BRAZIL. 



M 



extension of the Dotn Pedro II. Railway) at 

 $54,801,427, which would constitute a deficit 

 of over half a million. 



The estimate* for the financial year, com- 

 mencing July 1, 1878, arc: income. lXrl "'" 1 ve 

 of deposits and the emancipation had, $51,- 

 600,0&o7 and expenditure, ,.} 



The last balances struck before May 28, 

 1878, ahowed the amount of paper ">">ey m 

 circulation to be $98,606,891, of winch $.4 - 

 788.M1 waa national, $16,860,000 of the Hank 

 of Brazil, and the remainder of the banks of 

 Maranhlo and Bahia. On April 80th there 

 were treasury notes in circulation to t 

 amount of |6,408,100, an increase of $904,100 

 a* compared with the previous year. 



The income and expenditure for 18 1 4- .5 

 are estimated at $51,600,000 and $50,742,397 

 respectively. 



The import duties for the same year are 

 reckoned at $29,000,000; and the export du- 

 ties at $9,082,600. 



By virtue of an act bearing date August 

 25, 1878, the Minister of Finance issued <K- 

 crees to the following effect : To readjust the 

 official values of good* ; to fuse the 5 PIT cent. 

 additional duties, and the 28 and 21 percent- 

 ages into one surtax of 80 to 40 per rent. ; the 

 lower rate to be applied to goods tariffed at 

 40 to 60 per cent ; to rcclassify goods tariffed 

 according to weight ; to extend for five years 

 longer the exemption of Corumba, in Matto 

 Groseo, from import and export duties ; to 

 reduce the anchorage dues to ten cents per 

 ton measurement, on all foreign merchant- 

 veaseU not putting in, bringing one hundred 

 immigrants, entering in /mmyuw, or having 

 paid the dues six times in the year ; to ex- 

 tend, without limit of time, the permission to 

 foreign vessels to engage in the larger coasting- 

 trade ; to grant $26 per ton bounty, exemp- 

 tion from anchorage dues, and other favors, to 

 home-built vessels ; to permit Brazilians domi 

 ; nhrond to own Brazilian vessels ; to p< r- 

 .rcws of two-thirds foreigners, including 

 mauler and mate; to relieve from export dutie* 

 timber nnd other Brazilian materials used in 

 repairs of foreign vessels; and to reduce by 

 one-half all taxes and expenses on salvage. 



The r. *. nil.- of the province of Rio do Ja- 

 neiro in 1H72 amounted to $2,448,628, inclusive 

 of $400,000 borrowed, and a balance of $-'-' 1.- 

 S49 from the preceding year. The expenditure 

 was $2.038.81(1. The four per n nt. on coffee 

 ridded $74,761 more than had been estimated ; 

 but the yield of the three p-r eent. on sugar, 

 cotton, and tobacco, fell short br $8,688. 



The customs receipt* at the port of Bahi* 

 bare doubled in the space of nine years: in 

 lMt~'4, they amounted to only - 

 and in 1871-7S they reached $6,811.477. 



The provincial receipt* of Bahia. during HIP 



fln* half of the floal year. 17'2 '7:t. ntnomited 



*4M,716. The treasurer estimates the 



whole revenue of the year at $1,077,788 ; and 



the expenditure at $1,142,402. 



The provincial receipts in the whole empire, 

 in 1871-'72, amounted to $10,910,881 ; ami the 

 municipal to $1,941,098. 



following table shows the state of the 

 national debt in 1878. 



'ioil h* '. 



Total 



A large proportion of this debt originate! 

 from the immense drain upon the national 

 resources to meet the expenses of the war 

 against Paraguay a war which cost Brazil 

 *-J44.:if.i>.:'- certain liabilities not \et 



liquidated. 



The number of banks in the empire in 18 ( 2 

 was niiu-teiii. exclusive of a large number of 

 private banking establishment-.' 



The Bank of Brazil had in circulation en the 

 80th of June, 1878, notes to the amonnt of 

 $15 960,000. The transactions during the 

 twelve months ending on that day readied 

 $142,070,400, being an increase of 80 per cent. 

 over the pree. ding year. The gross profits of 

 the year were $1,485.229 ; the expenses, $426,- 

 609, leaving $1,058,220; out of which two 

 half-yearly dividends of 4 per cent, each v c re- 

 paid"; $472,781 passed to the new Keserve 

 Fund; and $578,006, to the Special Reserve 

 Fund ; raising the former to $1,510,781 ; 

 whik- the latter was reduced to $868,964 by a 

 debit of losses in liquidations of $l.-Ji'4.s;,s. 

 The Liquidation Account was reduced to 

 $8,664,660, and any fear of its compromising 

 the capital of the bank was considered by 

 the directors to be past. 



By decree of January 81st, the New London 

 and'Brazilian Bank was authorized to estab- 

 lish branches in Bahia, Pernambnco, and Rio 

 Grande do Sul. Conselheiro A. N. Tolentino 

 was authorized to incorporate the Territorial 

 Credit Bank law of September, 1864. 



The Hypotbecary Bank of Rio was to be 

 established. 



The Unito Agricohi, a mutual aid associa- 

 tion for coffee-planters, and for the establish- 

 ment of a sale agency at Kio. was authorized 

 to operate; the capital of the. company was 

 fixed at $126,000, with power to raise it to 



*: .' 



Permission was granted for the incorpora- 

 tion in Europe of the Impirial Credit Foneier 

 Company (limited), with its seat either in 

 England 01 Kio. and with power to operate 

 throughout the empire, but without exclusive 

 privilege. The organization to be under the 

 Ihpothecnry Bank Act of 1804; and tin- 

 capital, 2,000,000, in 20 shares. Its opera- 

 tions are to be confined to loans on mortgage, 

 for terms of from ten to thirty years, with 

 amortizations; loans or hypothecations for 



The loading htr.ka arc enumerated In the ANNUAL 

 CTCLOPJOIIA for 1871. 



