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stockholders has been $116,950.00, and the average rate 7½ per cent. The amount of interest paid on all kinds of deposits has been $235,430.97, and the amount on time deposits and certifi- cates of deposit alone has been $164,209. 54, being an average of approximately 3.37 per cent upon savings deposits, while the average rate paid last year was 3.41. The increase in resources is made up principally of $1,399,554.33 in demand and time loans, $247,108.25 in mortgages of real estate, and $168,751.96 in stocks and bonds. In the past these institu- tions have invested quite largely in the latter class of securities. The unusual demand during the year for loans, however, has led them to place nearly all their increase of assets in that item of resources. They have thus made this large amount of capital available for use in the active business affairs of the State. The total State tax paid for the present year has been $22,663.84 as against $22,483.82 in 1901. While this increase has been slight, it indicates that the banks have finally adjusted their af- fairs to meet this new condition, and that the tax will hereafter increase each year with the natural increase in the amount of the time deposits. The proportionate gain in the Trust and Banking Companies during the year, based on their total assets and on the number of banks, exceeds that in any other class of banking institutions doing business in the State. This increase in their assets as well as in their earnings indicates that they have had a most prosperous year. Considering the fact that they have but recently entered a field which was fully covered apparently by the nat- ional banks, with which they are in direct competition, their growth is markable and indicates that they must be a convenience in the business and financial affairs of our State. While they are at some disadvantage in their competition with national banks be- cause of the tax of one-half per cent on their savings deposits, yet they seem fully able to conduct a prosperous and progressive business. This result may be due to some extent to the liberal provisions of the charters under which they are operating, but to a still great- er extent is it due to the energetic and wise management of those who have them in charge. This statement shows a large shrink- age in liabilities and resources, the former being $40,159.40, and the latter including $27,457.86 charged to Small which is the principal asset of the bank. Mr. Small's bondsmen will be called upon to pay the penal sum of 20,000. On this subject Mr. Carter says: "The securities on the bond of Mr. Small are amply able to pay the penal sum of $20,000, and I expect an adjust- ment of their liability without litiga- tion." The report of the receiver of the Ox- ford County Loan association, Norway, shows that he has realized on account of collections and sales of real estate $6,845.19. He has paid one dividend of seven per cent, amounting to $3,811.50, and by so doing reduced his cash on hand $1,261.12 fro last year. The lia- bilities are placed at $38,115. The gen- eral receiver of the Granite State Prov-