NEW JERSEY. 



635 



The Agricultural College Fund is composed 

 of State bonds resulting from the sale of lands 

 donated by the General Government. The 

 income from these securities, amounting to 

 $6,960, is collected by the State Treasurer and 

 paid over to the Trustees of Kutgers Scientific 

 School for certain specified purposes. 



The State Library Fund consists of an un- 

 expended balance of $128.50, an annual appro- 

 priation of $750, and a special appropriation 

 made by the Legislature of 1881 of $1,500, 

 amounting to $2,378.30. Of this amount, 

 there was expended during the year, $1,737.02, 

 leaving a balance for the coming year of 

 $641.28, in addition to the annual appropria- 

 tion of $750 above mentioned. This account 

 is not treated as a separate fund by the Comp- 

 troller, its income being derived exclusively 

 from appropriations from the State Fund. 



The reports show a steady increase in the re- 

 ceipts and accumulations of the School Fund. 

 This is due to the fact that not only is there 

 annually added to the principal amount a large 

 sum of money derived from the sale and lease 

 of riparian lands, but that the income of the 

 fund from investments already made exceeds 

 the only expenditure which can, under present 

 laws, be made from it, viz., an appropriation 

 of $100,000 to aid in the support of public 

 schools. The assets of the fund, at the close 

 of the fiscal year, were as follows : 



Railroad and bank stock $46,500 00 



United States bonds 805.000 00 



Railroad bonds 117,000 00 



State and city bonds 85,000 00 



Bonds of school districts 92,700 00 



Bonds and mortgages 958,108 50 



Principal of riparian leases 959,574 95 



Real estate 82,000 00 



Total $2,595,888 45 



Interest due on bonds and mortgages . 47,154 79 



Rents due on riparian leases 55,913 61 



Cashonhand 200,706 15 



Total property of the fund $2,899,658 00 



These figures show an increase, since the last 

 report, of $135,589.05. 



The receipts of the fund and the sources 

 from which they are derived are shown by the 

 following summary : 



nterest on United States bonds $12,975 00 



nterest on railroad bonds 7,020 00 



ntorest on New Jersey bonds 1,200 00 



nterest on Jersey City bonds 900 00 



nterest on bonds of school districts 6.245 70 



Dividends on bank stock 660 00 



Dividends on railroad stock 8,550 00 



Interest on bonds and mortgages 43,847 84 



Rentals on riparian leases 61,285 52 



Grants of riparian lands 7,816 41 



Tax on Hibernia Mine Railroad 747 05 



Rent of real estate 1,218 75 



Loans paid off, and leases converted into grants. 120,458 23 



Total $267,869 05 



There should be deducted from this amount 

 the last item of $120,458.28, because it is not 

 properly to be considered as a part of the in- 

 come of the fund, but as a change in the form 

 of the securities from loans and leases to casli 

 in hand. This leaves, as the actual income of 

 the fund, $146,910.77. The only disbursement 



which can, at present, be made from these re- 

 ceipts is the $100,000 above mentioned ; and 

 this being made, leaves a balance of nearly 

 $47,000 to be invested, or otherwise disposed 

 of. There is no reason to believe that this 

 income will decrease in future years, as the 

 investments from which it is derived are safe 

 and substantial. On the contrary, it is reason- 

 ably certain that it will be increased, because 

 of the continued receipts from the sale and 

 lease of riparian lands, and the expected col- 

 lection of the amount due as unpaid interest 

 on bonds and mortgages and rents on riparian 

 leases already made. It is considered that the 

 method of levying the two-mill tax for the 

 support of public schools, under the act of 

 1881, will produce over the yield of the pre- 

 vious year an increase of $304,955.32. 



Under the title of the State Fund are re- 

 corded the receipts and expenditures for the 

 maintenance of the government of the State. 

 The securities of this fund are stated as fol- 

 lows: 



Stock of the joint companies $289,700 00 



Bonds of the joint companies . 24,000 00 



Centennial stock 74,11667 



Bonds of the several counties for surplus rev- 

 enue of the United States, loaned 764,670 44 



Total $1,151,487 11 



From this amount there should be deducted 

 the Centennial stock, which is valueless, and 

 the bonds of the counties, on which no interest 

 is paid. This will leave as actual assets the 

 stocks and bonds of the joint companies, of a 

 par value of $312,700. 



The operations of the State Fund are thus 

 summarized from the statements of the Comp- 

 troller : 



Balance in bank November 1, 1830. . . . $8S4.730 45 

 Receipt* 678,747 87 



Total $1,268,478 83 



Disbursements 1,096,208 93 



Balance in bank October 81, 1381 . . $167,274 89 



The receipts and disbursements for the years 

 1880 and 1881 were as follows: 



The Comptroller estimates the expenditures 

 of the year 1882 at $1,190,000 an excess 

 over his estimate of the receipts for the year 

 1881, and the available bank balance, of $264,- 

 569.30. Recognizing the inability of any pos- 

 sible receipts to meet these expenditures, he 

 points out two courses of action, without 



