Norwich bulletin., 1916-01-24
Looks for Reduction.

$780, oU.O1 ln6 treasurer says.
Looks for Reduction.
'This compares with an annual av-
erage increase in net debt for past
seven years of more than one million
six hundred three thousand dollars
($1,6OS, OOO). This in itself is encour-
aging and it would seem that perhaps
the highest point in the states debt
had now been reached and that If the
new tax laws passed at the last session
of the legislature are as eficacious in
bringing in money as 1t Is predicted
they will be, and the laws are allowed
to remain on the books, and IL reason
able economy in expenditure is adhered
to. we may look forward to a gradual
reduction of the debit
Treasurer Chamberlain says the law
creating sinking fund ought never
to be repealed until such time as the
outstanding bonds of the state are
fully provided for, though he thinks 1t
may be advisable to allow a wider field
in the investment Of the fund.
Expenditures Increase Fast.
Referring to expenditures, the treas
urer says:
Expenses have increased very rap
idly in the last 10 or IL years and the
general assembly found 1t very diff
cult. as well as very disagreeable, to
reduce or refuse appropriations, but a
good beginning was made, and / hope
future legislation will be in the same
line of economy"
interest on bonds to the amount of
$507, 240
The treasurer says his department
needs more room for its work.
This comment Is made by Treasurer
Chamberlain on the school fund:
1.-THE school fund continues in good
condition, but receipts from this fund
will probably be somewhat decreased
on account of recent legislation. De-
tails of this branch of the treasury win
be found in this report"
The largest amount OF Inheritance
tax paid was that on the estate Of Nor
man B. Ream Of Thompson. $S3.4s6.40.
Over Per Gent. on School Fund.
In his report on the management of
the school fund for the year Treasurer
Chamberlain says that the income for
the year was $106, 911.57, or more than
8 per cent. on the capital of the fund.
The gross income of the fund during
the Is years of its existence was $1i,-
749, 7O2.SS. The present capital of the
fund is s2,008, 590.79.
Mr.. Chamberlain makes the following
comment on the legislation Of last ses-
sion:
The legislation relating to the
school fund effected during the session
of 1915, by which investments Of the
fund are restricted to the state Of Con-
necticut and all loans outside of the
state are to he retired by 1925, has not
appreciably affected the new business
in Connecticut during the year ending
Sept. 80, 1915, but il has brought to us
number of applications for loans
upon properties that could not be con-
sidered as desirable securities for in
vestmentS of any trust fund and for
the past eight months, in anticipation
of good demand for first class farm
loans, we have held cash in hand that
might otherwise have been earning q
good rate of interest This win affect
the income of the fund next year and
will have a tendency to reduce the net
| income Sept. 80, 1916"
Farm Loans.
The report says on the suggestion
that discrimination should be made In
favor of the farmers:
'AThe plans suggested during the past
three or four years whereby farm loans
in Connecticut were to be made to the
exclusion of all others would be class
Legislation, and the treasurer must in
justice to the security of the fund have