The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-08-26
THE FINANCES OF BRAZIL.
Reported to he on n More solid Ba-
sis Than for Years.

Charles Page Bryan. the United States
Minister to Brazil writes TO the State
Department from PetropoIis, Of the eNpi-
ration Of the Brazilian funding loan ar
rangomcut- He says
Official statements show that the
finances Of this country are upon a more
solid foundation than for years past.
Specie payments Of the foreign gold OBJ
ligat 0ns have keen resumed. Brazilian
securities have risen from 10 per cent 10
70 per cent Of par; the volume Of paper
money has been diminished from $1,000
contos To 6S9 600 contos: the sterling value
Of the milreis has risen from SD TO
lizd Gl25 cents to 23.5 cents. the import
duties, formerly all payable in a depre-
ciated and huctuating currency. are now
collected % per cent in gold and Is per
cent in paper, being an actual value
equivalent to A. per cent and 50 per cent
respectively; EI.c0OO00 have been paid on
the 1897 emergency loan completely ex-
tinguishing that obligation; 2I.000 ccntos
Nil50o,vH par) OF treasury bills Outstand-
ing July l, 1898. have been paid off, and
their issue is now no longer resorted to;
E2.500CoC Of internal gold-iuterest- bearing
bonds have been paid of OF exchanged
into currency obligations; and finally,
important reductions have been made in
ION the other hand, the net geld debt
has been increased by over 85.000g0O. and
the fixed charges payable in gold for in
terest and railroad guarantees have risen
from &3.o66.0o 10 E3,357,00O importations
have fallen Oft heavily. internal taxes
have been increased, the rise Of the ster-
ling value Of the milreis has lowered the
currency price Of exports; and the con-
traction Of the circulation has apparently
had an influence in limiting commercial
operations This period Of strinEcncy is
already beginning TO moderate, and the
process Of the adjustment OF prices and
credits 20 souuder currency values is
proceeding normally.
Altogether the Brazilian Government
has RENTED 10 London e4S2S. AZ since
July 1, 1888 Of this sum & 10000 mas
been spent in paying on the 1887 loan.
t5A'-53O for interest on the funding loan
bonds and El.O56ClO for pasJ-due Obliga-
tions. payments on warships, current ex-
penses, and commissioners on the issuing
OF loans. In addition 10000 has been
advanced to the Bank Of the Republic
The average Of gold accommodations has
therefore been Sol. 60 month. II is Of
nciaily estimated that for the ensuing
months the gold remittances Will be
4-0ooVo a month This viii absorb the
import taxes payable in gold Interest
and railroad guarantees amount TO E33j.-
OOJ monthly, but this difference Is iusip--
nihcant in view Of the large balance Al
ready accumulated
It IS therefore clear that a continuation
Of the policy Of the present adminfstra-
Iloh VIII result in BTaziHs meeting
promptly her foreign obligations
or interest on the internal debt the
continuation Of the withGra wal Of paper
money and the administrative expendi-
lures she must look 10 her paper revenue.
he Government estimates for these pur-
EoSes are Wei within the expected rev
tuue, ana show very large reduction from
the expenses Of past years"