Although the postal rates are high, the service is not self-sustaining, the receipts for 1904 being 7, 01 8,344 milreis, against a total expenditure of 10,099,545 milreis.
According to a summary for the six years 1901 to 1906, derived from official sources and published in the annual Retrospecto of the Jornal do Commercio, of Rio de Janeiro, the values of the imports and exports for those years (exclusive of coin), reduced to pounds sterling at the average rate of exchange (or value of one milreis) for each year, were as follows: - Nearly 761% of the exports of 1906 were of coffee and rubber, the official valuations of these being: coffee 2 45,474,5 2 5 milreis gold (27,615,884), and rubber (including manigoba and mangabeira), 12 4,941,433 milreis gold (£14,055,911).
The exportation for 1906 was 69,761,123 lb of Hevea, 5,871,968 lb of manicoba, and 1,440,131 lb of mangabeira rubber, the whole valued at 12 4,9 1,433 milreis gold.
The export in 1906 amounted to 127,417,950 lb, officially valued at 16,502,881 milreis gold.
To illustrate the comparative productiveness and relationship of these sources of national wealth and industry, the following official returns of export for the years 1905 and 1906 are arranged in the four general classes previously discussed, the values being in Brazilian gold milreis, worth 2s.
Or 54.6 cents to the milreis Agricultural.
The president receives a salary of 120,000 milreis and the vice-president of 36,000 milreis.
The depreciation and unstable character of the paper currency render it difficult to give a clear statement of receipts and expenditures for a term of years, the sterling equivalents often showing a decrease, through a fall in the value of the milreis, where there has been an actual increase in currency returns.
This was most noticeable between 1889 and 1898, when exchange, which represents the value of the milreis, fell from a maximum of 274 pence (27d.
Being the par value of the milreis) to a minimum of 58 pence.
Per milreis (the official valuation adopted in 1906), the budget for 1907 provided for a revenue of 353,590,593 milreis and an expenditure of 409,482,284 milreis, showing a deficit of 55,891,691 milreis.
These deficits were common enough under the monarchy, but they have become still more prominent under the republic. According to the " Retrospecto Commercial " for 1906 of the Jornal do Commercio (Rio de Janeiro, March 5, 1907), the aggregate deficits for the eleven years 1891 to 1904 were 692,000,000 milreis, or, say, £43,250,000.
Ten years later, when the currency had fallen to 51 pence per milreis, the government found itself unable to meet the interest obligations on its debt and railway guarantees, and an arrangement was made with its creditors in London for the issue of a 5% funding loan to an amount not to exceed £10,000,000, and the suspension of all amortization for thirteen years.
On the other hand the government agreed to withdraw currency, which had reached a total of 788,364,614 1-milreis, pari passu with the issue of the loan, the milreis being computed at 18 pence.
The purpose of this condition was in order to improve the value of the paper milreis in order to increase the specie value of the revenues.
The government even withdrew more of its currency issues than required by the agreement, and the value of the milreis steadily improved.
£163,802,675 In addition to these, the government was still responsible for interest guarantees on fourteen railways, or sections of existing lines, with an aggregate capital of about £4,900,000 held in Europe and 12, 0 55,44 0 milreis held in Brazil, on which the national treasury paid in interest £191,324 and 1,398,493 milreis.
Under the provisions of the funding loan of 1898 a scheme for the withdrawal of the paper money was carried into effect, and by the end of December 1906 the amount in circulation had been reduced from 788,364,614 2-milreis (the outstanding circulation 31st August 1898) to 664,792,960 2-milreis.
It is modelled after the Argentine Conversion office, and is authorized to issue notes to bearer against deposits of gold at the rate of 15 pence per milreis although exchange was above 17d.
The notes are to be redeemable in gold at £ 26,478,500 3,388,100 7,331,600 8,613,717 1 5,4 6 7, 01 5 16 8,500,000 Milreis 483,546,600.20, 54 8,000.3 7,082,000 17,300,000 Milreis 66 4, 792,960 246,812,407 34,296,950 945,902,317 sight, the Caixa de, Conversao to keep the gold paid in for that express purpose.
The coffee producers of Sao Paulo and other states found that the appreciation in value of the milreis was reducing their profits, and they advocated this measure (at first with a valuation of 12d.) to check the upward movement in exchange.
Metallic money is limited to nickel and bronze coins, but in 1906 the government was authorized to purchase bar silver for the coinage of pieces of the denomination of two milreis, one milreis and 500 reis (2-milreis).
Gold is the nominal standard of value, the monetary unit being the gold milreis worth 2s.
The to-milreis gold piece weighs 8.9648 grammes, 916 fine, and contains 8.2178 grammes of pure gold.
The milreis, 1000 reis of the par value of 4s.
(or 4.5 milreis to the pound sterling) and the conto of reis (moo milreis) are used for the calculation of large sums. Gold pieces of 10, 5, 2 and 1 milreis were coined up to 1891; 10, 5, and 2 testoon (testdo) pieces, worth respectively 1000, 500 and 200 reis, are coined in silver; testoons of Ioo reis and half testoons of 50 reis, in nickel; pieces of 20, 10 and 5 reis in bronze.
The milreis fluctuates widely in value, the balance of exchange being usually adverse to Portugal; for the purposes of this article the milreis has been taken at par.
Peers, naturalized foreigners and certain employees of the state were unable to sit in the House of Commons; members were required to be graduates of one of the highest, secondary or professional schools, or to possess an income of not less than 400 milreis (88).
All members might, in connexion with their official duties, travel free on railways and ships owned by the state; but since 1892 none had received any salary except the colonial members, who were paid loo milreis (£22) per month during the session, and So milreis (III) per month during the remainder of the year.
The total exports for 1905 were officially valued at 62,572,033 milreis gold, or a little over one-sixth the exportation of the whole country.
The imports for 1905 aggregated 103,874,724 milreis gold, or about two-fifths the importation of the whole republic. The shipping arrivals in 1908 were as follows: from foreign ports, 1195 steamers of 3,479,357 tons and 75 sailing vessels of 84,474 tons; from national ports, 243 foreign steamers of 582,633 tons, 773 national steamers of 475,587 tons and 294 national sailing vessels of 20,250 tons - in all 2580 vessels of 4,642,301 tons.