=The Automobile License Fund.= Under the provision of Section 12, Chapter 423, Laws of 1917, the Secretary of State is directed to transfer to an account under the jurisdiction of the State Highway Commission, the receipts from the automobile license fees, less the cost of administration. The law provides that these funds be transferred on April 1 and October 1 of each year. The 1918 receipts from this fund were $425,000.00 and with the rapid increase of the number of automobiles, it is expected that this amount will be increased from year to year. The fund provides for the payment of principal and interest, as the same shall become due, on the bonded indebtedness of the State of Oregon, contracted for road purposes under the provisions of the Six Million Dollar Bonding Act and the State and Federal Road Bonding Act. The unexpended balance may be expended on such State highway projects as the Commission approves. This fund is also used for co-operative work in counties where the Six Million Dollar Fund may not be used and on State Highways not eligible for improvement under the Post and Forest Road Acts. * * * * * =The Six Million Dollar Road Bond Fund= provides for the issuance of six million dollars in bonds during the next five years. It provides for the sale of one million dollars in bonds in 1917; two million dollars in 1918, and the balance as the Commission may think advisable. The primary purpose of this act was to provide paving on the main highways of the State, contingent upon the counties preparing the road bed according to the plans of the State Highway Engineer. It also provides funds for the grading of the road bed on the Columbia River Highway in Clatsop, Columbia and Hood River Counties and on the Pacific Highway in Jackson County. At this date a total of $2,190,000 par value of bonds have been sold. * * * * * =State and Federal Co-operative Road Bonds.= Under the Federal Aid Road Act there is provided for expenditure by the Federal Government during the next five years, $1,180,310.85 for the construction of Post Roads in the State of Oregon and there is also available during the same period the sum of $638,970.00 for the construction of highways within or partly within the National Forests of the State. The purpose of this Act is to meet Federal Aid in an equal amount and under this provision a total of $1,819,280.85 in bonds is authorized to be issued by the Board of Control and placed in a special fund to be used in carrying out the provisions of this Act. A total of $400,000.00 par value of these bonds have been sold. EQUIPMENT