784 LAWS OF MARYLAND. [CH. 264

commissioners acting as boards of control and review for the
several counties and the boards' of control and review of Balti-
more City. All bonds and certificates of indebtedness bearing
interest, issued by any railroad or other corporation of this
State secured by mortgage of property wholly within the State,
belonging to residents of this State, shall be subject to valua-
tion, assessment and taxation to the owner or owners thereof.
in the same manner as like bonds or certificates of indebtedness,
bearing interest and secured by mortgages of property partly
in this State and partly in some other State or States are now
subject to valuation and assessment under the laws of this
State. All other property of every kind, nature and description
within this State, except as provided by Sections 4, 4A, 4B,
4C and 4D shall be valued and assessed for the purpose of
State, county and municipal taxation to the respective owners
thereof in the manner prescribed by this Article; provided
nothing contained in this Section or Article shall repeal,
modify or affect Sections 91-93 relating to the taxation of
savings banks, or Sections 218-228 both inclusive, relating to

the taxation of distilled spirits.

SEC. 2. And be it further enacted, That a new section be
added to Article 81 of the Annotated Code of Maryland, title
"Revenue and Taxes, " sub-title "Exemptions, " said new sec-
tion to be known as Section 4D and to follow immediately after
Section 4C of said Article, and to read as follows:

4D. All vessels of over five hundred (500) deadweight tons
registered at any port, in this State and owned by an American
citizen, partnership or association, or by any corporation incor-
porated under the laws of the State of Maryland, regularly
engaged in foreign or coastwise commerce, between any port in
the State of Maryland as the port of origin and terminus of
their respective voyages and any other port or ports beyond the
limits of the Chesapeake Bay and its tributaries, are exempted
from all taxation in this State for State or local purposes; and,
in ascertaining or determining the aggregate value and the
taxable value of shares of the capital stock of any corporation
incorporated under the laws of this State, in the manner pro-
vided in Section 162 of this Article, the value of such vessel
property owned by any such corporation shall be excluded, any-
thing in said Section 162 to the contrary notwithstanding,
until and including December 31st, 1935; provided, however,
that nothing in this Act shall be held or construed to alter,
affect or repeal in any way the provisions of Article 23, Section