Excerpt from Biennial Report of the Board of State Harbor Commissioners: For the Fiscal Years Commencing July 1, 1922, and Ending June 30, 1924
Californians have built up in San Francisco Bay the largest and best harbor in' the world from revenues in commercial operations without taxation of the public through a period of sixty years, dating from the creation of the Board of State Harbor Commissioners in 1863. The state properties thus accumulated have an appraised value 'of and that valuation is increasing With further development of the harbor.
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