Revenue. 121 



In the first year, however, the state disposed of the transferable 

 stock and by adding to the proceeds of the sale the small sum of 

 seventy-four dollars it secured forty-nine thousand six hundred 

 dollars of non-transferable stock, thereby making the fund fifty-six 

 'hundred dollars larger and leaving it standing at four hundred six 

 thousand dollars invested in non-transferable bank stock. 



The total amount of dividends received from this fund for this 

 period was five hundred twenty-seven thousand nine hundred 

 sixty-four dollars, an average per year of $35,197.60. The average 

 annual rate of dividends from April 1, 1848, until the close of the 

 period was eight and seven-tenths per cent. 



10. School Fund. 



The principal of the school fund reached its highest point at the 

 end of the first year of this period. It was estimated to be $2,077,641 . 

 To show the history of the investment of the fund during the period, 

 the following tables have been compiled from the reports of the 

 commissioner of the school fund. 



A. Loaned on Bonds, Contracts and Mortgages to Inhabitants 

 of the States Herein Named. 



1847 1851 1855 1860 



B. Cultivated Land and Buildings Situated in 



