Middletown transcript., 1909-01-23
CoRpORArIoN FEES DROP

Retiring State Treasurer Thomas n.
RaFlins' reports oas an alarming de-
crease in the franchise and other fees from
Delaware corporations since the law was
enacted two years ago reducing the fees.
At that time il was argued that decreased d
fees and franchise taxes would prove q
magnet to attract many companiesto take
out Delaware charters, but according to
Mr.. Rawlins this has not proved the case.
1.-THE balance in the treasury on Jan.
uary IA, 1908, we're to the credit Of the
general fund, $76,0l4.6S; school fund,
$2l. .4SO.72; sinking fund, 500, ,662 O6,
total Of $llS. 1874. The balances in the
treasury on tllis date are to the credit OF
the general FUND, $3.50, 449. 6;schoal fund,
IS, Isl.1S; sinking fund, $5,I42.l9, .
total of sl47, ,O42. 7S.
ut will be Observed" continues Mr.
Rswlins, that the balance in the trea-
sury belonging to the general fund il
larger by more than $50, 900 than was the
balance at the close of the fiscal year one
year ago. The balance then appearing
was larger than had appeared at the cor
responding period for number of years.
Il should be born in mind, however, that
the balance now standing TO the credit OF
the general fund includes the sun OF $62,.
437 S8, which was the net sum received
from the United States Government in
settlement Of the claims Of the State grow
ing out of expenditures mada during the
war Of 1872, and which was placed to SHE
general fund pending such action as may
be taken for the proper disposition Of the
amount.
'In this connection | would call you,
attention 70 tttss baatsces received re5ci+etA ii, 1T
from my predecessor four years ego.
There were ut that time to the credit oi
the general fund, $S2,525.OS; sinking
fund, Sl2. .OO2, 81; school fund, $22, ,5II.25,
total Of S67, ,OS9.l4.
IT will be noted that the balance now
to the credit of the general fund exceeds
the balance received by me four years ago !
by more than $4,000. This balanct
would have been much la.eer had llIer
not been heavy falling on IN the recripi
from franchise taxes.
AN examinations VI this slatenlrlr
will show the receipts from tran
chise taxes for she year just closed to bt |
$50, ,73l.6l, or $40. .OS7. SS less than tie pre-.
ceding year. The corporation fees recsiv.
ed from the secretary OF State Tor the
year just closed were $a2, IO3.50, less bj |
1854, 81 than the receipts from tie same
sources for the preceding year. This
statement of the receipts from these
sources and especially the continued fall
ing of Of receipts from the corporation
fees received by the Secretary Of State
would seem to indicate that the advocates
OF the Law passed by the last session Of
Legislature were mistaken in adyo-
eating measure 50 greatly reducing
The amounts to be received from corpora.
tons, nor should II be forgotten that
under the provisions of this law there
will be q still greater reduction in the
franchise tax rate, and the total Of fran
chise taxes during the coming year will
probably not exceed one half OF tie 70.
ceipts for the year just closed It should
not be forgotten, however, that we have
been passing through term Of business
which may have in part contributed to
the result referred to above"