APPENDIX. 297 



The best and most rapid method of reducing the cost of coffee 

 in Brazil to United States currency is, however, to multiply the 

 price by the rate of exchange ruling at the time of purchase. The 

 result will be in English pence, which is converted into Amer- 

 ican gold in the regular way at the existing rate of London ex- 

 change. Another method by which a result accurate enough for 

 all practical purposes may be obtained is to multiply the price by 

 the rate of exchange, and then deducting one-fourth of the amount 

 so obtained, first getting the free-on-board 'charges in Rio or 

 Santos, to which must be added the cost of freight and other 

 charges. 



TABLE IX. 



Showing the average value for each year from 1846 to 1878, 

 inclusive, for fair to prime Rio coffee, cargo price in gold, "in 

 bond," in New York : 



Coffee was admitted free up to the first of August, 1861, when 

 an import duty of four cents a pound was levied. In January, 

 1862, the duty was raised to five cents a pound; and this con- 

 tinued to 1870, when the duty was reduced to three cents a pound. 

 On the first of July, 1872, the impost was removed, and coffee was 

 admitted to duty free once more. In the above table, it will be 

 observed that the highest point was in 1874, after the impost had 

 been removed, when it was 21 cents. This was about the same 

 as in 1863 and '64, with the duty of 5 cents added; but this, it 

 will be remembered, is an average for the years alluded to for 

 fair to prime, but during the year there was often fluctuations, and 

 prime, as circumstances demanded, brought a very high price, as 

 in some instances it touched at or near 25 cents, when of course all 

 other coffees were proportionally large. 



