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1892.] OF THE HOUSE OF DELEGATES. 469
Your committee has adopted the exemptions from
taxation of property held for religious, charitable
and educational purposes, recognized by the Code of
1888. It has extended to turnpike and other cor-
porations the provisions made in reference to
railroads by Article 23, section 204, of the Revised
Code, 1888; and has made the provisions of Article
81, section 154, of the Code of 1888, applicable, as it
ought of right to be, to all corporations paying taxes
upon their gross receipts.
It strictly limits exemption of mortgages from tax-
ation to mortgages upon property wholly within this
State.
It makes oysters, as well as fish in the possession
of those employed in catching them, exempt from,
taxation.
It assesses the average value of merchandise car-
Tied by persons or corporations engaged in trade,
instead of making valuations of the stock on hand at
arbitrary periods, because such arbitrary periods find
the warehouse of one merchant full and the warehouse
of another merchant comparatively empty; the sea-
sons of active trade in different occupations being
different; and it properly exempts f om taxation the
book accounts and notes which really represent the
average stock in trade carried by a merchant.
The machinery by which the process of valuation
and assessment are to be carried on, are modeled upon
the precedents afforded by the Act of 1876, chapter
260.
As the bill is submitted, in its entirety, to the ex-
amination of each member of the House, your com-
mittee does not think it necessary to dwell further
upon the details.
All of which is respectfully submitted,
JAMES G. BERRET,
Chairman.
BENJAMIN L. SMITH,
J. ROGER MoSHERRY,
JNO, S. TRACEY,
J. SMITH ORRICK,
THOS. B. HAYWARD,
W. S. CARR,
ED. D. FITZGERALD.
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