Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1891-11-19
Report ofthc Inspector of Finance.

The annual report OF the State iuspec- |
tor of finance which appears in another col
umn will be read with general interest and
we are sure that it will commend itself to
all as comprehensive and exhaustive troat-
mont OF the subject. The report doalS with |
the condition of tho savings banks, savings
institutions and trust companies of Yer
mont Us well as foreign companies doing
business in this State and it will be found of
great service to investors in general.
The savings institutions Of the State are
shown to be in excellent condition. During
the year Investments were in healthy
state, interest was paid more promptly than
ever before, and there was little deprecia
tion in values. The number of depositors
in tho States savings banks and trust COM
panes is given as II, 1902, of whom Ga, 1913
are residents of the State, tho total increase
during the year having been G9i3 depositors.
Residents have deposits to their credit to
the amount OF SIS, 800, 443. 10, an increase
of over 81, 900, 900, while nonresident de-
positors are credited with 1881, $50. 80,
representing an increase of ;354, 14O IS.
In view Of the considerable sums of money
which Nermonters have lost outside of the
! State during the year it is interesting and
| possibly may be instructive to note the re
turns received by depositors in State saw
ings institutions. Depositors in savings
banks received dividends amounting to
| S6i3, 302. 81, an increase of So l76, 40S.
| Ten Of these savings banks declared / per
cent dividends, one 4 + and eight per cent.
These rates may a pear small compared
| with soma IF thoss oTpral ont aida tha Sta ia
but he advantages of this method of in
vestments are not to be overlooked in any
| comparison of this nature.
The report shows that the amount loaned
on mortgages of real estate in Vermont for
the year ended June 30 last was 81 COS
400 IL, an increase during the year of
$3.50, 189. -, while the tota. OF loans on real
estate elsewhere was s. 0G6, 90 %, an in
crease Of c541 1896 Thcra has been
maraei tendency during the past year, how
ever on the part OF Vermont institutions as
wei! rs Ncrmontors, to make home invest
ments, aud are pleased 10 noto the
statement in the report to the effect that
some of the smaller institutions have been
bile to place all their funds at homo on sat
isfactory terms.
| Attention is called to the fact that the
provision Of the corporation tax law re-
quires loan and Investment companies to
make returns annually to the tax commits
sionor of all sales in the State and pay the
tax thereon, or disclose the names of invest
ors, has operated to lessen the number OF
concerns doing business in the State but
the assumption that the practical effect OF
ths In " is IN suhiapt the foreiyn Nnn,nanv IN
an unj lust and perhaps ruinous burden is
pronounced erroneous The law proceeds
upon tho theory that large portion of the
amount annually invested outside of the
State through foreign agencies escapes tax.
alton and the object Of the law according to
tho report is to reach this money and COM
pei it to bear share of taxation.
No inconsiderable portion Of tho report Is
devoted to outside companies which do bust
ness in this State. During the year twenty
six foreign loan and investment companies
were granted licenses 10 do business in Yer.
, mont under the act of 1890, beside u mum
. Der Of building and loan associations.
With reference to fraudulent organiza
e tons the report calls attention to the
fact that great number OF these compan-
les sprang into existence under various
, guises in 1890 and sought to do business in
, this State as elsewhere, but were excluded.
{ The FREE PRESS directed attention at the
time to the excellent work in this direction
4 done by Inspector Greene, which was of in
eStimable value to the investors of thi;
. State.
> The report is an excellent one Throughout
and we are sure that it will receive the wild,
attention Nhinh IL dnsnruns