,589.15. The receipts from dredging and tonging licenses
show a heavy shrinkage by reason of fewer boats being engaged
in the industry, nevertheless the excess tax of one cent per
bushel on oysters sold amounted to $28,680.94, making the fund
self-sustaining for the year.

STATE DEBT.

In Statement "J" will be found the funded or gross debt of
the State as of September 30th, 1910, amounting to $7,529,-
926.13, or an increase during the year of $811,000.00. This in-
crease is incurred by reason of the issue of new bonds author-
ized by Chapter 141 of the Acts of 1908, known as the "State
Roads Loan." So far there have been issued of this loan
$1,551,000.00, as follows:

Series "A".............................................. $500,000.00

Series "B".............................................. 1,000,000.00

Series "C"........................................... 51,000.00

The issue of $51,000.00 Series "C" is only so much on ac-
count of said issue, for the total amount of said Series "C" is
$1,000,000.00. The purposes of the act, however, not demand-
ing the issuance of the entire series, the Board of Public Works,
acting within their discretion, only issued the above amount.

Your attention is especially directed, however, to the credit
of $6,308,949.72 as against this gross debt of $7,529,926.13. In
this credit you will observe the sum of $4,721,479.72, being
stocks and bonds to the credit of the sinking funds of the very
highest class—State of Maryland and municipal bonds—while
the annuity of the Northern Central Railway is only listed at