NOTES ON BRAZIL. 



595 



is sometimes out longer, but as, in accepting the Bonds, some regard is 

 usually paid to the character of her owners and supercargo, and to the 

 facilities which she is supposed to possess for procuring her cargo and 

 completing her voyage, this extra time is, in fact, contemplated, and 

 constitutes one of the chances of profit. These Bonds, previous to the 

 vessel's sailing, have been negociated at a discount as high as forty per 

 cent, and their value increases in proportion as the voyage is known to 

 be favourable, or the contrary. The capital employed, in the first 

 instance is generally invested in gold bullion, or, if this bear a high 

 premium in the market, some silver is taken in lieu of it, always, I 

 believe, from Rio, in the form of the Spanish Dollar. Whatever is the 

 premium, therefore, which bullion bears, it proves an additional burden 

 upon the speculator, and adds to the obvious disadvantages of conducting 

 the trade upon such principles ; nevertheless the profits resulting from it 

 have generally been considered as very ample. 



It was calculated, a few years ago, that every vessel employed in 

 this trade carried out with her, each voyage, the sum of 400,000,000 

 Reis in bullion, which, even at the low rate of exchange now quoted 

 between Rio and London, is nearly £100,000 sterling. I am inclined, 

 however, to think this is considerably above the average amount 

 for though a great quantity of gold maj'^ go out in an irregular 

 way, yet there is generally some document in existence to represent 

 every parcel, and some value annexed to it, though probably not the 

 true one. In questions of this nature it is not possible to distinguish 

 exactly between truth and misrepresentation ; but from the best account 

 I could obtain it appears, that, by this trade alone, half a million sterling 

 of gold is drawn from Rio every year, and that the quantity has some- 

 times amounted to £800,000 : once it was noted at least a million. 



The return cargoes of these vessels consist chiefly of India Cotton- 

 cloths, of various qualities, many of which are re-exported to Portugal, to 

 the Colonies on the coast of Africa, and to every port in America South of 

 of the Line. There, being adapted to general consumption, they are in 



the highest possible demand, and come into direct competition with the 



4 F 2 



