x REPORT OF THE COMPTROLLER OF THE TREASURY

not account for the increased payments. It must be borne in
mind, however, that against the fiscal year just closed there is
necessarily charged the expenses of the General Assembly of
1914, which will not occur in the fiscal year 1915, nevertheless
the other expenses have made the demands upon the Treasury
unprecedented.

Permit me to present to you a statement showing the amount
of such increase or excess of appropriations alone in compar-
ison with those of the two preceding years.

	Calendar Year 191.4 and Fiscal Year 1915	Fiscal Year 1916
Omnibus Appropriation Bill (Charitable Institutions)	$183,928 58	$117,428 58
General Appropriation Bill (State Institutions).	323,900 00	200,000 00
General Appropriation Bill (Miscellaneous) ........	79,906 05	54,700 00
Extraordinary Appropriations ...................	400,059 53	197,700 00
Total Increases ....................	$987,794 16	$569,828 58

I am calling your attention to these large increases, not in the
spirit of criticism, but simply to show that our general revenues
from which they must all be paid will not he sufficient to meet the
same. The moneys received into the Treasury from the direct
tax levy cannot be used to pay these demands, inasmuch as all
moneys derived therefrom go to public schools, sinking funds
and road maintenance. How, therefore, can the Treasury stand
an increased burden of nearly $1,000,000 for the year 1915, with
an increase of revenue of less than $40,000? and likewise the
great increase as shown for the year 1916.

In this connection, permit me to refer to Statements "C" and
"D," showing the probable receipts and disbursements during
the fiscal year 1915.

SINKING FUNDS.

In Statement "E" you will find the operation of these funds
during the year, showing in detail the receipts and investments
on account of each. Your attention is also respectfully invited
to Statement "F," showing the stock account, together with
the cash balances to the credit of each, amounting in the aggre-
gate to $5,966,304.54. You will observe that the cash balance
of $747,104.54 is unusually large, but in view of the fact that the
State will be compelled in the near future to issue the remainder
of its loan, together with unprecedented conditions of the money
market at the close of the fiscal year, the Treasury officials after