488 
MANGANESE DEPOSITS OF INDIA: ECONOMICS. [PaKT 111 
the coinage of Brazil and that of America and European countries is 
subject to considerable fluctuations. When the rate of exchange is very 
high, then the cost of putting the ore j.o.h. at Rio is so high that unless 
the price per unit of manganese-ore on the American and European 
markets is also abnormally high it is very difficult to work the Brazilian 
ore at a profit ; on the other hand in times of low exchange the profits on 
the Brazilian ore may be very large. For this reason I have converted 
the various items expressed in milreis into Indian currency, first on a 
basis of a rate of exchange of 1 milreis = 7 pence, i.e., 7 annas, and second- 
ly on a basis of 1 niilreis = 14 pence, i.e., 14 annas. The first of these is 
a low rate of exchange and the latter a high rate. In the case of Russia, 
I have given two different estimates of the costs of putting the ore c.i.f, 
at United Kingdom ports. That of Demaret being of later date may 
be the more accurate ; but it must be remembered that it also relates 
to the time before the disturbances that so upset the manganese industry 
in the Caucasus. An estimate by W. Venator ^ gives the cost of Caucii- 
sian ore del vered c.i.f- in England as 49 francs, which equals Rs. 29-2-4, 
at £1 = 25*22 fr. This agrees closely with Drake's figure. It is possible, 
now that the conditions have become quieter, that the rates may be 
considerably different on account of changes of labour or transport 
conditions. 
From the table it will be seen that in times of low exchange in Brazil 
it costs about the same amount to put the Brazilian ore on the Euro- 
pean markets, as that of Vizagapatam ; whilst in times of high exchange 
the cost of putting the Brazilian ore on the market may be consider- 
ably higher than for either Russian or Indian ore. The average cost 
of putting Russian ore on the market is evidently approximately the 
same as for that of the Central Provinces, and higher than for that 
of Vizagapatam. 
1 ' Die Deckung des Bedarfs an Manganerzen', iilahl unci Eisen, XXVI, p. 71> (1906). 
