596 



NEW JERSEY. 



Railroad and bank stock $46,500 00 



United States bonds 555,000 00 



Railroad bonds 117,00000 



State and city bonds 35,000 00 



Bonds of school districts 96,100 00 



Bonds and mortgages 999,508 50 



Principal of riparian leases 1,124,119 53 



Heal estate bought at foreclosure 82,000 00 



Interest due on bonds and mortgages 

 Eents due on riparian leases 

 Balance on hand 



Total property of the fund $8,376,727 27 



Total property, November 1, 1881 2,899,658 00 



Increase during the year $477,069 27 



The receipts of the fund during the year 

 were $172,427.64. 

 The disbursements were : 



Appropriation to public schools $100,000 00 



Amount invested 872,200 00 



Premium on United States bonds purchased 3,125 00 



Cash on hand, October 81, 1882 201,764 29 



$677,089 29 



The assets of the State Fund are as follow : 



Stock of the joint companies $288,700 00 



Bonds of the joint companies 24,000 00 



$312,700 00 

 Besides these there are held Centennial stock 



(valueless) 74,116 67 



County bonds, securing surplus revenue, loaned. 764,670 44 



Total $1,151,487 11 



The following table presents an exhibit of 

 the receipts and expenditures of the years 1881 

 and 1882 : 



From these figures it will be observed that 

 the disbursements of the year exceeded the 

 receipts in the sum of $280,778.28. This ex- 

 cess was met by diminishing the bank balance 

 in the sum of $30,778.28, and by borrowing 

 $250,000. 



The business of the Riparian Commission 

 during the past year was much more than 

 double that of the preceding year, thus prac- 

 tically evidencing the recognition by the shore 

 owners of the rights of the State in the riparian 

 lands, and their disposition to acquire them for 

 themselves by purchase or lease. These grants 



and leases have been made in every county of 

 the State fronting on tide-waters. The lands 

 still in possession of the State are of great 

 value, particularly in the Bay of New York, 

 and in the Hudson and Delaware Rivers. The 

 operations of the commissioners during the 

 year were as follow : 



Grants of the fee $210,152 28 



Leases converted into grants 83,275 50 



Leases made at a rental of 7 per cent 197,820 03 



Total $441,247 86 



Eeceived on leases heretofore made 65,202 45 



Total $506,450 81 



Besides these, leases and grants amounting to 

 $40,000 have been agreed upon, but are await- 

 ing the completion of papers. The commis- 

 sioners, in accordance with the powers vested 

 in them, and in response to applications for 

 increased accommodations for warehousing, 

 shipping, and other commercial pursuits, have 

 established a new exterior line for piers farther 

 out into the river in front of Jersey City. 



The following is the valuation of the ratables 

 in the several counties of the State : 



Valuation. 



Atlantic $4,577,238 00 



Bergen 16,097,57100 



Burlington 25,856,14300 



Camden 19,217,64000 



Cape May 3,525,26500 



Cumberland 12,111,00000 



Essex 108,494,000 00 



Gloucester 13,736,26000 



Hudson 91,901,99650 



Hunterdon 21,067,571 00 



Mercer 29,890,82000 



Middlesex . 18,826,00000 



Monmonth.'.. 27,991,00000 



Morris...... 21,040,44700 



Ocean 8,'228,998 00 



Passaic . 27,953,34500 



Salem 13.896,97600 



Somerset 16,300,000 00 



Sussex 9,960,55700 



Union 24,016,10000 



Warren".'.'.....'. 18,762,29500 



Total $527,451,222 50 



RAILEOAD TAXATION. The rate at which 

 railroad property is taxed is, as compared with 

 that which affects that of individuals, very 

 small. The present rate was established by 

 the charters of the companies many years ago, 

 when the success of railroad enterprises was 

 the subject of much doubt and uncertainty, and 

 when it bore a more equal comparison with 

 that of the tax on individuals. While the lat- 

 ter has increased very materially, the former 

 has remained the same. On this subject the 

 Governor says : 



I would state that, from the opportunities which I 

 have had and from the facts which have been present- 

 ed themselves, I am led to believe that the labor of 

 securing information in regard to the value of railroad 

 property is too onerous to be conducted by any officer 

 not specially intrusted with it, and whose time is not 

 wholly at bis command for that purpose. The special 

 duties required of the Comptroller in this regard are 

 foreign to the regular work of his office, are a very 

 large addition to it, and are performed without com- 

 pensation. He is, for these and other reasons, com- 

 pelled to depend, in a very great degree, upon the 

 statements made to him by the companies, and pre- 

 vented from securing such accurate information as 



