PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 903

chinery, manufacturing implements and engines of corporations
actually engaged in manufacturing belonging to the said respec-
tive banks, corporations or joint stock companies from the ag-
gregate value of all shares of such respective banks, corporations

or joint stock companies and divide the remainder by the num-
ber of shares of the capital stock or shares of such respective

banks, corporations or joint stock companies and the quotient
shall be the taxable value of each of such respective shares for
State purposes, and all State taxes thereon shall be paid as pro-
. vided now or hereafter by law, and when the valuation and as-
sessment of the shares of the capital stock or shares of such
'banks, corporations or joint stock companies shall have been
finally determined or made for State purposes, the State Tax
Commissioner shall certify to the County Commissioners of each
County where any of the stockholders or shareholders may re-
side, and to the Appeal Tax Court of Baltimore City, if any of
said stockholders or shareholders reside in said city, and to the
County Commissioners of the County in which said bank, cor-
poration or joint stock company is situated, or to the Appeal
Tax Court of Baltimore City, if it is situated in said city, the
assed taxable value of such respective shares of stocks, or shares
so ascertained as aforesaid. And the said taxable value of such
respective shares of stock or shares in such banks, corporations
or joint stock companies, owned by residents of this State, and
taxable within this State, shall for County and Municipal pur-
poses be valued to the owner thereof in the County or City in
this State in which such owners shall respectively reside, and
the said taxable value of such of said stock or shares as are
held by non-residents of this State shall for County and Munic-
ipal purposes be valued to the owners thereof in the County or
City in which said bank, corporation or joint stock company is
situated; but all County or Municipal taxes assessed upon said
respective taxable value of such respective shares of stock or
shares shall be collected from such bank, corporation or joint
stock company, and when so paid shall or may be charged by
such bank, corporation or joint stock company to the account of
such stockholders or shareholders, respectively; but it is ex-
pressly provided that all railroad companies working their roads
by steam power incorporated by, or under the laws of this State
or any other State, territory, District of Columbia or foreign

country and doing business in this State, shall respectively be
subject to the annual State tax upon their respective gross re-
ceipts within the State, prescribed by Section 167, which shall
be paid and collected in a manner provided now or hereafter