Milford chronicle., 1931-09-18

Ihe following is the text of Gov
ernOr Bucks address at Delaware
State Bankers Association dinner a
Rehoboth last Thursday night:
1.-TWO years ago the State of Del
aware did not have a balance sheet
Since then the Auditors annual re-
port has been published with con-
/ sOlidated balance sheet that is the
most concise and comprehensive
statement of its kind l have seen in
use in any State. While l do not
mean to infer that l am familiar
with the accounting systems of all
the states in the Union, l have stu
died those of quite a number and
speak with some knowledge.
In order to give you quick and
authentic picture of the States re-
sources l brought with me a copy of
the balance sheet prepared by the
State Auditor as of the close of
business June 80, 1931-the end of
the fiscal year-and with your per-
mission am going to read you some
of the entries. Cash on hand, S14,-
100000; taxes receivable, $3,600,000;
accounts receivable, $4,000; invest
ments, stocks and bonds (market
value), $2,340,000,or total current
assets of $2O,7OO,OOO.
Capital assets are shown as haV-
ing a value of $3S,000,000 and in
clude the following possessions:
Public lands, $95,G00,G00. improved
highways, $17,OOO,OG0.00; land and
buildings, $17000,006; equipment,
$2,500,0G0 and so total assets, cur
rent AMI capital together have 4 val
lie of $58,S00,O00. On the liability
side of the statement appears only
one cntry--the funded debt amount
ing to S3,2G0,000; allowing for this,
net worth of the State Government
is, shown to be approximately $685.
100000 of which 81 per cent are
liquid assets.
Il have just mentioned the States
bonded Indebtedness and believe you |
may be interested in knowing a lit |
tie more of its history. In January !,
1929 the total funded debt was |
nearly 2,500,000 of which amount |
more than $11,500,000 were State /
Bonds. During the past |
two or two and half years, $S, |
$50 900 in these bonds have been re-
tired and it may be possible on
December 81 to call million and Il
half more. While l would have been
glad to see all the funded debt paid
off before the end of my term, can
fOresee that such isn't likely to hap
pen and that there will he about a
more or less, for the next
Governor to take up.
Relief Measure
''In spite of my desire to see all
he funded debt paid off, I am seri-
,usly considering asking the apprO-
val of an issue of $500,000 to ST.
100000 in bonds for highway work,
is an emergency relief measure to
provide employment.
with your further indulgence,
ihall touch upon some of the more
features of Delaware's
iscal system.
"The State naturally has num-
Ter of sources of income, the chief
If which consist of revenues from
he operation of automobiles, in
ome tax, corporation taxes, fran
hise taxes, inheritance and estate
axes, railroad taxes, merchants {
licenses, fishing and hunting licen-
es and oyster revenue, together [
With number of other sources of !
asser income. t
"All moneys due the State are s
ayable to the State Treasurer and t
eposited by him in the Farmers
iank. The State owns 81 per cent t
the stock of this bank and names
inc directors on it's board of twen- {
1-four. While l do not know what q
ne deposits at the Farmers Bank t
)talled on July 1 last, 1 do know c
lat the State had 5,4O0,O00 in s
ash there on deposit at that time. b
Iy guess is that the States funds S
Omprise about 20 per cent of the r
lecking deposits. Personally t,
link the State is entitled to have v
rger representation on the Board "
Directors of this bank through Il
hich it transacts it's business. d
Four Funds h
Past Legislatures have designat- al
four funds to which all money n
,ceived by the State shall be cred W
ed: The School fund, Highway a
nd, Sinking fund and the General Z
nd. To The School fund is credited D
l receipts from the franchise taxes a.
I'd the income tax. Last year-and Il
hen l speak of year 1 speak of the c
ates fiscal year from July 1 to Ia
Inc 30-the amounts due from tc
anchise and income taxes were fc
100000 and 100000 respectively. By
the case of the income tax it will I
recalled that the Legislature
anted a so per cent cut in the h;
80 tax, due March IS, 1881, and ST
e aforementioned sum was the net a
Mount due the State. This fund for &C
e schools is the bonanza, so to ST
eak, of the States accounts. It's to
nditio mis- such that notwithstand- m
g appropriations of approximately 81
n million dollars against it last eli
nter-three millions for new su
nOo1C ond eo1rop e.. 41.yo