902 LAWS OF MARYLAND.

of goods, wares and merchandise; and every person engaged in
commercial business shall be taxed upon the fair average value
of his stock in such business during the year preceding the
assessment upon which such tax is levied; and each and every
one of said exemptions from taxation shall be strictly construed.

SEC. 162. At the time of making the returns of stockholders,
to the County Commissioners and Appeal Tax Court of Balti-
more City, as required by law, the President or other proper offi-
cer of every bank or other incorporated institution incorporated
under the laws of this State or doing business therein, and of
every joint stock company doing business in this State shall
furnish to the County Commissioners of each County in which
such bank or other incorporated institutions or joint stock com-
pany shall own or possess any real property and tools, ma-
chinery, manufacturing implements and engines of corporations,
actually engaged in manufacturing, and to the Appeal Tax
Court of Baltimore City, if such bank or other incorporated in-
stitution or joint stock company shall own or possess any real
property and tools, machinery, manufacturing implements and
engines of corporations actually engaged in manfacturing in
said city, a true statement of such real property and tools, ma-
chinery, manufacturing implements and engines of corporations
actually engaged in manufacturing, situated or located in such
County or City and such real property and tools, machinery,
manufacturing implements and engines of corporations actually
engaged in manufacturing shall be valued and assessed by said
County Commissioners and Appeal Tax Court, respectively, to
the said bank or incorporated institution or joint stock company
so owning the same, and the said County Commissioners and
Appeal Tax Court shall give duplicate certificates of such valua-
tion and assessment to such President or other officer, who shall
transmit one of such duplicate certificates with his return to
the State Tax Commissioners, and State, County and City taxes,
shall be levied upon and paid by such bank or other incor-
porated institution or by such joint stock company on such
assessment in the same manner as the same are levied upon and
paid by individual owners of real property and tools, machinery,
manufacturing implements and engines of corporations actually
engaged in manufacturing in such County or City in accordance
with the terms of Section 164 of this Act as amended; the re-
spective taxable value of the shares of stock in such bank, cor-
poration and joint stock companies shall be ascertained by the
State Tax Commissioner in the manner following: He shall de-
duct the assessed value of such real property and tools, ma-