578 



MICHIGAN. 



The specific taxes which form so large an 

 item in the receipts into the Treasury from 

 year to year, and all of which, except the 

 mining taxes collected in the Upper Peninsula, 

 are set apart by constitutional provision first, 

 to the payment of the interest on the State's 

 indebtedness to the educational funds; second, 

 to the payment of the interest on the State 

 debt; and, third (the principal of the State 

 debt being now provided for), to the primary- 

 school interest fund, for annual distribution, 

 amounting in 1881 to $750,089.29 came from 

 the following sources: 



Railroad companies $618,984 89 



Street railway companies 8.193 68 



Frvight, sltvping. and paluce-car companies 1,169 27 



Fire-insurance companies 59,774 41 



Lift-Insurance companies 20,269 02 



Plate-glass insurance companies 51 23 



Mining companies 89,428 22 



Telegraph companies 4.067 70 



Express companies 1,628 94 



Plank and gravel road companies 285 66 



River improvement companies 1,276 77 



Musical societies 4 50 



Total $750,089 29 



The receipts from the same sources last 

 year amounted to $619,542.58. Increase, 

 $140,546.71. 



According to the late United States census 

 the local indebtedness (county, city, town, and 

 school district) was, September 30, 1880, as fol- 

 lows: 



Bonded debt of counties $370.303 



Floating debt of counties 26,398 



Bonded debt of townships 819.848 



Floating debt of townships 279,357 



Bonded debt of cities and villages 6,833,401 



Floating debt of cities and villages 52.S99 



Bonded debt of school districts 1,293,591 



x loating debt of school districts 96,081 



Total $9,351,877 



On the 6th day of October the Auditor-Gen- 

 eral apportioned the State taxes for the year 

 for the following purposes : 



For University of Michigan $1 15,000 00 



" State Normal School 44,50000 



" State Agricultural College 50,969 50 



" State Public School .. 41,65000 



' Michigan School for the Blind 18,500 00 



44 Institution for the Deaf and Dumb . . 41,600 00 



" State Reform School for Boys 51,250 00 



" State Reform School for Girls 93,550 00 



44 State House of Correction 8,863 32 



' Eastern Asylum for Insane 96,00000 



44 Repairing Capitol 6^000 00 



" Fish Commission 8,00000 



State Board of Health 2,00000 



Military purposes 57,27173 



44 General State purposes 404,675 00 



Total State taxes $1,142,734 55 



Add indebtedness of counties to State 248,303 00 



Total apportionment $1,391,037 55 



The apportionment was made on the basis 

 of the new equalization established by the 

 State Board in August, which increased the 

 valuation of the real and personal estate assess- 

 able from $630,000,000, as determined in 1876, 

 to $810,000,000. The tax is a fraction over 

 $1.41 on each $1,000. 



Accompanying the annual report of the 



State Treasurer is found a statement of re- 

 sources and liabilities of the fifteen State banks, 

 as shown by their official reports made July 2, 

 1881. Resources: Loans and discounts, $3,- 

 414,221.49 ; bonds, $105,498.02 ; cash and cash 

 items, $479,366.39; real estate and fixtures, 

 $83,597.97 ; due from banks and bankers, 

 $679,291.51 ; expenses, $12,175.31 ; over-drafts, 

 $35,564.03. Total, $4,809,714.72. Liabilities : 

 Capital, $1,014,285.40; surplus, $218,546.99; 

 due banks, $8,414.75 ; due depositors, $3,*43,- 

 106.29; profit and loss, $75,365.69; redis- 

 counts, $49,996.60. Total, $4,809,714.72. The 

 increase of capital over that reported July 1, 

 1880, is $140,535.40 ; also of amount due de- 

 positors, $909,173.29. The total resources ex- 

 ceed those of the previous year, $1,035,585.34, 

 and the loans and discounts fall short, $50,- 

 42(5.96. Increase in number of banks, two. 



Fourteen savings-banks reported under date 

 of October 3d. Resources: Loans and discount*, 

 $7,653,973.76; bonds and mortgages, $1,806,- 

 403.38; cash and cash items, $921,391.54; real 

 estate and fixtures, $360,479.71 ; due from 

 banks and bankers, $1,169,931.85; expenses, 

 $34,111; over-drafts, $40,949.73. Total re- 

 sources, $11,987,240.97. Increase over re- 

 sources reported October 4, 1880, $2,214,299.- 

 78. The increase in item of loans and dis- 

 counts was $3,148,257.86, while the bond and 

 mortgage securities decreased $926,085.17. 

 The liabilities were : Capital. $1,165,000 ; sur- 

 plus, $118,952.29; dne banks, $177,520.99; 

 due depositors, $10,295,025.36 ; profit and loss, 

 $97,510.89; interest and exchange, $133,- 

 231.34. Total, $11,987,240.47. Increase of 

 amount due depositors, $2,058,931.36 ; and of 

 combined capital and surplus, $7,821.05. De- 

 crease in number of banks, one. 



The preliminary report of the Commissioner 

 of Insurance is made for the year ending De- 

 cember 31, 1881, and sets forth the financial 

 condition of each stock, fire, and fire-marine 

 insurance doing business in the State, and 

 making the annual statement required by law. 

 The commissioner summarizes the reports and 

 tables : " The entire capital stock represented 

 amounts to $51,019,280; the admitted assets 

 to $138,512,491 ; surplus as regards policy- 

 holders, $88,974,649 ; and the surplus over 

 capital and all other liabilities amounts to 

 $38,108,728. In making up the exhibit of 

 both home and foreign companies, all deposits 

 of funds made in States for the exclusive ben- 

 efit of policy-holders in such States have been 

 deducted from the available assets. A deduc- 

 tion has also been made of the liabilities in 

 such States. The companies of foreign gov- 

 ernments are each rated as having a capital 

 stock of $200,000, and their financial condition 

 given on the basis of their assets and liabilities 

 in the United States in accordance with the 

 provisions of Act No. 71, Laws of 1879. The 

 fire and inland marine risks written in Michigan 

 during the year 1881 amount to $181,740,666.- 

 30; premiums received, $2,256,644.19; and 



