THE FINANCIAL CONDITION OF BRAZIL. 313 



Postscript. 



The following are extracts from an article on the " Brazilian 

 Budget," which appeared in the Statist of August 8, 1885. 



" The Budget of the Brazilian Minister of Finance, presented 

 to the Chambers in May last, is an elaborate document of over 

 400 quarto pages, and additional tables, etc., of about equal 

 extent. The mixture of ordinary and extraordinary revenue and 

 expenses, balances from previous budgets, deposits, and extra- 

 neous matter in the estimates is most bewildering ; but reckoning 

 the ordinary and extraordinary items together, the deficits may be 

 placed at an average of about 26,000,000 milreis for each of the 

 three years ended June 30, 1885. The result for 1883-84 showed 

 a deficit of 23,762,967 milreis. The expected deficit of 1884-85 

 was 29,824,000 milreis, and the Minister in his explanation, as 

 recently as last month, said he adhered to the estimates of revenue. 

 The estimated excess of expenditure over revenue in 1885-86 

 was placed at 19,362,000 milreis, and for 1886-87, the forecast 

 is of a deficit of 17,869,000 milreis. The estimates were qualified 

 when made by the supposition that the revenue should not exceed 

 nor the expenses be reduced on the estimates. According to 

 Mr. Sandford's report, referred to in the Statist of April 4 last, 

 between 1873-74 and 1882-83 inclusive, the deficits had amounted 

 to some 288,000,000 milreis, or an average of 28,800,000 milreis, 

 and they had been met by the creation of 71,000,000 milreis in 

 Treasury bills, 129,000,000 milreis in internal loans, 80,000,000 

 milreis in foreign loans, and 40,000,000 milreis by issues of notes. 

 The more recent deficits have been met by further creation of 

 Treasury bills, and the extension of the note circulation is con- 

 templated. Efforts have lately been made to effect economies in 

 expenditure, but the results are not so great as could be desired. 



"The comparison of revenue and expediture for 1881-82, 

 with the estimates of 1885-86 and 1886-87, is as follows : — 



" The Senate and deputies have, it is stated, agreed to the bill 

 to authorize the issue of 25,000,000 milreis of notes. The banks, 



