viii REPORT OF THE COMPTROLLER OF THE TREASURY

legating §11,070,356.08, leaving a balance in the Treasury
September 30th, 1013, of $1,475,056.78. A comparison of these
expenditures with those of former years will show a very large
increase, not only on account of larger appropriations, but
principally by reason of bond issues, the moneys arising there-
from being paid as therein directed.

This balance of $1,475,056.78 carried over into the next fiscal
year, viz, October 1st, appears large, but it is well to bear in
mind the proper charges against this amount, and I desire to
submit herewith another statement showing clearly the de-
mands thereupon.

Balance in Treasury Proper September 30th, 1913 . . . .		$1,475,956 78
Due Public Schools, Free Books, etc................	$839,641 89
Consolidated Loan of 1913 ....................	1,650 12
State Loan of 1912 ...........................	505 65
State Loan of 1902 ...........................	194 26
Public Buildings Loan .....................	1.016 00
Motor Vehicle Licenses .......................	31,700 18
Oyster Fund .................................	5,739 51
tRoad Repair Fund ............................	49,496 84
State Tobacco Warehouse Fund................	12,251 46
		942.195 91
Balance Applicable for Ordinary Expenses, October 1st, 1913		$533,760 87
Balance Applicable for Ordinary Expenses, October 1st, 1912		529,155 88

SINKING FUNDS.

The operation of the funds accounts is shown in detail in
Statement "E," to which your attention is respectfully invited.
In this statement will be found the following new accounts:
Maryland State Normal School Loan, Technical School Loan
of 1012, Second Insane Hospital Loan, Consolidated Loan of
1013, and the State Loan of 1012, necessarily opened to meet
the issue of these loans. During the year there was purchased,
as therein shown, $78,000 of the Consolidated Loan of 1800
and $400,000 of the State Loan of 1012, Series "F," while
the large cash balance of $678,023.85 was carried down into the
next fiscal year, viz, October 1st. On October 2nd, 1013, the
State offered for sale $1,174,000 of its own bonds. Therefore
the Treasury officials deemed it wise to bring this balance down,
not only in order to protect the sale of its bonds to this extent,
which had been selling at a low price owing to the condition of
the money market, but, if possible, invest therein.

It is gratifying to state that the wisdom of this course was
fully justified, the State being enabled to purchase $600.000