REPORT

OF THE

COMPTROLLER OF THE TREASURY

OF THE

STATE OF MARYLAND

December 18th, 1935.

To His Excellency,
Harry W. Nice,

Governor of Maryland.

As required by Section 9 of Article XIX of the Annotated
Code of Maryland, which directs that the Comptroller of the
Treasury submit an annual report of the fiscal affairs of the
State, I present for your consideration such a report for the
year ended September 30th, 1935.

During the period there have been most unusual conditions
to be met in the financial transactions affecting the welfare
of the State. I would call your attention to our report, for
the year ended September 30th, 1934, and the predictions
contained therein, and would report that at the close of busi-
ness on September 30th matters had practically worked out
to that end. Due to the Legislature having appropriated
from the proceeds of the $8,500,000 Emergency Bond Issue
$2,300,000 to the General Treasury to absorb the anticipated
deficit and $1,500,000 as a working surplus, we were able
to show in our statement of September 30th, 1935, a surplus
of $1,113,954.06, which remained after having taken from
our cash surplus $524,137.67 representing impounded bal-
ances in reorganized banks secured by depository bonds of
surety companies now in receivership, and which claims are
in process of adjustment.

We also call your, attention to Statement "EE" contained
herein, which gives our opinion as to the probable obtainable
revenues for the fiscal year 1936, which will end September
30th, and our estimate is that on that date, unless most unusual
unforeseen conditions develop, the Treasury should show a
surplus of approximately $1,226,083.15.