ART. 81] STATE TAX COMMISSIONS. 1867

assessment of the shares of stock of banks and other corporations in this
State, shall apply to the assessment of said stock debt of the city of
Baltimore; and the state tax commissioner shall report the assessed
value of said stock debt of the city of Baltimore, and the value of the
stock debt of the State assessed as provided in section 112, to the comp-
troller; and in the settlement of the state taxes upon the shares of capi-
tal stock of such corporation, the comptroller shall calculate the state
tax on such shares of capital stock, and also what would be the state
tax on the said stock debts of the State and city of Baltimore, so
reported as aforesaid, and the latter amount shall be allowed such cor-
poration as a credit on its bill for state taxes; and the state tax commis-
sioner shall also report- the assessed value of said stock debt of the
city of Baltimore to the city collector of Baltimore city, and, in order
to ascertain the city tax, payable on the shares of capital stock of such
corporation to the city of Baltimore, the city collector shall deduct from
the assessed value of the shares of stock of such corporation, taxable
in the city of Baltimore, such proportion of the assessed value of said
stock debt of the city of Baltimore, so reported as aforesaid, as the
shares of stock of such corporation, taxable in the city of Baltimore,
bear to the total outstanding taxable shares of stock of such corporation,
and the city tax calculated upon the residue shall be the true amount
of taxes payable to the city of Baltimore on shares of capital stock of
such corporation; and in case of any shares of any bank or other cor-
poration of this State upon which the state and county or city taxes
are levied and paid, or are payable, by such bank or other corporation,
being owned as aforesaid, by any corporation having a capital stock
divided into shares as an investment of any part of its capital or sur-
plus, the state tax commissioner, in assessing the shares of such corpora-
tion, shall deduct the value, assessed according to the laws of this State,
of said shares of said bank or other corporation of this State so owned
and reported as aforesaid, from the aggregate value of all the shares
of such corporation, in addition to and in the same manner as the
assessed value of real estate owned by such corporation is deducted
under the provisions of section 162; but no credit shall be allowed
under this section to any such corporation by reason of any investments
on which the taxes are not paid or payable as aforesaid; nor by reason
of the ownership by said corporation or corporations of the stock debt
of the city of Baltimore issued after April 3, 1906, under the loans
authorized by chapters 274, 338 and 349 of the acts of the general
assembly of Maryland for 1904, known as the "Annex," "Park Exten-
sions" and "Sewer Loans," respectively, or any other loans that may
have been authorized since April 3, 1906, or that may be hereafter
authorized by the general assembly of Maryland; provided, that the
provisions of this section shall apply to the ownership by any such corpo-
ration of Baltimore city burnt district loan stock, issue under chapter
468 of the acts of 1904, the water loan, issued under chapter 333 of the
acts of 1902, and the conduit loan, issued under chapter 246 of the
acts of 1902 whether heretofore or hereafter issued; nor shall such