Evening journal., 1915-01-19
Finances
LOW, BOND Issue
NOW SUGGESTED
Retiring State Treasurer
Tells Legislature at Least
$50,000 Is Needed
new APPROPRIATIONS
Create The SHORTAGE

Special TO THE EVENING JOURNAL.
DOVER, Del. Jan 19.-Retiring /
State Treasurer Charles A. Hastings
forwarded his annual report to the
General Assembly today.
The report follows:
Through the courtesy of my sue
cessor, the Hon. William J.. Swain, /
have included the transactions from
January 5, 1914. the date my success
sor assumed the duties of Office to
the close of the fiscal year 1914, end
ing January II, 1915.
The balances at the close of the
fiscal year 1914. we're as follows:
General Fund Sl4'4lS.4l
School Fund ............. l5'O3s56
Sinking Fund .........,.. S'O.OS
$3O.427sO
The assets Of the State
are ..... ........-.9 9z,ooos
The liabilities are ...... S26,So.OO
Assets over liabilities. .Sl,56O'O4s.oO
The cash receipts Of the
General Fund for the
year were .............S S6eo'z { o'o9
The expenditures .......' ilo,ooo'lo
Net loss ..............S oA'o'''1
The above receipts and expendi-
lures are for the General Fund only,
as the receipts Of the School and
/ Sinking Funds are not available for
general use. being set aside for the
schools and investment
The records OF the Treasury De-
partment show an increase in receipts
each year, but not in proportion to
the increase in expenditures, the eX-
penditures exceeded the receipts by
over $4,000 for the year 1914, the
same is true for the year 1913, so you
can readily see the reason the balance
is no greater to begin the new fiscal
year.
In fact. the Treasury Department
has been placed in a very emharras-
sing position since the Goth of last
Z October. several bills being presented
for payment, which were held up for {
time. and we were unable to make pay
ment on bills amounting to over S50'
600, which will have TO be paid during
the fiscal year 1915.
This noted increase in expenditures
was caused by several new appropria-
tions which the State has not prev
iously been required to meet, namely
- $50 900 to the Woman's Affiliated Col
D lege, S35. 900 for the Girls Industrial
a School. for the erection Of new build
J. ings, the cost of the special session o
e the General Assembly, amounting L
r over $4,000. and several new appro
n priations which amount to large sun
e in the total.
+ in fact the amount to be carried
a over from last year. and the annua
- and usual State expenses or appropri
ations for 1915. will greatly excee'
70 the amount of the estimated receipt
e for the year 1915. this estimate bein
/ hased on the records of past years
i I would say that the State will b
e short $4,000, not counting the cos
/ of any new appropriations. The mean
- must be provided to furnish tn
e Treasury Department with the neces
e sary funds, and ! would recommend
/ bond issue, as the best way in whic
e to replenish the State Treasury.
6 "The most notable increase in tn
r receipts was from the collection d
g franchise taxes by the Treasury Dc
l. partment. which amounted to SS7
1896, a gain of over $4,000, as com
i pared with the previous year, al
n though the State lost the taxes froI
IS nine hundred and fOrty-three corpoI
r ations. whose charters we're declare
)t void for nOn-payment of taxes. ais
r the receipts from the automobile l
g cense tax show a large gain, aboi
Is $4,000 more than the previous yea
n The receipts from this source hay
lie doubled since 1912
"The Insurance and Banking d,
ye partment shows an increase Of abol
le $4,000.
Of 1t viii be we'll to note the d,
is cided decrease in revenue in Il
ne taxes received by the Secretary
es State for the organization of CO
" porations. The amount received du
m ing the past year was S7S,256.57,
g. decrease of over 100000, as cor
an pared with the previous year. a
h though the receipts from this sour
ed have varied greatly during past year
o "The other principal sources Of rev
" nue. show only slight difference, eth
al a gain or loss.
NJ As trustee of the school fund. beg
oh state that the apportionment Of Il
fund was made at the usual time. al
,t showed a further decrease every We,
tb caused by the increase in the numt
no of teachers. as the receipts of this fu
- are practically nchanging. The to
Oh amount apportioncd to the schools of {
State was Sl6l .0446l; this amount "
- actually divided as | had deducted /
~ amount expended for text books.
~ - would recommend an increase in I
70 appropriation OF SD 600 for free grad
schools for outside pupils. as the pres,
&C. Continued On Page Two.
we KENT COUNTY TAKES RECESS
,rp Special to THE EVENING IOURNA
er- STATE HOUSE. DOVER. Del. j
q Rnnallan Of H. s...L..-.-