xii REPORT OF THE COMPTROLLER OF THE TREASURY

(1912) and property which by law is exempt from taxation, and
exclusive of manufacturing plants situated in am city or county
in which by law or ordinace manufacturing plants are exempt
from county or municipal taxation, shall be valued and assessed
by the State Tax Commission or any State officer or officers who
may he authorized to exercise the functions now or formerly ex-
ercised by the State Tax Commissioner, and when so valued, the
whole personal assessment shall be apportioned between the
several counties and cities of this State by the State Tax Com-
missioner or other State officers, in the proportion which the
number of shares of stock of such corporation held by residents
of each county or city of this State bears to the total number of
shares of stock of such corporation outstanding, stock of such
corporations held by non-residents of this State being treated
for this purpose as if held by residents of tlip comity, city or
municipality where the main office of such corporation in this
State for tlio transaction of business is actually situated, and
when so apportioned the State, county and municipal taxes
thereon shall he payable by such corporations to the officers
authorized to collect State, county and municipal taxes at the
residence of such stockholders at the tax rate fixed by the State
and county, city or municipality at the residence of such stock-
holders. Bond, shares of stock and securities as enumerated in
Article 81, Section 214 of the Code of Public Civil Laws (1912)
owned by an ordinary business corporation shall be valued arid
assessed in the manner and taxes shall be paid thereon at the
rate provided in said Article 81, Section 214, as if owned by a
natural person.

The revenue received from this source during the fiscal year
was $69,588.40, one-half of said moneys being received for the
benefit of the general treasury and the remaining being ap-
portioned between the several counties and cities of this State
by the State Tax Commission as prescribed in said section. In
my judgment, this tax being a franchise one should go into the
state treasury in its entirety, and not be apportioned among the
several counties arid cities of this State. This contention is based
upon the broad principle of its being a state franchise tax, and
as such, the State should receive all the benefits accruing there-
under.