vi REPORT OF THE COMPTROLLER OF THE TREASURY.

I therefore desire to submit herewith a statement showing
those dedicated funds, the deduction of which will give you
at a glance the actual revenue of the State from which must be
paid all governmental expenses and all appropriations of every
character, viz:

Total receipts for the year...................		$8,706,493.45
Less direct tax from Collectors...............	$1,779,251.22
Less direct tax from Incorporated Institutions	157,615.10
Less direct tax from Baltimore City Stock. . . .	63,350.55
Less State Roads Loan .....................	1,837,916.97
Less State Insane Hospital Loan..............	602,673.50
Less Sanatorium Loan.......................	94,452.00
Less Public Highways Loan of 1910..........	256,293.50
Less High Liquor Licenses, Baltimore City. . .	1,125,832.85
Less Receipts of Ovster Fund................	48,366.11
Less Interest on the Public Debt.............	12,459.16
Less Motor Vehicle Licenses.................	75,000.00
Less Maryland Agricultural College ..........	3,478.30
Less Maryland Hospital for the Insane........	1,254.97
Less Springfield State Hospital..............	346.01
		6,058.290.24
Total for 1911 ........................		$2,648,203.21

being an. increase over the year previous in round' figures of
only $63,000. Hence it becomes apparent that our revenues
subject to the ordinary expenses of the government show only
a slight increase, and represent the limit beyond which ap-
propriations cannot be made without embarrassment to the
Treasury.

DISBURSEMENTS.

A careful perusal of Statement "B" ,is respectfully invited
because therein is shown, in detail all the payments by the State,
exclusive of the Funds account, and the Acts of Assembly
authorizing the same, together with the amounts so paid, aggre-
gating $8,110,083.97, or the largest sum of money ever handled
in the Treasury and yet leaving a cash balance on hand at the
close of the fiscal year of $l,471,520.64. These Unprecedented
payments were made by reason of, and on account of large bond
issues for State Roads, Hospitals and the return of three-
fourths of the revenues from High Liquor Licenses to Balti-
more City. Against this large cash balance, : however, .of
$1.471,520.64, there must be charged certain definite and
specific accounts, and I desire to submit herewith a statement