The herald and news. [volume] (Newberry S.C.) 1903-1937, 1904-01-12


ing require listing Of property heretofore esca
ing taxation Second license suggested by your
ittee third by increasing the levy which is undesirable,
as it will only place burdens upon the honest
while the "tax dodger" still escapes.
In connection with this part my message wish to &C
knowledge nv obligation departments of the Comptroller
General and Treasurer information which has enabled
to furnish you the financial condition of
the State. q
INSURANCE LICENSES
The report concerning this department
strong and bus4ess presentation Of the subject This
shows the number of doing business in this
State the paid them in
losses incurred these aggregatg
very large totals. SIX 's$$#j
This report embraces the workings Of of the most important
business departments State government It condemns the
present being defective and inadequate, and
offers suggestions providing better examination of
organized in this State protecting citizens
against irresponsible companies The report recommends also
many changes laws including schedule of
fees paid and to whom they shall be paid
These changes many and They fully de-
tailed report shall not attempt
nerae them estimated under the proposed changes
the State will receive $1276oo from this SOURCE
and quote only following extract relating to this portion of
the report 81 .ss
his would give net revenue sro86oo April I, 1904 avail
able general expenses oe State In add
ton this State would quarterly estimated revenue
on the gross premiums of S93ooo making the
total during year oo6oo OF course
for 1905 back to SI35ooo This law
would Saeand the companies, it would relieve
this and the deal Of and trouble
strong business presentation Of business subject and
arranging State well worthy Of most
careful figures given decidedly interest
ing stated law would be beneficial to both
the State ard the insurance itself would justly
license law as outs
lined las been adopted By North
general SAT-
BII IoNDEDs sDEBTsDUR THE
The principal fundabe Of public South Caro-
has been decreased during year 1903 by S125ooooo of
Capitol Bonds surrendered the United States Government
settlement Claims of the State Of South Carolina against the
United States Government and Of State Treas
by $3Zooooo Blue Ridge Railroad Bonds written off the
books BY direction the Act OF the General Assembly ee Acts
of Ioo3 pages eo6 and e67
The following figures show the bonded debt Of the State:
January 1904.
Principal funded. ..So514'oz4 a
s66s4s82 7s
offset these figures there outstanding credit Of
$4o3,277e6, shown below. H..
SINKING FUNDS
The of the Cuu,nafve Sinking Fund.- for the reduction
and payment OF the South Carolina Brown per cent bonds
and Stocks having been increased during the last fiscal by
aggregate S4o32772o all of which so invested
and loaned yield to cent annual interest
The of the Ordinary Sinking Fund having increased
sSoo2 during the last fiscal year, December 81, 1eo5
amounted to S63S3o of which S27o1S belong to eschea
S322S28 of the Ordinary Sinking Fund loaned five
cent annual interest
INSURANCE SINKING FUND
Under providing Estate Insurance of Public Build
ings Is Sinking Fund policies running, carrying
S583So6 of insurance public buildings aggregate
premium of SooS11 The of this fund the close of year
1903 amount to which is loaned at five
annual interest.
A FINANCIAL SETTLEMENT WITH THE UNITED
STATES GOVERNMENT.
glad you that through the efforts of Senator
Tan important settlement has been effected with Ma
tiona Government. This transaction involved the payment of
claims aggregang S388z9o which included cash
of State Treasury This matter of the
greatest Importance and we'll congratulate ourselves upon
satisfactory settlement and which opportune
time shall have the pleasure of transmitting for your nforma
ton special message by request of Senator Tnan his de-
tailed communication upon this subject together with his speech in