1945] OF THE SENATE. 7

assessments, will reflect additional savings of $1,400,000.00 for our
people, and will bring to a grand total of $24,000,000.00 the reduc-
tions which have been made in these two forms of taxes since 1941.
The State real property tax is now as low as it has been in the
past one hundred years.

In addition, the bonded debt of the State, which was well above
$48,000,000.00 at the beginning of this Administration, is now con-
siderably less than half that amount, and is scheduled for a further
decrease to about $20,000,000.00 by the end of this fiscal year. At
the same time, funds to the amount of $9,000,00.00 have been allo-
cated to the Post-War Construction account, to reduce by that total
the amount of new bonds that would be issued to finance the State's
important Post-War Capital Improvement Construction program.

As another indication of the State's preparedness to meet any
employment problems the next few years may bring, it should be
noted that funds totalling $500,000.00 have been allocated to the
Post-War Commission by the Board of Public Works to assist the
local governments of the State to program post-war building proj-
ects, so that plans and specifications might be completed to permit
initiation of actual building whenever employment or other condi-
tions might seem to warrant.

The effect has been remarkable. At present, county, municipal,
city and State post-war projects for which plans have been com-
pleted or are in process reach a total of 1225,000,000.00, a total, by
the way, that will provide many millions of man-hours of employ-
ment, while at the same time assuring for the people of the State
a carefully planned series of public buildings, hospitals, schools,
utilities, roads and bridges that will be of lasting benefit.

The past six and one-half years have witnessed a complete trans-
formation in Maryland's fiscal affairs. Budgets have been continu-
ally in balance, despite the greatly increased amounts allowed for
education, health, salaries of State employees and other very neces-
sary purposes. Your Honorable Body has been a party to this
change-about, which, as you know full well, has been brought about
without neglecting a single important phase of the State's opera-
tions.

Intelligent care in allocating funds, efficiency in Administration
and economy in husbanding resources, all have contributed to place
Maryland in an enviable financial position. Let us maintain that
desirable situation.

I beg to remain,

Very truly yours,

Which was read.

HERBERT R. O'CONOR,

Governor.