the same being guaranteed by sinking funds which are provided by a direct annual tax on the various cities and towns directly interested in the objects for which the debt was created, leaving the direct funded debt of Massachusetts, $22,561,229.40.

Contingent Fund Debt, Dec. 31, 1898,
Sinking Funds for Same, Dec. 31, 1898,

Net Contingent Debt,

Direct Funded Debt, Dec. 31, 1898,

Sinking Funds for Same, Dec. 31, 1898,

Net Direct Debt,

$37,225,000 00

7,331,887 33

$29,893,112 67

$22,561,229 40

7,862,265 16

$14,698,964 24

Details of the foregoing statement are given in the following tables:

Of the above Gross Funded Debt of $59,786,229.40, the sum of $37,225,000 is contingent debt only, the payment of

the same being guaranteed by sinking funds that are provided by a direct annual tax on the various cities and towns directly interested in the objects for which the debt was created, as follows:

Leaving the direct funded debt, $22,561,229.40, as follows:

$37,225,000 00

$7,331,887 33

7,331,887 33

$29,893,112 67

* Its proportion of Metropolitan Parks Loan Sinking Fund.

It should be noted that, in the preceding statement, those sinking funds that are smallest in proportion to the debts to

present time for the purpose for which they are intended, they do not show as favorable as the older ones, some of the latter amounting to more than the debts they are to pay, years before the debts are due, and are contributing their surplus income to other sinking funds, thus reducing the tax needed for their fulfilment.

The sinking funds of the Commonwealth, as at present computed, are calculated at such a rate of interest that, with proper care in the investment of their funds, under any reasonable forecast of our financial future, they cannot fail to be equal to the full amount of the debts they are to pay, before the same are due.

Public Funded Debt in various forms showing amount of Loans, rate of Interest, due dates by loans and years with comparison of debt, for a series of years, etc.

Armory Loans.

Interest, 3 per cent., due Sept., 1918,
Interest, 3 per cent, due Sept., 1920,
Interest, 3 per cent, due Sept., 1921,
Interest, 3 per cent, due Sept., 1922,
Interest, 3 per cent., due Sept., 1923,
Interest, 3 per cent., due Sept., 1925,
Interest, 3 per cent., due Mar., 1927,

Boston, Hartford and Erie R.R. Loan.
Interest, 5 per cent, due Jan., 1900,

Fitchburg R.R. Securities Loan.
Interest, 3 per cent., due Aug. 1913,

$500,000 00 4,500,000 00 1,500,000 00

$6,500,000 00

$225,000 00

Harbor Improvement Loan. Interest, 3 per cent., due Jan. 1937,

Interest, 3 per cent., due Nov., 1925,
Interest, 34 per cent., due Nov., 1925,

Medfield Insane Asylum Loans
Interest, 34 per cent., due April, 1915,
Interest, 3 per cent., due April, 1924,
Interest, 3 per cent., due April, 1927,

Metropolitan Parks Loans
Interest, 3 per cent., due Jan., 1934,
Interest, 34 per cent., due Jan., 1936,
Interest, 34 per cent., due Jan., 1937,
Interest, 3 per cent., due July, 1938,

Metropolitan Parks Loans, Series Two.
Interest, 34 per cent., due Jan., 1934,
Interest, 3 per cent, due Jan., 1936,
Interest, 34 per cent., due Jan., 1937,
Interest, 3 per cent, due July, 1938,

Metropolitan Sewerage Loans.
Interest, 3 per cent., due Jan., 1930,
Interest, 3 per cent., due Jan., 1930,

Interest, 3 per cent., due Mar., 1935,
Neponset Valley,

$500,000 00

Interest, 34 per cent., due Mar., 1935,
Neponset Valley, .

Amounts carried forward, .

$33,301,229 40 $1,176,736 47