STATE NEEDS 10 DAVE A CAPITAL £.V£B£XX,^SUGGESTS CAPITALIZ IN'. GOVERNMENT TO AVOID BORROWING. BONDISSUE WOULD PROVIDE Says Thsre Isn’t a Corporation In the State That Has No Capital Stock. Raleigh. "The State is the only corporation I know of operating without capital, and I can't see' why it wouldn't he a good idea for us to borrow about five million dollars and provide a sinking fund to retire the debt,” declared sec retary of State W. N. Rc ere it, who has been thinking a good deai about financing the commonwealth here of late. “We have depended on current rev enues for current expenses e\©r since? the colony was established two hun dred years ago-—borrowing jn antici pation of revenues, and never being in very good shape financially. I be lieve we ought to have an operating capital ot at least li e million dollars t.o .eliminate the necessity of borrow ing so much mo: y.” There isn't corporation i»., the State that has >o capital stock. Mr. Everett points out. Nobody going into business will depend^entirely on his income to finance his business, and It ought to be the same with public bus iness. The State ought to have some capital to go on.' and a bond issue that could be liquidated j;in a few years would provide a revolving capi tal. In the days before the income tax for State revenues, the inceftie period was distributed pretty well over the entire year and it was not usual that any great sqm of money b,ad to be borrowed. But since the State no longer levies a property tax, the in come period is scarcely six weeks in length' and the .rest of the year the State must borrow in anticipation of revenues. 'Bonds might be sold for a small rate of interest, which -would offset the larger interest rate that is re quired-for small borrowings, , over a period of ten months. He has not yet arrived at the point of advocacy of the matter as-a legislative policy, but fc® does think that it might work to the advantage of the State to have some capital to do business on. Rush Printing of Advance Sheets. R. C. Strong, reporter of the Su preme Court, announces that he has made arrangements with the printers • who are getting out advanced sheets of the court reports to give the print ing of these advance sheets prefer ence over the .other work in their establishment and will have the pam phlets ready for distribution in six days or less from the time they re ceive the proofs except for delays not attributable, to them. This will en able the Reporter to.have these pam phlets in the hands of the profession very soon after they ar,e handed down by,the court, in weekly issues. Governor Issue6 Appeal for-Japan. Generous contribution for the re lief of the desolated peoples of Japan thouid be North Caroiinla’s expression of appreciation for the unusual ma terial blessings that have come to the people of the State declares Gover nor Morrison in a proclamation issued calling upon the people to respond to the call of the Red Cross for aid to the earthquake sufferers. ., First to come to the aid of the suf ferers in a similar disaster in San F'rancisco 17 years ago was the Jap anese Red Cross Society, through which the American organizations will work in the distribution of the five millions asked for the relief work. Little difficulty is anticipated in rais ing the county, State and national quotas, with five million as the ag gregate total. The Red Cross appeal is as follows: ’ 1 “Stupendous disaster to Japan ne cessitates appeal to all the people qf this country. President's proclama tiofi places responsibility of repre senting America in this crisis upon Red Cross chapters. . Nation asked for at least five millions and North Carolina twenty-five thousand of that amount. Enlist war-time workers and co-operation of ajl organizations in making immediate urgent systematic appeal to your community. Wire esti mate of representative committee what amount your city will give and beginning Thursday wire daily total contributions to date.” Hagwood Given Parole. * Executive clemency was extended by Governor Morrison to Reuben S. Hagwobd, eoriv-k-ted in the Wake