Commonwealth of Massachusetts. Hon. JOHN L. BATES, OFFICE OF THE SECRETARY, BOSTON, Jan. 18, 1899. Speaker, House of Representatives. SIR-I have the honor to transmit herewith, for the use of the Legislature, the report of the Treasurer and ReceiverGeneral for the year 1898. Very respectfully, WM. M. OLIN, Secretary. Commonwealth of Massachusetts. TREASURY, BOSTON, Jan. 18, 1899. To the Honorable the Senate and House of Representatives. The following annual report of the Treasury for the year ending Dec. 31, 1898, is respectfully presented for your consideration and information. THE PUBLIC DEBT. The Total Funded Debt, Dec. 31, 1898, was . $59,786,229 40 15,194,152 49 $44,592,076 91 The Funded Debt is divided into two classes: the Direct Debt, for the payment of which the Commonwealth is directly and entirely responsible; and the Nominal and Contingent Debt, for which the Commonwealth has loaned her credit to sundry cities and towns for various purposes, the payment of which is guaranteed by sinking funds, sufficient to pay the debt at maturity, provided by a direct annual tax on the cities and towns for whom the debt has been incurred, the division being as follows, viz. : The Direct Funded Debt, Dec. 31, 1898, was The Net Direct Debt, Dec. 31, 1898, was, The Nominal or Contingent Debt, Dec. 31, 1898, was The Net Nominal or Contingent Debt being at $22,561,229 40 7,862,265 16 $14,698,964 24 $37,225,000 00 7,331,887 38 $29,893,112 67 All the Sinking Funds are of ample size, and several of them exceed the amount needed at this date for the purpose for which they were created. The average rate of interest paid by the Commonwealth on the entire public debt at the rates at which it was issued is 3.475 per cent. per annum, including $3,623,729.40 on which the rate is 5 per cent.; and if the prices obtained for loans and the premiums received on them be taken into account, the rate paid on the entire public debt, both direct and contingent, would in all probability, be 3.25 per cent. or less. and has been reduced in the year by payment of Loans due in 1896: Worcester Lunatic Hospital, Sept. 1, 1896, and has been increased by Loans issued in 1898: Abolition of Grade Crossings Loan,. 31% May, 1928, @ 110.459, Massachusetts Hospital for $51,563,729 40 5,000 00 $51,558,729 40 1,500,000 00 22,500 00 1,000,000 00 .3% Jan., 1930, @ par, 31% Jan., 1930, @ par, 31% Mar., 1935, @ par, 31% Jan., 1938, @ 113.176, State House Construction, 31% Jan., 1938, @ 112.877, 31% Apr., 1928, @ 110.459, .3% Gross Debt Dec. 31, 1898, . 5,000 00 35,000 00 2,000,000 00 2,000,000 00 300,000 00 50,000 00 1,000,000 00 Statement of Funded Debt, Sinking Funds, Taxable Property and Property of the Commonwealth of Massachusetts as of Dec. 31, 1898. Of the above gross funded debt of $59,786,229.40, the |