Page:Statesman's Year-Book 1913.djvu/817

 MONEY AND CREDIT — MONEY, WEIGHTS, ETC. 695

lines are being taken up by one or two large companies, the most important of which is the Brazil Railway Company. This controls a system, which when complete, will join up the railways of Brazil with those of Uruguay, Argentina and Paraguay. On April 1, 1911, the total length of this line was 3,102 miles; 233 miles are under construction and 1,540 miles are being planned.

The telegraph system of the country is under control of the Government. In 1911 there were 20,716 miles of line, and 72,962 miles of wire. There were 2,043 telegraph offices. The number of messages was 2,835,970. (2,814,350 in 1910). Telegraph revenue, 600,000 milreis gold and 6,500,000 paper ; expenditure, 14,343,935 paper and 328,888,949 gold.

The Post Office carried (1911), 198,514,000 letters, 12,475,000 postcards and 77,498 other postal packets. There were 3,246 post-offices.

A wireless system is now in process of completion. Fifteen new stations were erected along the Amizon and Paraguay rivers, and 5 on the coast.

Money and Credit.

The metallic money in circulation at the end of 1907 amounted to 114,600 milreis gold and 9,054,158 milreis silver; the amount of paper money in circulation is being gradually reduced. The amount in circulation on December 31, 1911, was 204,173,200 milreis. A law is to be proposed (1913) creating two new coins, one of gold value one pound sterling, and one of silver value about lOd., the gold piece to be exactly divisible by 25 of the silver ones. This will mean reducing the par standard from 27 pence to 16 pence. Under decree of December 30, 1905, the Bank of Brazil was re- organized. It has a monopoly of the issue of gold cheques for payment of duties ; preference given to it for the substitution of paper money by bank notes, and after satisfactory liquidation of the old account, it will have the right to issue interest-bearing 'vales.' Its revenues for the year 1911 amounted to 11,867,570 milreis (791,171Z.), and its reserve "fund was 1,672,579 milreis. A decree was issued in November, 1907, for the establishment of a Central Agricultural Bank with a capital of 30,000,000 milreis.

The value of the currency milreis fluctuates ; in 1909 the average rate of exchange was 175^^.

Money, Weights, and Measures.

Money.

The Milreis of 1,000 Reis is of the par value of 25. 2-934cZ, (practically 27fZ.). The Government was authorised in December, 1905, to purchase bar silver for the coinage of 2, 1, and \ milreis pieces '900 fine, weighing respectively 20, 10, and 5 grammes.

Weights and Measures.

The French metric system, which became compulsory in 1872, was adopted in 1862, and has been used since in all official departments. But the ancient measures arc still partly employed. They are : —

T\iQ Libra. . . = 1 '012 lbs. avoirdupois.

,, Arroha. . . — 32*38 ,, ,,

,, Quintal. . .=* 129*54 ,,

,, Alqueire{c>{^\o) . = 1 imperial bushel.

,, Oitava ... — 55*34 grains.