^^A P ^m W ¦ *..«, ?r. sy,; T j 1 ^Ê m , . ^^^ / ¦ *"•' 'v '...'¦ ">'• i: ¦ .. x-i . : •¦'¦ , ¦' mmx.y A WEEKLY JOfcMNAL OF T ND FINANCE
VOL. 9 RIO DE JANEIRO, WEDNESDAY, July 2nd, 1919
THE R0YAL WAiL STEAM PACKET COMPANY R M S. P. STEAM NAVIGATION COMPANY P. S.7PÍ. (7 ] HE PACIFIC
¦
çWa of boats to and from ali che ,;."' v •• ¦¦;• steamers between Brazil, Europe, cargo xxyf Ports The River Plate and Pacific principal British Ali steamers fitted with France, Spain and Kl'- R also serving ¦ ports, ;¦' V,y~Vy liarconi system of wireless tele- Portugal. graphy. (,_ri) Cabines de luxe - Staterooms with bath-room, etc, also a large number of Shfgle berth Cabins —- 'i ¦¦¦. Vyyy í* • * r ^ DATES OF SAILINGS ON APPLICATION. PÀRTICULARS; APPLY TO /,-w i. .¦ t FOR FURTHER COMPANY (v:'í ii:-Q THE ROYAL MAIL STEAM PACKET 53 and 55, Avenida Rio Branco, 53 and 55 •'¦-•¦¦¦¦¦ ¦¦ -vi .1 Tel. OMARIUS - RIO - P. O. B. 21 :.;-''*Í7if: .,' '''#.» NO. 1199 NORTE. y ¦ M . l * ., .-;. TELEPHONE y _S*Í&M i. t * - RUA 15 DE NJJY1MM0J90 ¦ RUA QUITANDA SANTOS ¦..-¦.¦ yizxy SÃO PAULO (C»mr tf Rua ••• ¦•nt«) ,.. . . -. II WILEMANS BRAZILIAN REVIEW July 2ud, 19Í9: $ The Great Western of Brazil Railway Company, Ltd. Direet communication between: and Saturday». RECIFE (Cinco Prontas) and Maceió and Jaraguá On Sundays. Tuesdays, Thursdays ¦ returziing on Sundays, Mondays, Wednesdays, RECIFE (Centrai and Barão do Rio Branco I and Fridays. RECIFE (Brum) and" Parahyba and Cabedello COMMUNICATION BETWEEN RECIFE (Bru m) and Natal and vice-versa, on Sundays, Tuesdays and Thursdays PARAHYBA and Natal sleeping at Independência. The Great Western Railway; system, with 1,621 klms. of lines at present in traffic, serves the following States: Área sq. klms. Population ALAGOAS 58,491 700,000 PERNAMBUCO 128,395 1,300,000 Note._The figures relating to inhabi- PARAHYBA 74,731 '500,000 tants refer to the year 1906; 20 per cent maj RIO GRANDE DO NORTE 57,485 480,000 safely be added to arrive at approximat. figures for 1917. Total 319,102 2,980,000 Development of the system and its traffic since 1905. Klms. in traffic Passengers Goods, tonB 1905 1,276 ! 1,813,444 708,935 1910 1,475 2,214,503 907,135 1915 .' 1,621 1,975,586 1,066,260 1916 1,621 742,390 1,192,394 1917 1,621 3,289,562 1,366,660 1,621 3,720,075 1,470,916 The steady progress of the zone served by the Great Western The favourable conditions and steady progress of this zon« .üown by the above figures cannot fail to undergo further con- should attract the attention of European and American investon dderable impulse when the construetion of the Ports Jaragus to the zone served by the Great Western Railway. !Alagoas), Cabedello (Parahyba), Natal (Rio Grande do Norte) Although tropical, the zone is exceptionally healthy and, in- and Recife (Pernambuco) is complete. deed, counts several health resorts, ííke Caruaru, Garanhuns, The plans and estimate of the first have been completed, whilst Floresta dos Leões, etc, to which residents of other and les» tihe construetion of the Ports of Cabedello and Natal is being healthy districts habitually resort. carried out under the administration of the Federal Government. The staple products of the zone are sugar in the lowland and It íb expected that construetion will be accelerated on the concln- cotton vji the hinterland. ? •" sion of the present cnsis. T_ v' i The soil is ^extremely rich and gives a splendid return—even The construetion of the Port of Recife on a scale and in ívithout manures—for cultivation of Indian com, beans mandioca, :£ •echnical conditions that will convert it into one of the most up-to- carnaúba wax, maniçoba, cocoa, coffee, etc. late ports of the Continent, is well advanced; an área amph Almost the entire region, served by the Great Western Rail- sufficient for actual traffic has been completed and opened -for *vay is considered amongst the best in the world for tropical traffic. fruits. The geographical pòsition of the Port of Recife is exceptionallj The quality of pineapples, cocoanuts, mangoes, pinhas, bananai idvantageous, as it is practically the obligatory port of call for and goiabas, etc, grown in the north-èast of Brazil, is famous, and 4,11 ships from both Europe and North America destined for South their production and export certain, in the near future, to take very imerica and vice-versa, as well as for ships bound from éithei large proportions. ;oast ©f North or Central America for the Southern Atlantic, Important canning factories already exist, though this indústry «rhatsoever their destination. is yet in its infancy and its resources1 practically untouched. Owing to its advantageous situation Recife is the port foi regarding the zone served by the Great Western cnost of the produce of the rich tropical zone of north-eastern Information Brazil, a fact which cannot fail to contributo considerably to th* (ailway may be obtained on application to any of the Company'¦ )rogresH ©f the neighbouring zones likewise". í jffices aB below:— RECIFE—Rua Barão do Triumpho n. 328—Pernambuco. RIO DE JANEIRO—Avenida Rio Branco n. 117, 2' andar. LONDON—River Plate House, Finsburv Circus, E. C. 1919. WILEMAN'S ,j„|y.2ncl. BRAZILIAN REVIEW III LONDOJM AND BRAZILIAN BANK, LIMITED. , w ESTABLISH E D 1862 I Capital £2,500,000 £ai Capital paid up .. £1,250,000 i Reserve ^** }.é;!; Fund ...... _?1,400,000 HEAD OFFICE ...... v.i 7, TOKENHOUSE YARD, LONDON. E.C. BRANCH OFFICE IN RIO DE JANEIRO ... ..V í.. 19, RUA DA ALFÂNDEGA PARIS BRANCH ...... ;::...... ;. 5, RUE SCRIBE, PARIS Draws on Head Offices and following branches: Lisbon,Oporto, Manáos, Para, Maranhão, Ceara, Pernambuco, Bahia, Santos, S Paulo Curityba, Rio Grande do Sul, Porto Alegre, Pelotas, Montevideo, Buenos Aires, Rosário de Santa Fé, Paris and New York Also on the following CAgenoy)' ;Bankers:^-Messrs. Glyn Mills, Currie and Co., London; Socíété Générale," Paris and Branches:' Italiano, Italy • Credito Hongl^ng and Shanghai Sanking Corporation, índia, China and Japan; Crédit Lyonnais and Anglo-Seut- : American Bank, Ltd., Spain; Branches of the Banco de Portugal, Portugal. •; "¦ ;¦ ¦¦Si'' CORRESPONDENTS. 0$$0$ The Bank has Age^™^!or^^ principal ports and cities of Brazil, Uruguay, Argentina, United States ;* Europe l_2i__ ¦ THE BR^gTBANK OF SOUTH AMERICA, LTD. HEAD OFFICE : 4 MOORGATE STREET, LONDON, E.C. Capi,al 22**000m Idem Paid Up .... £1,000,000 Resem, Fund 00..;. _1,000,000 Rua Primeiro » Office iri Rio de janeiro de Março 45 and 47 et.; •'•.'¦..., Rua Buenos Aires 1, 3, 5 and 7 Branches at:-MANCWESTER, ; SAO PAULO, BAHIA, BUENOS AIRES, MONTEVIDEO and ROSÁRIO^ Correspondents m Araeaj^ ;Bagé, Bello-Horizonte, Ceará, Curityba, Corumbá, Florianópolis, Joinville, Laguna, Maceió, Maranhão, Manáos, Natal, Para,,-Parahyba do Norte, Parnahyba, Pelotas, Porto Alegre, Rio Grande, Santa Maria, "' ! Santos' and &> æ .yys : Victoria. ¦ ¦"¦' ,. Draws on its Head Offic$ in London; The London Joint City & Midland iBank, Ld., London; Barclay's Bank,'Ld., and ali principal towns in the UmtedrKingdom; Messrs. Heine & Cio., Paris; Messrs. Cox & Co., (France) Ltd., Paris, and aU the principal towns m France; [Banca Belinzaghl, Milan; Banca Italiana di Sconto, Genoa, and ali the principal towns in Italy;. Messrs. E. Samx e Hijos and Messrs: Garcia Calamarte & Co., Madrid, and ali thé principal towns in Spain i -' t..> Also draws on The Bank b^New^ YÒrk/N.B.A^Nèw York; on South. África, on the principal towns in índia aná Japan; laj t' Austrália and New Zealand. '""¦'"-í,:.' Opens Current Accountsand Savings Bank Aeeounts. Receives Deposit at Notice or for Fixed Periods ISSUES LETTERS OF CREÇíT; ALSO CIRCULAR LETTERS OF CRÉDIT AVAILABLE IN ALL PARTS OF THE WORLD íTRANSACTfi EVERY DESCRIPTION OF BANKING BUSINESS '','.,' ¦ ítíj í THÉ LEOPOLDINA RAILWAY COMPANY LIMITED. Central Office; RUA DA GLORIA, 36 - Telephone: 2404 Central j^ Cable Address : LAf ESCENCE f ^%______= _E__lo do J-=-,r-_^.----»r- Direcí communication between Rio de Janeiro and Victoria, Espirito Santo, State of Minas, etc. 1,823 miles of Une. TERMINAL STATIONS: NICTHEROY AND PRAIA FORMOSA. TRAINS LEAVE FOR THE INTERIOR:— NICTHEROY. PRAIA FORMOSA:— 0 - (Summer) From lst November to 30th April. 6.30 Express—Campos, Miracema,, Itapemirini, Porciuncula and 6.00 Express—Petropolis, Entre Rios, Ubá Ponte Nora, Porte branch lines, daily. Novo, Cataguázes, Santa Luzia and branch lines, 7.00 Express—Friburgo, daily. Cantagallo, Macuco and Portella, daily 7.30 Express—Petropolis, Sundays and ¦-•..."¦ ¦• • Holidays only. 7.45 ir ¦ 8.3*0 Express—Petropolis, daily. ' •; Mixed—Macahé, Tuesdays,; Thursdays and Saturdays. 10.25 Express—Petropolis, Sundays and Holidays only. * ) S 9.40 I Mixed—Friburgo and ÒantagaÜo, 13.35 Express—Petropolis, daily, except Sundays and Holidays. '00, '* Mondays, Wédnesdays and Fridays. '..'"". • ¦'¦¦'' AÍ Ar: 15.50 Express—Petropolis and Entre Rios, daily. ] ! 15.35 Passeio—Friburgo, Saturdays and when announced. 16.20 Express—Petropolis, daily, except Sundays and HolidayY 17.50 Express—Petropolis,. daily. y' \16.15 Mixed—!Rio Bonito, dailyJ.Wednesflay '21.00 to Capivary. 20.00 Express—Petropolis, daily JNight Express—Campos, ? Itapemirim and Victoria, Mondays and Fridays, sleepers and restaurant cars. Electric illumination f and ventilation. Single, fare, 48$90Q; Upper Berth, 10$000; Lower Berth, 15$000. Return fare, 74$400.. 5 Lunen an_ i. dinner served during journey. ? EXCURSIONS SPECIALLY RECOMMENDED. Petropolis- 2,700 feet above sea levei, magnificent climate, FriburgO—2,800 feet above sea levei. 3 hours, Ij VÍ6WS 25 minutes »| during triP5 x ü«ur, 40 minutes, lst class return, passeio train. Fare, 10$800 lst class return t« t?Rnn¦*l'W. Stone (Saturday ballast; no dust. 6 trains per day. Monday. DELIVERY AT RESIDENCE.—A regular service of delivèry at résidence in íand Rio d© Janeiro, Nictheroy, Friburgo, Campos, '' P 6 r?P°ll.s ls maintained by the aienf Company, by which parcels may be despatched direct from any address in one of the abore 10n^d cities to any of the others "Guia 11 tt with the minimum of trouble and at moderate rates. For further information ride Gerai ^w^ ' *ssue<* °y *^e Company twice a year or apply to any Agency or station in Rio or in the interior. v?; \VILEMAN'S BRAZILIAN REVIEW IV July :2nu, 1919 LAMPORT & HOLT LINE Mail and Passenger Service Between NEW YORK, BRAZIL AND RIVER PLATE Sailings for '-Ü Sailings for \y'Y'X' NEW YORK:- NEW YORK> "TENNYSON" Míd August << BYRON" "BYRON" -¦¦;j^ End August 26th, July yyyy/y :///¦¦¦¦-vfâHfMlp*^ "VASARI" * ¦ << VAUBAN" ¦¦ iliimmimm m ¦ iB>___.'_Iyi^WÍHiBwf"™^^^™^^^VT-¦ __ -i_ ^i© ^M^^jrfe^^ii-gr Mid September "VESTRIS" 1st, August Mid. Oct Cabins de Luxe and Staterooms with one, two or three beds and bath-room. Ali steamers fitted with Wireless Telegraphy, Laundry, Gyixtnasium etc. FOR FURTHER PARTICULARS, APPLY TO Tne Agents. NORTON, MEGAW fc. Co. Lã., Praça M.aua Telephone No. 47 - RIO DE JANEIRO |$ 0. BOX 34 Santos.-F. S. HAMPSHIRE & Co. Ltd.,P. 0. B. lO.-São Paulo-F. S. HAMPSHIRE & Co. Ltd.,P. 0. B. 32 Bahia F. STEVENSON & Co., Ltd. v m* DEN NORSKE SYD-AMERIKA LINJE ² æ hi i i. (The Norwegian South America Lin|) REGULAR SERVICE BETWEEN NORWAY= = NORWAY BRAZIL RIVER PLATE FOR EUROPE : FOR RIVER PLATE:— SALONICA—Middle July. COMETA—Beginning July — For further particulars apply to : FREDRIK ENGELHART - Agent. - ^r^StJ-T REDERIAKTIEBOLAGET NORD&TJERNAN í>' FLEET: 26 STEAM AND MOTOR SHIPS; TOTAL TONNAGE, 120,000. IN CONSTRUCTION: 53,800 TONS. Regular Service between :-Sweden, Norway-Brazil. Sweden, Norway-River Plate. Sweden, Norway-Chile and Peru. Sweden, Norway-North Pacific, and vice-versa. NEXT SAILINGS:— MARGARET—About lOth July. ^•r furthec particulars apply to the Agent: "' RUA VISC0NDE INHAÚMA, 84, RIO LUIZ-.Ull. CAMPÍ1ÇUMIVirUO —PRAÇA OE JANEIRO. DA REPUBLICA 22, SANTOS. •So {*?!"'¦ •xtót. Wikmmi% m&m 1líitettf A weeklyJqurnal of trade and finance VOL. 9 Jsfí \J y \ II RIO DE JANEIRO, WEDNESDAY, Juíy 2nd, 191 V? ^^mm^^f The Rio de Janeiro Flour Mills & Granaries, Limited Telegrams: General "Epidermis' Telephone: 1450 Norte Post Office Sales Department Box 165 » No. 486 Mours Miiiss RUA DA GAMBOA No. 1 DAILY PRODUCTION 15:000 BAGS. BRAZILIAN WAEBANT COMPANY, LIMITED. HEAD OFFICE: Brazil House, 2 Great St. Helens, London, E. C. Authorizéd Capital. .:...... V...r.„.. £ 1,000,000 Capital Paid up. 961,500 Reserve Fund ...... 200,000 Branchea at: SANTOS, RIO DE JANEIRO and SÃO PAULO Ageoçieaat: CAMPINAS, JAHU' and SÃO CARLOS 00 PINHAL. "t Conducts a general consignment and commission business. Makes a i speciality of advances against Coffee, Sugar, Cereais & general merchandise. Gustom-Moüse Clearing Agents ':"'.¦¦.'* >¦-.'/¦'>-.'•¦,* '¦¦ '"a??;';i*Ví*>~*' V -; . '.V" ¦ •;Í:.V- '¦'¦ ', ..V v. 2 WILEMANTS BRAZILIAN REVIEW ,July 2nd, 1919. LL0YD BRASILEIR© Brazilian Steamship Line *>; Regular service of mail steamers Frequent service of cargo boats ' between Brazil, United States, •l^ám^mmJm H^BwMBi rJ-\mtm7( T^T^ * • to and from ali principal Europe, River Plate and Brazilian ports Pacific Ports. SUPERIOR PASSENGÉR ACCOMMODATION WIRELESS TELECRAPHY. * ' ¦ 84ILIIVGS 7 For the United States [¦: For the Riier Plate SÍRIO—will sail on lOth July for Santos, Paranaguá, Antonina, S. Francisco, itajahy, Rio Grande and Montevideo 17 .u.. - For North of Brazil I.' s.s. CEARA AND MINAS GERAES WILL SAIL FOR NORTHERN PORTS ON 4th and llth JULY RESPECTIVELY For Europe V KRI V A. L S '¦'¦.¦ . 'i yf. .''.•.« %¦ .7 7 a ¦£¦:.:.-.:.¦->'- -. From United States BENEVENTE SHORTLY. ra^r FOR FURTHER PARTICLARS APPLY TO i HE OFFICES OF THE COMPANY. Cargo per passengér steamers will fce received only up to two days before sailing DATE OF SAILÍNGS ON APPLjCATlON 7 i «;• For further particulars refer to advertiseraents ra Daily Pape», or apply to the Head Offices:— LLOYD BRASILEIRO, PRAÇA SERVULO DOURADO (BETWEEN OUVIDOR & ROSÁRIO) RIO DE JANEIRO Cabl,e Address:—'LLOYD" Codes used:— Directoria—Riõ A.B.C. 5th Ed., Standard, Union, Scott's, Watkins* : ASILOYD" Agencies—"BR Rio, and Private "¦:':;'¦ '¦:"• '-.'''.•''"¦ ¦ ;¦:.'¦". ¦'¦ /iY»^.;""' -S-'¦"' ' • - Y / ' July:2nd, 1919. ¦'¦. WILEMAN-S BRAZILIAN REVIEW :8f BRITISH TRADE CORPORATION INCORPORTED BV ROYAL CHARTER. 13, Austin Friars London, E.C.2 Telegrams:—TRABANQUE, London. CAPITAL: Authorlzed, £10,000,000 Subscribed and Paid-up, ^2,000,000 DIRECTORS. THE LORD FARINGDON-Govcrnor. ARTHUR BALFOÜR LAMBERT W. MIDDLETON. J.P. Chairman, Arthur Balfour A Co., Ltd., Sheffield) £ J. H B. NOBLE SIR VINCENT CAILLARD £ (Director, Vickers, Ltd). (Director, Sir W. G.Armstrong, VVhitworth A Co., Ltd.. P. DUDLEY DOCKER, C.B. Newca stle-upon-Tyne). (President of the Federation of British Industries) SIR WILLIAM B. PEAT SIR ALGÉRON F FIRTH. Bart (W. B. Peat & Co., Chartered Accountants). (President of the Associatión of Chambers of Commerce, H. G- PERRY, C.B.E. and Chairman, T. F. Firtlí * Sons, Ltd., iBrighouse, Yorks) (Chairman, Chance A Hunt, Ltd., Chemical Manufactureri, W. H. N. GOSCHEN Oldbury). (Fruhling & Goschen, Merchants). SIR íhallewell ROGERS THE RIGHT. HON. F. HUTH JACKSON (Chairman, Birmingham Small Arms Co.. Ltd., Birmingham) (Frederick Huth A Co., Merchants) SIR JAMES HOPE SIMPSON PIERCE LACY (General Manager, Bank of Liverpool, Ltd). (Director, Metropolitan Carriage, Wagon and Finance Co , J HAROLD E. SNAGGE Ltd., Saltley). Boustead Á Co.. East índia Merchants). LENNQX B. LEE (Edward H. H. SUMMERS (Chairman, Calico Printers Associatión, Ltd., Manchester) (Chairman, John Siimmers A Son, Ltd., Shotton, Chester.) MANAGER AGENTS: A. G. M. DICKSON CORRESPONDENT: LONDON A BRAZILIAN BANK LTD. *° ***»;*. ^&nt fÍnaDCÍal faC,1ÍtÍCS up »** ohanne,s for «nterpriae. It invites enquiries warrant/^00,?01,8*1011 í and >8 and will PreP»^ to —bl W openingfor the development of trade. It ^oltrlT»^LSíoli.! l\t ;°thOT,8Trlt,es MpertadTicein™ti0"rth bU8i'-°f*^- *«"^«^TmS*!will make aavaoce. Ljl 30-2-9 0 ¦^¦^-^lAAAA^-^-fN 1 < LL0YD < NAei©Nfl L SOCIEDADE ANONYMA < ? i Fully Paid Capital. < . . . . . rs. 8,000,000$000 < < Cable Address: < NACIONAL-RIO Post Office Box 1254 : < AVENIDA RIO BRANCO, 106-108 TV^le^honess < IVORTE 114 «& 4141 < — i Codes: Scotts Code, lOth Edition; Lieber's, < A.B.C., 5th Edition and Bentley's. < i Regular Line of Steamers to MARSEILLES. i GENOA i ¦¦;'¦ i and other MEDITERRANEAN PORTS. < < Fitted MARCONIS ?1 .< with WIRELESS TELEGRAPH < FLEET: i ?.I i ? < t.s.s. Europe dw 6,000 tons s.s. ?i < Victoria dw 2,800 tons t.a.s. Ásia dw 6,000 ?i i tt s.s. Guanabara dw 1,500 ? i ¦.B. Belém dw 4,500 < Pernambuco (sailer) dw 1,800 s.s. Mame ,, ?i dw 4,000 ii UNDER RBCONSTBUCTION: s.s. Piave dw 4,000 Natal (marine engines) dw 8,500 ton* < t.ii. Campeiro dw 4,000 ? < It Cabo Verde (marine engines) ....dw 2,000 „ t.s.s. Campinas dw 2,800 ? It Antonina (oil engines) dw 2,400 „ < s.s. Rio Amazonas dw 2,200 < Brasil and Itália, auxiliary schobners. i r ¦ < UNDER CHABTER: s.s. Neuquen < < General Agents at Rio de Janeiro & Santos:— SOCIEDADE ANONYMA < MARTINELLI - " in Europe :— LAMBERT BROTHERS LTD. LONDON l *S w Genoa :- COMPAGNIE COMMERCIALE ¦i?"""'MARTINELLI aeSP. Sfe *v*9 •""" """ ^wm ;jíííW/'.'','.-.,'í,V. • WILEMAN'8 BRAZILIAN REVIEW July 2nd, 1919. OSAKA SHOSEN KAISHA LIMITED—OSAKA MERCANTILE S.S. CO.LD. OSAKA, JAPAN. REGULAR SERVICE BETWEEN BRAZIL, ARGENTINA, SOUTH ÁFRICA, SINCAPORE, HONC KONC. CHINA, JAPAN AND VLAOIVOSTOCK. EXCELLENT FIRST AND THIRD CLASS ACCOMMODATION future Sailings from Rio de Janeiro: s.s. HYMALAYA MARU, shortly. WILSON, SONS & CO., LIMITED. 3.2 Rua daAlfandega.l0 andar, RIO DE JANEIRO. F\ I HOPKINS, CAUSER & HOPKINS Partners: Daniei, E. Causer, Charmss Causer & Wimjam J. Cattwp BIRMINGHAM:-48, St. Paul's Square; LIVERPOOI,:-17, Sweeting- Street _ ENGLAND. GENERAL MERCHANTS, IMPORTERS AND EXPORTERS OF Machinery, Hardware, China, Drugs, Palnts, Sanitary Ware, Agricultural Implements Daíry and Poultry Requisites, etc, etc. ' EXPORTERS OF BRAZILIAN PRODUCE BRAZILIAN BRANCHES: & -_WpÉ_^__D__ RIO DE JANEIRO: Rua Municipal. 22 -:- SIATB OF MÍWAS: S. João d'El-fley 2_ _c (E. F. 0. M.) jTRADE—I _. MARK Tancredo Porto £ n- CASA BRAZILEIRA. «ANKERS. COMMISSION AGENTS. IMPORTERS. A preferida por mais de dois rÉÊÊÈÊÊÈà:ll_Sl^ Drafts drawn on ali the milhões de dactylographosem principal cities of Europe, North todos os paizes do mundo. and South America. Exportar, of Rubber, Nuts, Coooa and Hides. MANA08, BRAZIL 22-19-8 __SBB8ii-k.sm.u w "•¦ r ANGL0-80UTH-AMERIGAN ^i^^yy-vA^Am^^i^^B, \w# \\\ CÉNÍKAL DEPOT AND GLÜB, -_*"v^_-S*^ # (Including Central America and México) NM, 6UEEN'S GATE, LOHDOí, S. W., ENGLAND. O novo modelo 10 possue melhoramentos W6lfare who wíÍÍShÍ tr»íh,8 9f Anglo-South Americans que nào se encontram em nenhuma outra F°rCeS- Red Cross bandagea, "• machina. ete rIlH aSdW ^ts, ¦ : seUcited T„ , .fStrÍbuted- Names »>"í addreL Venda em prestações suaves. - -•E-steei> °-be- Ho° Tr-™r«- Casa Pratt rio de janeiro SRS ^P^etio CommitteeComm^ttTf ^f8'* co-operation with The for the River Plate Contingent. -> yyiy^-yV-ryV""¦ ' yy.VJy V July 2nd, 1919. WILEMAN'S BRAZILIAN REVIEW S. MSLAUCHLAN & Co. HIME 67, RUA SAO PEDRO, 67 & Go. RIO DE JANEIRO. 5 2, Rua TkeofJitlo Ottom, iSNGIHEERS. IMPORTERS _ MANUFACTURERS Of OXTGEMAS 5 2 TELEPHONE 898. FACTORIES Depósitos: RUA DA tA1,tW?£^?EN IN RIO DE SAÚDE 76, e THEOPHILO OTTONI 47 JANEIRO & JUNDIAHY of São (State; PÍui,o) Importadores de Ferro, Ferragens, Tintas, Óleos, e artigos Stook kopt of Electrical Machinery, Salamander Crucibleo concernentes. Pumps, Air Compressors, Engine Packing, etc. Fabricantes de canos de chumbo, de pontas de Paris, Undertake the supply ferraduras, ferros and erection off Machinery of ali sorts. de engommar, fogões, fogareiros, i panellas, balanças, louças de ferro, estanhado e esmaltado, AtiENTS FOR THE chapas para fogões, moendas, de ferro LIVERPOOL * LOHDO» & 6L0BE INSURANCE pesos e de latâo, caixas d'agua, etc. CO., Ltd. >. X,:- ÚNICOS AGENTES DO COALHO "MINERVA." TELEGRAMS: B i Norte 1234 Depositários da "PARASOL." MAC AM-RTO™mU Telephones \ { Norte 5995 acreditada enxada Villa 1427 RIO D_3 JANEIRO • x>'~ ——-——------^-----__^_^__i 7HW "VELVFT" AMERICAN PENCIL COMPANY. pfmpii * ....^"^ ^Í£ Here-s the pe„c„: Just the « yo„ „eed. ZZSrZ soKIp. SE. _ £fá • ^___-_-___Í_mB- ^ "' "S*' jgirT1^—í m _ ^•-^n / Remember this is made by the manufaeturers "Venus- of the Copying and Drawing pencils. ?! '"¦"'-—.-¦•¦ _»_m_é_^_^_-_—=—____B__E.^---_r!s- "gv~^~-~f^—^^^v^S^^^S^nr^m^rVr^fímriuftiÍMmTTÍm —¦¦ J ._ 15—il 1 j 1 ] 11 , 1 * _^_~^_^T^_B__^_^_^_^_^_^_^_^_i_^_l^___^-_B-^-^-B^-i^_^_^_B_B_B_B_B_M_M_^_^_i_i_^_M_^_^_^^ BSBSSBBBgl r _»_K_B_|^aB_^B-l---Mfl-E___^_^_t_l_yi^_^_^__iS__^i___M lv_ul Jil ¦_._._.J ' "11 LEAD ^. AMERICAN PENCIL COMPANY VfiJ RUA DOS OURIVES, 103 - RIO DE JANEIRO Oç_ New-York, London, Paris. 5-18-3-9(q\ f 'SCANDIA." Cables: ALL CODES USED. HENRY MARTJNÍUSON RIO DE JANEIRO SANTOS SÃO PAULO i RUA SÃO PEDRO 63/65. RUA SANTO ANTÔNIO 37 RUA LIBERO BADARÓ 136 BUENOS AIRES: SAN MARTIN, 333. m IMPORT-EXPORT. Chartering, Norwegian Shipowners and Underwriters Representativa GENERAL REPRESENTATIVE OF The Trans.oceanic Trading Co., Ltd., and The Trans-Oceanlo Chartering Corporation. i KRISTIANIA — BERGEN — NEW YORK. X WILEMAN'S BRAZILIAN REVIEW July 2nd, 1919. THE WESTERN TELEGRAPH COMPANY? Í LIMITED. > THE 0NLY DIRECT j ROUTE WITH SOUTH AMERICA UNDER ONE_ MANAGEMENT. Cable Stations in South America. WESTERN TELECRAPH COMPANY Cable Stations in Europe and South nmerica: Pará (Travessa Campos Salles 1). Marannão (Avenida Maranhense, 17). EASTERN TELECRAPH COMPANY (Rua Floriano Peixoto, 4). London: 11, Old Broad Street, E.C Pernambuco (Praga Gen. Arthur Oscar). Liverpool: K 13, Exchange Buildings. Bahia (Rua Conselheiro Dantas, 1). Rio de Janeiro (Avenida Rio Branco. 117). Manchester: 44, Spring Gardena. !'OearáSantos (Largo Senador Vergueiro) Birmingham: 128. Colmore Row. \ Santa Catharíj?» CENERAL ACENTO IN BRAZIL AND ARGENTINA FOR, The London City - Midland Bank, Banca Commerciale Ltd., London. Italiana, Milan. Société Générale pour Favoriser, etc, Paris. Official Correspondents of the French 4 ltalian Treasnries and ot the Swiss Federal Postal Anthnriti», t FOREIGN BANKING IN ALL ITS BRANCHES Authorities IMiPPON Yusen Kaisha. FONSECA, ALMEIDA & C JAPAN MAIL STEAMSHIP Co. IMPORTERS 0F Regular Service of High Class Steamers between ports of GENERAL HARDWARE, PAINTS, BRAZIL, ARGENTINA, SOUTH ÁFRICA, CHINA, JAPAN VARNISHES, OILS, LUBRICANTS. AND VLADIVOSTOCK. Future Sailings from Rio de Janeiro:— MACHINERY.—HEAVY s.s. HAKATA MARU, mid March, for S. África and Japau GHEJVIICAL8. RAILWAY, CONTRAC- TORS AND MARINE SUPPLIES. For Cargo apply to:— Mr. CUMMINC YOUNC, Rua Candelária 44. RUA Io DE MARÇO, 75 & 77 For further particulars apply to the Argents:— Rua General Câmara, 19 NORTON MECAW & CO., LTD. Depot: Rua Camerino, 64. RUA DA SAÚDE 29. RIO Telephone: Norte 962. DE JANEIRO. "Calderon." P.O.B. Cables: 422. '."¦ *' ¦ ? vt ._ •¦¦ .; .,¦ .-¦, -¦; . ¦ /¦.¦,' ¦¦'¦¦¦ •' • •'¦¦:¦• :\ .¦::¦ ¦¦¦¦.• æ ¦ ....;..- .¦ July 2nd, 4919: W1LEMAN'S BRAZILIAN REVIEW PRODUCE COMPANY ^WARRANT( Société Anonyme Belge > AGENTS FOR THE ROYAL BELGIAN LLOYD AND 8. A. MOLÍNOS HARINEROS Y ELEVADORES DE GRAN03 (Belgian Company) Propriefors of "MOLINOS the RIO DE LA PLATA", Buenos Aires Impores and E^pottts COFFEE, CEREALS, WHEAT ^OUR^ ADVANCES^AGAINST MERCHANDISE, INSURANCE AND SHIPPING FLEET OF TBE ROYAL BELGIAN LLOYD PRODUCE 6f WARRANT COMPANY STEAMERS IT™>- STEAMERS Tons, Dw. - Airents in blio Federal District Head Office: ANTWERP, Belgium ior Algêrièr 5.100 Italier the Australicr 3.500 8.100 Kellier 8.130 Anglier 5.500 Licut. J. BRANCHES IN BRAZIL Arabier Lautent 6.000 6.600 Londonier 8.130 Companhia Belgier 8.130 Lombarãier Rio de Janeiro: Avenida Rio Branco Americana Bélgica 2.400 45. 8.130 Menàpicr . 8.130 47.49, 2nd floor Brabandier 6.000 Morinier' Bretanier 7.000 Santos: Rua Santo Antônio 25. de Sepros 6.900 Nipponier 3.000 Çaleãonier 8.130 Normandier São Paulo: Rua Alvares Penteado Canadier 7.200 35. 7.000 Pctagonier 8.110 Bahia: Rua 8. João. Head ( imbrier 6.600 Peruvier Offiee: S. Paulo Colombier 5.500 3.200 Persier 8.110 OTHER BRANCHES: Capital 2,500 Eglanlier 8.110 Rcmier 5.500 contos Erinier 7.400 Rõgier 5.052 Flandier 6.600 Buenos Aires, New York, Scaldier .'.'¦'. . 6.000 New Orleans, Marine, Fire and Transit Frankler 6.600 Scottier 5.052 Amsterdam, Genoa, Havre. London Insurance Gallier 8.130 Tongrier 5.052 Milan, Havana. Gallacier- 3.000 Túhisièr 5.100 Bèlvetier . 2.400 Ubicr 4.800 Telephone Norte 1987 Indier 8.110 General: Norte 1837. DE Avenida TELEPHONES Coffee and Cereais: Norte: 5205 JAWIltO: Rio Brmco/45.47. ¥ 2nd. floor Wheat Fionr: Norte 4250. || Shipping and Insurance: Norte 655. A MERCANTIL SUECOBRAZILEIRA SHORE DEPÔT: / I Mi Sjõstedt St Cia. AI A DAS PALMEIRAS // C? // TELEPHONE: VILLA 196. M^^ ^ 84, Rua General Câmara, 84 ISLAND DEPÔT: y\# „ / SPECIALITIES: Importeis of ali classes of Paper ànd Chemical Products for Industries, Mining and . OFFICE: Cereais! ®/é* Open l^B-\ IMPRENSA INGLEZA ENGLISH PRINTERS AU Kinds of Book and Job Printing and Binding. A melhor tintura The Only Manufaturers of Loose Leaf Ledgers in Brazil. Catalogues ou Applica ion para os CabefloS ¦m .'?*• • RUA CAMERI-NO» 61 Guifry^ Caixa Postal (P. O. Box) 1521 — Telephone Norte 1966 Rio RIO DE JANEIRO .1 I J WILEMAN'S BRAZILIAN REVIEW July 2nd, H)19. rrf The GOUROCK ROPEWORK EXPORT C0„ LTD. HARDMAN &. CO RUA PRIMEIRO DE MARÇO, 119 66, RUA DE SÃO PEDRO RIO DE JANEIRO Rio de Janeiro (EAOTORIES AT PORT GI,ASGOW, GREENOCK, LANARK) Established 1736 SOLE SPINNERS, WEAVERS, i IMPORTERS & EXPORTERS MAKERS & PATENTEES OF DEALERS IN ALL NATIONAL PRODUCE B"IRKMYRE'S" Orders accepted for ali classes of Merchandise Celebrated WATERPROOF & ROTPROOF. from Europe, North -America, South-Africa, etc. COTTON & FLAX AGENCIES ACCEPTED CANVAS Agents & Correspondents it] ali tb,e principal for Tents of ali descriptions, Tarpaulins, Cities in Brazil, and iq London, Barcelona, Hatch Covers, Waggon Covers, Teneriffe, Cape Town, etc. Cart Covers. P. O. Box No. 182. Telephone Norte 399 ROPES, TWINES, CORDS, STEEL, WIRE ROPES» Telegrams "HARDMAN" COTTON NETS AND TRAWL NETS AL,L AI QUALITY AMERICAN FOREIGN BANKING CORPORATION RIO DE JANEIRO BRANCH 129 P. 0. Box 570 - Telegraphic Address: AMFORBACOR — Tel. Norte 747 Head Office: OPEN FOR ALL KINDS OF BANKINC TRANSACTIONS London Agents: 56, Wall Street, RATES AND TERMS ON APPLICATION Barclays Bank, Limited, New York. LONDON. h*' MAIL FIXTURES FOR EUROPE. SOLID TYRES FOR HEAVY FRISIA, Royal Holland Lloyd, 5th July. COMMERCIAL VEHICLES HIGHLAND ROVER, Royal Mail, Qth July. THE CAPACITY TO RESIST WEAR MARGARET, Johnsan Line, Sweden, about lOth, IS SO- July. METHING; THE CAPACITY TO ABSORB SALONICA, Norwegian S. America Line, Norway, mid July. VIBRATION DEMERARA, Royal Mail, lõth July. IS IMPÒRTANT; BUT THE PSSA. MAFALDA, Itália America, 21 st July. COMBINATION OF THE TWO IN HIGHLAND PIPER, Royal Mail,. lOth August. DARRO, Royal Mail, 3rd August. DUNLOP SOLID DESNA, Royal Mail, shortly. RUBBER TYRES FOR RIVER PLATE AND PAC1FII? IS VAUBAN, Lamport and Holt, 7th July. • THE ACME OF SOLID TYRE SÍRIO, Lloyd Brasileiro, lOth July. CONSTRUCTION HIGHLAND PIPER, Royal Mail, 16th August. FOR PRICE LISTS AND DISCOUNTS DESNA, Royal Mail, 27th July. APPLY TO THE DUNLOP PNEUHATIC TIRE FOR THE UNITED STATES. (MU Ameríca),LtÍ. BYRON, Lamport and Holt, 26th July. 243 and 245 AVENIDA RIO BRANCO VAUBAN, Lamport and Holt, lst August. Telephone 775 Central — Telegrams; DUNLOP RIO TENNYSON, Lamport and Holt, mid August, VASARI, Lamport and Holt, mid September. RIO DB JANEIRO VESTRIS, Lamport and Holt, mid October. I '....-,'•- ":í'yy -'-.: ¦'• '''¦-''''' , ,'"¦.'¦*."'¦¦ •;,.."' ¦-'... :,:.'¦.....'.':',-' _:.::.:• Y-:; ].¦'¦¦. ¦ Y.Y Üuly 2nd, 1910. WILEMAM^ íBRvVZfLIAN íREVIEW Wn,EMAN'S iBRAZÍLIAN iREVIEW. OFFICES: 61 ROA CAMERINO. "P. -°Ve ComPany O. BOX-ilSíl. ,^*vLl-i«' are .prepared to Tel. Address- REVIEW. oac&t i oi,uersordorl torJ . dehverv,Ti -tm-' rPa+;«™ m <- æ t .^<] ChoC°lat6 and Chocolate '-Subscription: CoverincrS \nX g £5 per. annum. ^Single/copies supplied -"to subscribers only YJH AGENTS: • Rio de Jianéiro— NOTES Crashley & Co., Rua do Ouvidor, 38. São Paulo— I>EÇREES. Hlldebrand & Co., Rua 15 de Novembr/ London— te ?O..Street & Co., Ltd., 30 Cornhíll, (BiSrio official, ?*HW? l" EX 2972 1919 )^^Wf' » WILEMAWS BRAZILIAN aREVIEW. ' .decree 1,3,663 of 25 June 1Q1Q L v--;) AH. Communications to be addressed to,the Editor. -ouritvy; capita, «Wfe fe#È> 'Marriages M^S^^**»*'.*'* Announcements ófBirths," Deaths and concern ing Subscribers and Friends are insei-téd in the Review free of charge. Scale 6f Charges for Advertisements in Ordinary'Positions. POSITIONS &2imrertsí 28 inserts ' ' U3 inserts 6ünsérts 3 4 inserts ' Single . > SUa ^d.haye.never enteed MU! „f S*1»** into the and.withput rwer^n.cept1ons,ofavaa-rmg(Et«rope, Lloyd George át would hca,Ve..beçn..adopted by the.AUies. -If the credit is due LOOSE LEAF LEDCERS. to Wilson for the cbncéption, it is to wh„. Lloyd by.tne^xerciSe..of..i„fi„ite.taet and .¦****^e, m-.keep.afc.the.Allies..together patience, Suc- ..aad in Jndueing 3 The imprensa Ingleza having, at last, -to--Stlbordinate !them received tiraimetais and individual policy to a common ideal, aptf lances • that the palm' for the manufacture of loose leaf books, are now In a of, vlctory. will be- awarded.. • He has position to supply Transfer Binders and Ring Books of any size not .only come,out triumphantly from the encounrer /rfòr 'short with the foremost any requirements at notice. wjts.of the .world, but assured. to .the British Empire a lease .of, tjiat Jife, only shortcomings of its, own maküig can shorten. |'^-' • ¦¦"-,'?.& Transfer Binders «an be manufactured from 8 In. to 20,in. That Gilson, the Pe^ce,.Maker,.should blnding side, Arch fail to receive a till with capacity for 1 to 1,000 sheets. Catalogues on ovatipn .greater from Jhis own,people, in,spite ofwarring factions, Application. seems mcredible,. , because, but for him, the rest^ofW world'might : .be.stilLat. grips to-day andjpeace, but an aspiration. /' ''" Rua Camerino 61, Caixa Postal 1521 r Rio de Janeiro Taie« The yple. of. Ç}emenceau twas,?different and, indeed, opposed phOhe: Norte 11966. .m, PA-mciple tp,thç iHeague^of^Nations^ seeingthat liis aim^.as first and. fprepost torensur^ <}ue, compensation.1 for the untpld sufferings inflicted by the Germans on France and to prevent their repetítipn."wíth He, too, has come WANTED ACENTS FOR~THE SALE OF OUR ceylon out victpripus^and. cr^vned Peace an alliance between the three Grreat Powers of the World, as a PREGIOUS STONES. safeguard for Europe .against ^t revi vai, of Germany'sambitións. The.reception accorded to Lloyd George by the^Ho^se. >f 50^cts., cut, poíished, Assorted and-Selèctedí Genuine Gema.dirèct . , Çommpns is a fittihg fepmage, to nis^çloquence from our Minesj viz.í Rubies% alue,' Yellow and White Sapphires, and patie.nce and í,i\q best augury of success,.in: the unravelljing Topazes, Tourmalines, • Amethysts^ Cinnamon Stones, ,Stai?-Rúbies .of thè tangíed" sÇeín* of and Sapphires, Moonstones," .. Britain's .destiny. ~Í50:00?Spinels,' Garnets,Catseyes, Jargoons, , ;Aquamarines, only Rs/ Câsh with order.-?-J. D. S. • f.A Message from the King to.j(he "I Wickremsoorivá &-Co., Ambalangoda/Ceylon. Est. 1886/ Miners, Brazilian People. could «ot,.Mr. President, Dealers and Exporters of" Gràphite; Mica, and'' Prècious ; Stones. on thi^. day of triumph, fail to ^ddress' to the ; Highesí Réferences. . J^ople.of.tiiQ United (States of, Brazil a. message e^press.ing the £ feeljngs- of-f rienflship, of, ali .classes pf my Empir^ and their prpfound i^apprepiation.of, the, cpoperation^ of Brazil in. the struggle.,iiow so » .happily.,tern>inate4 an4 tr/ust.that T£tWE ih^ peace, ás in war, tthe two INDEX FOR TNE SECOND HALF *)F 1818Y0F ^..pçoples .wijl. ej-er. ni&vch, sides by side." «VflL°EfVlAN'S BRAZILIAN ÍREVIEW?' IS 140W READY , ;,Qanada., The, hurried visit .ofthe* President-elect to Canada. was doubtless inspired as much b^ the desire to some rt ^ÁN gain personál a ÜA WB Ê* iO BTAIN E Dr O N; APPLICATION. knpwledge pf rthe.,çpuntry, that,,rivais.Brazil in extent and área, 10 WILEMAN'S BRAZILIAN REVIEW July 2nd, 1910. and bids fair to rival even the United States in economic impor- Cheese.—Supplies ín England will be equivalent to about two- tance, as by admira tion of the courage and virility with which thirds the normal demand. Canada took up the German challenge and stood fast for toe Condensed milk supplies are expected to be equal to British cause of our cominon liberties. requirements. Without Canada, the Monroe Doctrine woulcl soon be out i,f Meat.—Prices are expected to advance owing to high prices date, even had it not been superseded by the wider conceptions of feeding stuffs. Imported meat ought to be sold at lower than of self deteivminatiòn the League of Nations revealed. actual prices, which rule 130 to 160 per cent above those of 1914. Between Brazil and Canada there has not been much direct; High prices in Europe spell higher prices here, which the lB-a- intercourse so far; but as the scope of Canadian industries es- zilian Government should take note of and take steps to prevent pands, the development of her incalculable rèsources must ulti- excessivo export of food essential for the well being of the popula- mately assurè her of a foremost rank amongst the great nations, tion betimes. What is here happening now with regard to lard, comparablc with that of the United States themselves. butter, milk and coffee, is a warning that those who run may read. Hòdie Tibí, Oras Mihi! Canada, has taken her place definitely amongst the nations Labour Unrest. The S. Paulo, Sorocabana and Oeste Minas of the world and nothing can stop her way. workmen have gone out on strike, in the first instance on rcfusal of the directors to consent to an 8 hours day in the second on de- mand of their being placed on tlie same footing as the other Union of The Cost Living. If Peace is to be celebrated by further line—the Central—which has been granted. élevatiori of prices, it won't last very long here or anywhere else Prices of food are ali going up and are likely to go up still if the proletaria.t have a say in the matter. more when the demand for Central Europe materialises and un- On tlie pretext of the rise in the price of raw coffee, C%fés less the Brazilian Government takes steps at once to put a stop have raised the price of a cup of black coffee from 100 to 200 reis. to excessive exports of essentials, agitation for further increase The milkmen are likéwise on the warpath and threaten a further of wages is certain to be renewed. increase of 100 reis in July and another 100 reis in August. The only way to stop such agitation is to guarantee Labour a As regards coffee. the owner of the Café Globo says that at sufficiency of food at prices within the scope of actual wages. current prices a bag of raw coffee costs 23$800 or 397 reis per That can only be effected by placing some check on exports, as on kilo, which is raised to 2$300 by grinding roasting and other ex- ali other factors that tend to raise the cost of living. penses. Ln spite of this we have been selling up to now at 1$100 at the couhter and for resale at 1$900. The situation is intoler- The Solution of the Conflict between Dockhands and Em* able; we do not wish to, raise prices, but must do so unless the S. ployers at Buenos Aires has resulted in a draw. The Governmentii* Paulo Government consent to sell part of their enormous stock at will receive $400,000 (pesos) for distribution apparently amongst reasonable prices. the labourers and the stevedores will be allowed a surcharge of Audi alteram partem! 2 cents gold per ton in compensation.. It remains to be seen how 1 kilo of coffee (superior) costs 2$100 long labour will stick to the arrangement. Pròducés 160 small cups of black coffee, for each of which From a circular of the "Times of Argentina," of 9 June:— 15 grs. of sugar is requisite or 2,400 grs at 1$000 2$400 The British, European and North American lines have resolved Gas or firewood $400 to accept cargo for this port, owing to the arrangement between the Argentine Government and the stevedoring contractors. This 4$900 Total cost of 160 cups of coffee agreement provides for the return of the loading and discharging reis *. .' 16$000 Sale at.100 operátions to the control of the contractors, on guarantee of the pay ment of the Government's losses, which are said to be 11$100 $400,000. Rent, service and profit To compensate this, the contractors are to increase charges by 2 cents Unless it can be shown that 11 $100 are insufficient to pay gold per ton. We should really like to know if some of this rental and other charges and a fair profit, there would seem to be amount is to be paid to the labourers, who asserted some weeks ago that they would not unless little justifiation for the pretensions of the Cafés. return to private control With regarei to milk, the proposal to raise the price to 700 the agents paid them a month's extra salary, as compensation for reis is still more indefensible. "O Correio da Manhã" states that, the loss of work during the lock-out. We understand that there admitting that intermediàries really pay the extortionate price of is also some doubt regarding the right of the owner to appoint his 260 reis a litre, for milk, that but a short while ago was sold at own cpntractor, but in general we expect ali difficulties to be «The 200 reis retail, the margin of 440 reis per litre is an absoluto and satisfactorily settled. liners have accepted the arrangement unconscionable extorsion applied to an article of prime necessifcy. as a step in the right direction and importers here will heave a At this rate, consumption of coffee and milk, like butter, sigh of relief at the partial settlement that has been arrived at. xarque. and so many other necessities of life, will soon be reserved The North American lines have met together and established for the rich. a fixed rate of freight from Argentina to the States, and, we pre- This wav lies Bolshevism! sume, vice-versa. This measure has been adopted at request of the U.S. Shipping [Board, and the new Conference will be under its control. Inasmuch as the British lines in the trade have not Dearer Food in Europe Next Winter* Lower prices were looked for after signature of the armistice and to a certain extent been invited to cooperate, we are doubtful of the eventual suecess has fixed the were realised, prices on 1 May ruling 107 per cent over pre-war of the measure. The North American Conference levei, as compared with 133 per cent in November. rates, but what is to prevent a British steamer, freed from control, Next winter, however, prices are expected to be much higher entéring the market and sweeping it of the best offers at a dollar owing to competition by Central Europe. less? Unless these arrangements comprise ali companies in a Bacon.—The demand will be enormous and limited only by given trade, they stand little chance of steady suecess. It is pos- the financial facilities given by the U.S. to actual enemy nations. siíble that negotiations for the cooperation of ali lines are already Lard, Butter and Margarine will also be scarce and dear. under weigh. We have nothing regarding rebates. Meanwhile Before the war Germany was the largest importei* of lard and is we may mention that the U.S. trade is not as understocked with now likely to buy the whole of the American surplus, when prices tonnage as it was a few days ago. t.would rise to the highest levei Europe can pay. There wül be a shortago of butter and no chance of a reduetion of the retail price Sinking of the German Squadron at Scapa Flow. A communi- *he of 2s 6d a pound. Margarine is at present retailed at lld per lb, que of H.B.M.'s Minister to the local Press explains how but a dearth of raw material is complained of and the price may British Admiralty could not be held responsible for the sinking de- go up. v of the German squadron. The conditions of internment were Milk, though controlled, will probably fetch lOd a quart. cided by the Allied Governments themselves, contrary to the ad- ' ¦-"¦".'. -¦'¦¦ ¦ . July 2nd, 1919. A WILEMAN'S BRAZILIAN REVIEW 11 vice of H:B.M.'s Admiralty that they should be surrendered and from that not interned. period of comparative inactivity. There had inventions been The original great during the past four and wireless intention was to intern the ships years, telegra- harbour, in a neutral phy and wireless telephony had both madé but as this was impracticable, the great progress in ie- Naval Council of the gard to the air, the seas and on land. Alhes determmed that the ships should At sea a very large num- be interned at Scapa Flow ber of wessels to war m more or less the same prior the were fitted with wireless instállations conditions that would"have obtained had which communicated ? ^ ^ during the day a distance of some 200 miles * ^^^ withoilt Alli*d with reability onboarT W$*>. % $&&* and during the night somewhere in the neighbour- hood of 500 But even miles. To-day those distances were had a guard been maintained aboard, it quadrupled, so have could not that a passenger travelling across the Atlantic would prevented the disaster, seeing that with never again perfect knowledge be out of touch with one or other of the machinery of the ships, it of the two coasts He would would have been a simple matter be able to conduct his ior the German crews at affairs although at sea with almost the any moment to open the valves and sink same tne ships. v promptitude and ease as he would he able to do were he but a few miles from The conditions his place of business. There had been another of internment, moreover, permitted communi- advance. cat.on between great Ships would in future be able to telephone and the different ships and visits of the German Ad- telegraph either to ships at sea or to the without mirai, whilst correspondence between the medicai coast men and chaP- any possibility of interference. It would lains was distributed by (British boats. also be pos- sible to equip a vessel with an apparatus Food and some other supplies which would give it its came from Germany, but water exact in dense oil and coal were supplied position fogs. It would not only be able to ascer- by Great Britain. Ali mail matter was tain the subject to censure. approach of another ship, but it would also learn ap- In accordance proximately and near enough for its purpose the distance of that with the condition of internment, the ships were ship. In the same way the whole coastline could be equipped placed under the vigilance of the Allies so that in case of renewal with apparatus which would to a ship at sea of hostilities they might be seized. They, however, give the approximate continued to distance of the coast and its be the property of Germany, and the position. Wireless had already done German crews were respons- much ible for their mamtenance. in the saving of life at sea. He thought that this further de- velopment, this further great invention would far towards eli- Under such conditions, it was impracticable to go refuse the minating one of the greatest which those who German Admirai access to and communication perils travelled at with the ships. sea encountered in the form Placing of British of fog and intense darkness. (Cheers.) guards on board would have been a breach Looking of neutrality. into the future he said that taking a distance of 6,000 of 12,000 miles, and given that 10,000 words a day were sent, the The crews aboard the German; ships had been reduced to 4,500 rate of 2s word would wireless men in consequence of indiscipline. per give to the a very handsóme profit. But the rate might be reduced with increased A verbal declaration was made by Admirai traffic to Van Reuter to the ls 6d with 20,000 words, to ls with effect that he alone is responsible 40,000 words, to 3d with for the order for sinking the 80,000 words, ships, which he and give the same receipts as the 2s rate for 10,000 gave under the impression that the armistice had words, ceased. and would compare with the 3s cable rate to-day for such a distance. Improvements' in speed would, he felt sure, bring In this case, as throughout the war, Great Britain acted in them to a transmission rate of 600 words a minute.. / accordance with the rules of war, the dictates of humanity and the terms of the armistice. " " Lord Leverhulme. Not content with soap, Lord Levérhülme, THE JOY LOAN. better known as William Lever, is now turning his attention to Following is a summary of the terms of the new British War fish and has bought up the whole of Lewis Island "startedwith its 12,000 Loan Prospectus:— inhabitants and seas chock full of fish. He has already some 80 fish shops in England and with the assistance of Self- 1. 4% Funding Loan. ridge, is studying the art of distribution. 2. 4% Viotory Loan. Besides the fish ships, he is owner of over 100 factories of 1. 4% funding loan 1960-1990, redeemable within 71 years by "Wall soap, margarine and potash, and as the Street Journal" means of a sinking fund; interest payable half yearly on lst No- remarks, follows the trail of grease wherever it goes: give him •( he vember and lst May. Price of issue £80%, payable in full on ap- fats of a nation and he cares not who makes the laws! plication or by instalments, viz: on application £5; on 29th July, He is the originator of the six-hour day and is about to iry £10; on 21st Augut, £10; on 18th September, £10; on 16th Octo- free meals for his workers. He has factories in Canada, Belgium, ber, £10; on 13th November, £10; on llth December, £15; cn France and China, as well as in England and property in West 8th January, £10; first dividend, lst November, 1919, on fully África and the Solomon Islands and a fleet of his own. paid allotments; on or before 21st June, £1. 9. 2.; from 23rd to His firm has a capital of £60,000,000, with 55,000 shareholders 28th June, £1. 7. 7; from 30th June to5th July, £1. 6. 1; from 7th inclusive of many thousand employees, of whom 5,207 volunteered July to 12th July, £1. 4. 6. Dividend on instalment allotments for the war! The usual dividend of 15K por eent was last year' applied for on or before 21st June, 2s. 3d on each complete £1,000; raised to 17% per eent. from 23rd June to 28th June, ls. 6d on each complete £1,000: from Now that he is Fish King and Soap King of England, everyone 30th June to 5th July ,9d. on each complete £1,000. Applications is waiting to see what he will do next. Not bad for a man who must be multiples of £50. British Government Treasury Biils, started as a boy in a grocery store at Bolton! issued prior to lst June, 1919, will be acceptable under discount at 3% % per annum as from 21st June, 1919, in lieu of cash in Wire less Wonders. A remarkable story of the progress of the payment for fully paid allotments, provided that the entire pro- wireless telegraph and telephone was told by Mr. Godfrey C. ceeds of the biils are so applied. Stock and bonds of 4% % war Isaacs, Deputy Chairman and managing director of Marconi's loan 1925-45, 5% exchequer bonds 1919-1920, 1921, 1922, 6% ex- Wireless Telegraph Company, who was the principal guest at a cherquer bonds 1920, 4% and 5% natiònal war bonds lst, 2nd, luncheon given by the Aldwych Club at the Connaught Rooms, and 3rd series, will be accepted at par as equivalent of cash for presided over by Sir Arthur Pearson. fully paid allotments. Interest acerued to 21st June, 1919, will Speaking on «Thé Future of Commercial Wireless Telegraph,» be paid on such holdings surrendered. In thè case of 6% exche- Mr. Isaacs said that during the last four years commercial wireless quer bonds 1920, additional interest at 1% from 21st June, 1919, telegraph had been profoundly asleep. Those associated with it to 16th February, 1920, will be paid on holdings surrendered. had been devoting ali their energies, their inventivo genius and 2X % of the nominal amount of the loan originally created will and organising powers to the purposes of war, but commercial be set aside each half year after dedueting amount required for wireless would have profited very materially, notwithstanding, interest on the loan, balance will be set aside for sinking fund ¦ . ¦ . m WILEMANS iBRAZILIAN REVIEW. July. 2nd> 3919,, loan to bo repaid at par on lst May, 1990, or on three months- issue £85% payable for fully paid allotments on application, or calendar notice at any time om or aftel* lst May,; 1960. Stock instalment allotments on application, £5; on August 8th,. £10.; on and bonds accepted for British death' duties at £80 cash for each 4th September, £10; on 2nd October, £15; on 30th October,, £10; £100 nominal value. Stock and bonds on interest exempt from on 24tti November,. £10; on llth December, £10; on 8th January,, ali British taxation,- present or future, so long as' shown in man- £15. First dividend lst March, 1920, on fully paid allotment, ner directed by the Treasury that they are' in the' beneficiai ow- applied for on or before 21st June,: £2. 15. 9; from 23rd June ta nership of pérsoris n either domiciled nor ordinarily resident iii 28th June, £2. 14. 3; from 30th June to 5th July, £2. 12. 8; 7th the United Kingdom. Interest will be exempt from' British- July to Í2th July, £2. 11. 2; on instalment allotments applied income tax, present or, future, including supertax, if shown to for on or before 21st June,, £,1. 6. 3;, f rom. 23rd June to.28th, June be in the benéfica! ownership of persons not ordinarily resident' £1. 6. 2; on 30th June to 5th July,, £1. 6. 1;; om 7tk July to 12th in the United Kingdom, without regard being had to domicile. July, £1. 6. 0. Denominations £50,, £100,, £200, £500,. £5,000. Where stock and bonds are entitled to above exemption, interest Treasury Bills and stocks mentioned above receivèd. as equiva- coupons will be paid without deduction of income tax or other lent of cash as above. Sinking fund 2% % half yearly,, after taxes if aceoriipanied by declaration of ownership1 in form required. deduction amount required for interest. Balance applied by an- Stock convertible into bearer bonds £50, £100, £1,000 with cou- nual drawing for redemption of bonds at par. Bonds to. be rede- pons for half yearly interest. emed to be determined. by lot and to be paid off on lst September 2'. 4%' victory bonds redeemable at par by cumulative sinking. in each year, commencing lst September, 1920. Bonds to be ac- fund' operating by annual drawings commencing lst September, cepted for British death- duties at face value. Tax exemptions 1920. Interest payable lst March and lst September. Price of as above. Lists close on 12th< July. IMPORTS OF COAL (EMPLOYMENT OF INDEX NUMBEBS.) Cost. Freight & Insur. Value C.I.F. Index Numbers Per ton Per ton Per tori Per ton Milreis £ Tons Contos Milreis Contos Milreis Contos Milíéis £1,000 Cost F.&I. c.i.f. ci.f. 5 Years 1909-Í3 ...... 9,207,046 113,009 12$518 110,067 12$192 223.076 24$710 14,743 1.633 1,000 1,000 1,000 1,000 191.4 1,540,126 21,907 14$224 19,481 12$648 41,388 26$872 2,552 1.657 1,136 1.037 1,088 1,014 1915 1,163,763 20,106 17$276 32,649 28^055 52,755 45,331 2,691 2.320 1,380 2,297 1,834 1,420 1916 1,029,486 19,110 18$672 58,606 56$818 77,716 75$490 3,871 3.760 t,492 4,666 3,055 2,303 Í917 818,327 21,753 26|583 71,619 87$518 93.372 114fl01 4,965 6.068 2,121 7,f78 4,617 3,715 lst Qrt, Í918 Já ri-Ma r. 159,855; 3,927 24$566 14,201 88$830 18,128 US$396 1,020 6.437 1,963 7,286 4,691 4,093 _nd Qrt, 1918 Apl-Jtm. 125,054 3,250 25$088 11,227 89$777 14,477 115$765 786 6,285 2,076 7,364 4,790 3 950 3rd Qrt, 1918 Jül-Sép. 231,280 6,399 27$663 20,182 87$262 26,581 114$925 1,376 5,949 2 201 7,157 4,754 3,643 Oct. 1918 20,268 569 28$073 1,729 85$á)6 2,298 113$379 118 5.822 2,243 7,004 4,890 3,565 Nov. 1918 28.592 829 28|994 2,948 103$105 3,777 132|099 195 6.820 2,316 9,277 5,464 4,176 Dez. 1918 72,437 2,049 281272 5,573 76f949 7,622 105$221 424 5.853 2,259 6,311 4,257 3,584 12 Months 1918 637,486 17;023 26$700 55,860 87*625 72,883 114*325 17,997 3.467 2,132 5,075 4,626 2,123 Jan, 1919 87,937 2,418 27$496 6,846 77$852 9,264 105$348 525 5,970 2,197 6,385 4,263 3,656 Feb, 191J9 61,467 1,542 25$086 4,771 77$6Í9 6,313 102$705 341 5,547 2,004 6,366 4,156 3.397 March, 1919 92,452 2,579^ 27$895 6,410 69$333 8,989 97$228 488 5.278 2,228 5,687 3,935 3.232 April, 1919 83,354 2,208 26$489 6.084 72*990 8,292 99*479 453 5,435 2,116 5,987 4,025 3,328 Total, 4 months 325,210 8,747 26$898 24,111 74$139 32,858 101$037 1.807 5.556 2,149 6,081 4,089 3.402 IMPORTS OF COAL. iutlex number 1,000, as also the average sterling c.i.f. value of Of ali imports, the most important -utüity as regards both value and £1.633 per ton. is coal, which, under the normal conditions ruling during Modus operaridi: For the year 1914, average cost at òf the 5 1909-13, point years prior to the war, accounted for 5.5 per cent shipment had risen from 12.$518 to 14$224 or 138 mil, and the of the c.i.f. value per of ali imports. as compared with 4.8 ped cent corresponding index number was therefore 1138. fòr wheat flour, next in importance. Freight and insurance, however, rose only 37 mil and the The following per statistics are derived from declarations in cou- index number was, therefore, 1,037. sular invoices of cost at of shipment and port of ulterior expenses C.I.F. value, the sum of the two, rose 88 per mil in currency, of each consignment, inclusive of freight and insurance, to the but, owing to differences of exchánge only 14 mil in sterling Brazilian of destination, per point the two constituting the c.i.f. value value and the index numbers were consequently 1,088 and 1,014 of the commodity placèd in Brazil, expressed' in both Brazilian respectively. currency and sterling. By comparison of index .numbers the oscillations of Cost, For the 5 1909-13, the average years 90 days oxohange was Freight and Insurance, and c.i.f. value in both currency and ster- Í5 51-64d, but for the 5 suecessivè years 1913-18 had fallen to ling can be seen at a 12 15-16d. glance. To facilitate comparison of values at different periods, the average cost and average freight and insurance for the five normal Imports of coal reached their maximum of :2,262,000 tons in years 1909-13, hás been taken as the basis, oscillations over 1913, but in 1914 they dropped to 1,540,126 tons in consequence and below that average being expressed by Index Numbers. of the financial crisis that followed the Baikan war during the Thus: the average Cost at of shipment of point 9,207,046 first half of that year and the joint effect of that crisis and of the tons of coal during-tho 5 1909-13 years was 12$518, for which ] .000 outbreak of the great war during the second half. has been adopted as the index number or datum. In consequence of the restráotion of imports from the U.K., In the same way, 1,000 corresponds to the average Freight imports had dropped to 1,089,486 tons by close of 1916, and. >n and Insurance cost of 12$192 per ton for same period. the entry of the United States in the' war, declined to 818,327 tons The c.i.f. Value, i.e., the sum of the before mentioned íactors, in 1917, and in 1918 to 637,486 tons,, i.e.,, 28.2 per cent of those of 24.$710 ton for same 'last per period, is likewise represented by Lhe the normal year., 1913. July, 2nd, 19^9, WJliEMAN'^ BR^J^N» R$VIEW» 13 Snam D.ecenajbeiv tl^re, has, b;eena % reyjyal, imports. % the last, 5j mqn#ís, Djc-A^yi^; qU_rtet' °f 1018 th€re Was a sli£ht «^back, ayeraging,. 79^29, pjer, mpn%'wliofe whiph if thethé ,udexn L number1 When ¦cqntuwed, should, drepped tp b,ut. in the seeond giye, nearly. a milliqn- tons;4fqr, %í of' the' ^£(63, quarter a 'current. year* ;^ ])uring?_ the norma], 5; yea^-s, l^lg,\ cos£, at, of. shipment, m. 1,316; per mil in excess'"v porfr ^^l^„%emhof normal cost at of shipment. '" ?' ^nd freiglrt. and insurancp charges ajmqstj port baia^çed, the exact'freight, nyp^ In November the 'was 50.7. armistice Was signed and there a slight' íiorjtii.o.us, being per-cent fpr; cq&tr apd. 49,3, per. cent| %, andjinsu^ançq.. *; the index number v 2fell W to !>n^fe?b?ÍJ^niía^2,004. ^^Pbrua.ryand In Mareh there was a reactíon and Tp-day (April), cost- rqpresents qnly, 26.6. pe,r cen^ of the, total, moved-up W number to- 2,228 and dropped again to 2,116 in April, «,itft valup and freight, and insurançq 73.4; per cqiit., as. cqnipareçl Compared. wjth thfi. average of, the five normal, witji.21.-9^61' cent. fpr, posl; and,7$,l cent fpr, freight and insm> years* ' 1.909-13 ' E^ the advance in. cost. in April was 1,116 anee (the maxinyuni);fpr the mpnt.h. of, Octqbqr. last. per, inil. Whet|jer iinppr.ts,, will, again a^tain- thq high, water mark of RttMght and InSMranse, During the. first 19,13. w.illi depend on, the. nafce fuel year of the war partjy, qqnipetijbiqn, pf (coal', and freight and msurance charges, un;derwent firewood), but chiefly on the abatement of a slight change pf 37 per tlie excessivo freiaht mil, as in.dicatçdi by. the cqri-qsponding and insurançe indpx number. In 1915 the charges. increase. compared; with the 5 normal years was 1,297, mil, Tfyq.- Br^agsiliauL, Gp;rçei;nment hqpes. t;hat by prqtectiqn the 3,666 per qf, per. mil; in 1917 aiul sq qn until November, 1^J8, ^yhen the na IMPORTS OF COAL, PER DESTINATION, FOUR MONTHS, JANUARY TO APRIL, 1919. Cost. Freight and |nsurançe. Total c.i.f. Value Price Value Price Valuq Price Value Price Value Price Value Price Tons. in per ton in per ton in pgrtpn in per tpp in per ton in per ton Milreis Contos Contos £ Milreis £ £ Contos Milreis £ £ Manáos 527 13 24$667 706 1.3 34 64$516 1,846 3.5 47 89|183 2,552 4-8 Para 23,675 548 23$147 30,684 1.3 1-8,3,3 77|423 1C)2,'659 4.3 2,381 l|Qp|0. 133,343 5.(3 t.*<. VI Recife 25,859 806 31$145 44,132 1,7 i|j! ¦7plÍ34 98,888 3.8 2,62Í líjl|279, 143,020 5.5 Bahia 4,461 87 19$502 4,704 1.1 249 95$8}7 13,441 3.0 336 75|319 18,145 4.1 Rio de Janeiro 238.879 6,240 26$122 342,729 1.4 17,792 978;238 4.1 24,032 1Q0|60'3 1,32Q',:967 5.5 Santos 17,335 ' 423 24$401 ' '¦¦' 23,165 1.3 l|§3 79|781 7^,714 4'.4 1,3,06 104|J82 '§8,879 w ¦ Rio Grande do Sul 7,370 360 48$846 20,209 2.7 635 86ÍÍ6^) 35,264 4.8 è.95 1354QQ6 55,473 i.í S. A. do Livramento ... . 7,104 270 38$0G7 14,620 2.1 37.0- 52$p83 2.8 640 .901.000 3Í,600 4.9 Total e media 325;210 8,747 26$898 480,949 1.5 24,111 74$^39 32&P3Q 44 32,S58' 101$Q37 1806,979 fslff Variation in cost per ton at different brazilian ports is fairly ORIGIN QF IMPORTS. -even, 12 months 12 months with the exception of Rio Grande do Sul and S. Anna do 4 months 1913 % 1918 1919 livramento, where % % par:t at least pf imports Ayere in transit by U.K. 1,927,387 85.0 152,267 23:9 53^089 16^3 railway from U.S. 264,799 Montevideo. 12.0 480,382"4,'837 75.4 265,112'7,009 81.5 Other 7Ô,Í61 3.0 0.7 2.2 Total 2,262,347 Freight and insurançe varied between £4.8 per ton at Rio 100.0 637,486.100.0 325,210 100.0 In 1913, 85 ,per qent of .a^l iinp.orts iiijto'the'' this country caine Grande do Sul and £3.0 per ton at Balria, £4.4 at Santos and £4 1 f frpm thq U.K. ançl only ;Í2 per cent frpm' U.'S. In 1918 at Rio de Janeiro. positions were reyersed and pnly 23.(9 per cent of imports were «f British qrigi,n, whilst 75.4 per cent caine from the V.B. Of the total of 325,210 tons received during the first foür During ,t^e first four years of the current year, in spite of the armistice, the U.^. íqst further ground, its coefficient rece_- months of ,the current 73.5 year, jper cent were consigned to JRjio, ing ,tp 16.3 .per cent, whilst the Ü.S. accounted for, 81.5 per cent 8.0 per cent to Pernambuco or Recife, 7.3 per cent to Para, only of ,B|ra?5iliap imports of çpal. (the lost during .the war, it is ev^ident 5.3 per.ent to Santps, 2.3 per cent to Rio Grande do Sul, 2.1 |Çq jrqpuperato rpqsition per that ,Great Britain will ,have to put its whole strength into its cent to Livramento and.0.1 per centrto Manáos. efforts. . 14 WILEMAN'S BRAZILIAN REVIEW July 2nd, 1919. floated in Germany, France or England, but these countries can- not finance South America now. We must finance Latin Amer- NEW ISSUES ica. One billion dollars invested in the immediate future in: Prospectus pf the Municipal Issue of $10,000,000 City of Rio de South America will increasè our commerce accordingly; and in passing let me call your attention to the stability and responsi- Janeiro (Federal District of the United States of Brazil) Six per bility of South American governments in the matter of loans. Cent. Serial Externai Secured Gold Bonds of 1919, Their record is as good as, if not better than that of the countries of Europe. During the past hundred years there háve been ten Dated May 1, 1919. Maturities: May 1, 1922 $1,000,000 at times as many wars in Europe as in South America, and there 98 5-8; May 1, 1G23, $1,000,000 at 98 1-4; May 1, 1924 ,$1,000,000 has been no revolution in South America in 25 years. There has- at 97 7-8; May 1, 1925, $1,000,000 at 97 5-8; May 1, 1926, been no war in South America since the foundation of the Pan- $1,000,000 at 97 1-4; May 1, 1927, $1,000,000 at 97; May 1, 192«, American Union with its headquarters in Washington. at 96 3-8; May V, $1,000,000 at 96 5-8; May 1, 1929, $1,000,000 ((Pan-America is waiting to see what you are going to do,, 7-8. 1930, $1,000,000 at .96 1-8; May 1, 1931, $1,000,000 at 95 and the fact of the negotiation and sale of this loan will have a Yielding approximately 6>_ cent. Interest semi- per payable great effect on South America.» anmially on May 1 and November 1. Principal and interest pav- able, free of ali Biazilian Federal, State and Municipal taxes, oi The syndicate of bankers headed by Imbrie & Co., who pf- United States of America Gold Coin at The Equitable Trust Com- fered the $10,000,000 City of Rio de Janeiro 6% Serial Gold of New York, Trustee. pany Bonds, announce that the issue was largely oversubscribed. These bonds, in the opinion of our counsel, are the direct —"Wall Street Journal," 29th May. obligation of the City of Rio de Janeiro, the capital of Brazil, and of 9 ...4 f* " are issued under the authority of the Federal Government Note of Ed. of W.B.R.—On a 6A per cent basis, the issue with the Brazil. In addition, the municipality has deposited price of this loan Avorks out at 923 per 1,000 dollars, and, as the- of bonds which form Trustee £7,500,000 ($36,375,000) par value loan was purchased by the issuing honse for $8,700,000, the differ- which are at part of an issue of £10,000,000, of £2,299,540 present ence pocketed by the issuing bank was $530,000 or a trifle over outstanding in the London Market. It is provided in the bonds 6 per cent.! that in case of default the coupons of the deposited bonds become The loan was sold by the Municipality to Imbrie & Co. for on real estate, legal tender for the payment of the Municipal tax $8,700,000, ex commission of $87,000, paid to a go-between, vrhere- Trustee. The legal and that tax may itself be collected by the by the net amount reoeivable was reduced to $8,613,000, and nhe details relating to this issue have been approved by Messrs. Cur- real interest paid on the nominal value of the loan was thereby tis, Mallet-Prevost & Colt of New York and by their Brazil office. raised to 6.06 per cent.! The Imbrie & Co. N. York. Spencer Trask & Co. N. York; The last loan raised in London, bearing 4% per cent interest- E. Equitable Trust Co. of N. York; Cassatt & Co., Philadelphia; was issued in 1912 at 92A per cent. History, however, does not H. Rollins & Sons, N. York; Continental and Commercial Trust say what the issuing house, Seligman & Co., paid for it, and and Savings Bank, Chicago. there are no means of calculating bankers' profits. To the Municipality the loan stood in at about 91A net, inclusive of stamps, printing and brokerage, usually paid in Rio de Janeiro 6s Offered by U.S. Syndicate. The offering London by the borrower, and interest at 4.9 per cent. "Pan "is to see what of $10,000,000 City of Rio de Janeiro, Brazil, 6% serial externai America," said Mr. Barrett, waiting secured bonds, maturing serially from May 1, 1922, to 1931 inclu- you American bankers are going to do with this loan, as its nego- sive, by a syndicate of New York, Boston, Philadelphia and Chi- tiation will have a great effect on South America." So we should imagine! Well, there it is in its unblushing cago bankers headed by Imbrie & Co., on a 6A % basis, indicates ef f rontery! a complete transition from a war to a peace basis and presages a new era of foreign financing and export business in this country Close on 7 per cent interest' for a loan of $10,000,000 of to These bonds are a direct obligation of the City of Rio de Ja- secured against default by deposit with tlie Trustee bonds the value of the coupons of which in case of default neiro, issued under authority of the Federal government of Bra- $36,375,000, on real zil. They will be secured by a deposit with the trustee of will become legal tender for payment of the Municipal tax estate to be collected by the Trustee! $36,375,000 principal amount 4=A % bonds of 1922 which are (imposto predial) This, we believe, is the first instance of a default being secured by a lien on a property tax at present in force amounting against in any Brazilian loan or a foreign cor- annually to approximately $4,500,000. Principal and interest specifically provided being authorised to collect Brazilian taxes. are payable free of ali Brazilian taxes, in gold in United States. poration This financing renews the economic entent between the U. States of America and the United States of Brazil that was unof- When engaged in booming loans, it might be as well if ficially created in 1916 when a similar group of bankers headed officials, like Mr. Barrett, should stick to facts. by Imbrie & Co. placed sucessfully a $5,500,000 issue of Sao From the lender's point of view, the terms on which the loan Paulo bonds with American investors. It is believed that this con- was issued speak for themselves and require no sponsor. fidence of American bankers in the stability and financial sound- There have been, he says, ten times as many wars in Europe ness of our big neighbour in the other America, our only South during the last 100 years as in South America, and not a single* American ally in the world war, will do more to unite the two revolution in South America during the last 25 years! continents of the Western Hemisphere than any quantity of pro- Really Mr. Barrett should study South American history I paganda. If he did so he would find that, without counting the innumerable In connection with the Floating of this loan, John Barrett, wars between Central American Republics, during the Tailt 100 drector general of the Pan-American Union, addressed a group years war was waged between Brazil and Argentina in 1826; Brazil of bankers in New York Monday. He emphasised the impor- and Uruguay in 1865; Paraguay ih same year; between Chile» tance of the opportunity now afforded this country of expanding Peru, etc, with Spain in 1865; between Chile, Bolivia and Peru its trade in South America. He said in part as follows: in 1879. Between Venezuela and Germany and Cuba and Spain ((Rio is now one of the greatest and cleanest cities in the and the United States, not to mention filibustering expeditions world; its sanitation is perfect; its water purê. The water works against México by U.S. and by Brazil against Bolivia, that resulted have a capacity of 80,000 horsepower to run its street car lines and in the annexation of the Acre Territory. light the city. Your floating of this loan will have an important As for revolutions, they are simply innumerable! Apart effect on the political, moral, commercial and financial relations from the great revolution that upset the Brazilian monarchy in between the United States and Latin America. We must lend 1889, 29 years ago, and that which upsét Deodoro da Fonseca in to Latin America. Hitherto South American lôans have been 1891, and the revolt of the squadron and bombardment of Rio de ** ' X - ííS''A' '¦-'¦"'( ' ¦A ¦¦¦ July 2nd, 1919. WILEMAN'S BRAZILIAN REVIEW 15 ;' AAy:Sy'FJ '¦ ¦"' ^:A0 ¦ Janeiro in 1898 and 1894 and the unsuccessful attempts to upset Prudente de Moraes, Rodrigues *"* add'e8S *° *».-«*_ítb repairs Alves and Hermes da Fonseca tenbeen found0^1 to ' have revolutions m one be necessary recently, and a higher or other of the States of Amazonas, Ceara, dite. w.ll rate of expen- MattaGrosso, Pernambuco, probably have to be maintained íor some Bahia, Rio de Janeiro, Goyaz, Paraná cash expenditure time Te - nnder ¦ ¦ and Rio Grande do this heading for the first ten months ;-. Sul wer ean almost daily occurrence. the cnrrent fmancal of In Argentina year has been 132 contos, as compared there has been no general revolution since 81 contos with Juarez for the corresponding of the Celman was upset in 1890, but in 1892 and again portion year preceding. in 1894 attempted I am not yet in a to speak revolutions were only crushed position with any degree of detail of by force. In the Argentine Staíes the results for the current Tevolutions, may of them successful, year (1918-19), but I may mention were too frequent to that wb_le the net neceipts for enumerate, as also inPern. the first seven months amounted Venezuela, and most of the other to 203 contos, as compared South American Republies. with 461 contos for the first seven months of 1917-18, representing a decrease In South American Republies of 258 contos, the — revolution is too frequently the sults for the first ten months only means of give 609 contos, as" against 628 securing redress.of unsufferable grievances and ónly contos for the corresponding portion of 1917-18, reducing the de- by such means can power he wrested from the hands of oppressors crease to 19 contos, this improvement being due to the and be vested in the Sovereign People. restoration gradual of normal trading conditions. The nut harvest has Little by little the metamorphosisis being realised, but it will been very good, and, should this be maintained, we are in hopes take many revolutions before the evolution from autocracy cr that the results for 1918-19 may at least be up to those for tho militarism to really popular is complete. government year under consideration. Since we last met we have lost, through death, the services of Mr. P. N. Chapple, services of much greater value than his position as our legal adviser might suggest. A link .. New issue by the Ouro Preto Gold Mining Co. of £10,000 in with the past has also been broken through the death, in August debentures for mounting machinery for extraction of arsenic from last, of Mr. D M. Fox, who was for so many associated the ores. years with this company's directorate. Our relations with the Brazilian authorities, Federal, State and Municipal, remain good. We con- tinue to be most effectively served at Rio de Janeiro by Dr. Álvaro REPORTS AND MEETINCS OF COMPANIES de Carvalho and his colleague, Dr. Ricardo Xavier da Silveira. I would also like to take this opportunity of expressing our appre- The Report of the Brazilian Warrant Co. Ltd., for the year ciation of the faithful services rendered by our London and Manáos •ended 31 December last shows a net of £128,420, which vith profit staffs during the recent difficult period, now, happily, becoming a £58,043 17s lOd brought forward from 1917, makes a total of thing of the past. I have pleasure in moving: "That the direc- £186,463 17s lld for distribution. ínterim dividends of 3% * er tors' report and statement of aeeounts for the financial year ended eent on and 2x/2 eent on ordinary shares absorbed preference per 30th June, 1918, now presented be and they are hereby approved £26,515 5s and £40,000 have been placed to the reserve, bringing and adopted." Mr. Bernard Byrne seconded the motion, which the fund up to £200,000 and leaving an available balance òf was carried unanimously. The proceedings then terminatad. £119,948 12s lld, out of which the directors recommend the pay- ment of a final dividend of 3% per eent on the preference shares making 7 eent, and 5 eent on the ordinary making per per shares, Royal Mail Steam Packet. The report of the Royal Mail 7% eent for the These will absorb por year. payments £44,327 Steam Packet Co. for the year 1918 states that those of the com- 15s, leaving 17s £75,620 lld to be carried forward. pany's vessels not engaged on Admiralty war service were, with unimportant exceptions, under requisition by the Ministry of Shipping in connection with the Liner Requisition scheme, and Manáos Harbour. The adjourned 16th annual general meeting of were consequently diverted to a large extent from the trades in Manáos Harbour, Limited, was held at 11, Adelphi Terrace, Strand, which it has been customary to employ them. In these circum- London, W.C., Mr. George M. Boot (the Chairman) presiding. stances important services hitherto condueted by the company had The Secretary (Mr. Arthur Fletcher) having read the notice to be entirely suspended. Since the close of the year the Liner convening the meeting and the report of the auditors. Requisition scheme has terminated and a number of the company's The Chairman said: As you will have gathered fro n vessels running for Government account are in course of being the circular which we addressed to the shareholders re-delivered, enabling some progress to be made in re-establishing in December last, the delay which has oceurred in the presenta- the company's pre-war cargo services, but the great majority of tion of the directors' report and aeeounts for the year ended 30th the large passenger vessels are still in the hands of the Govern- June, 1918, has been due to lack of postal facilities and the shor- ment, and until they have been re-delivered it is not possible to tage of staff, both at London and Manáos, but these conditions re-establish the mail and passenger service from Southampton to are now happily improving. As the report, together with the ac- Brazil and the River Plate, nor to meet fully the demands for ac- counts, have been in your possession for same days, I will, with commodation of intending passengers. The contract entered into your permission, take them as read, but before moving their with the Canadian Government for the service between Canada adoption I have a few comments to make, and will then be glad and the West Indies has been extended for a year. The fleet the fleets of other to answer any questions yon may care to put. As anticipated, shows a gross tonnage of 266,644 tons, while there has been a falling off in the company's revenue, the cur- companies affiliated reprèsent 1,120,060 tons, making ; 1,336,704 rency receipts for 1917-18 amounting to 1,792 contos, as compared tons, exclusive of steamers building. After making provision for depreciation and taxation and transferring to the reserve with 2,146 contos for the previous year. This shrinkage has been £150,000 the directors recom- primarily due to decreased shipping facilities. The exports of fund and £10,000 to the superannuation fund, of usual half dividend on the rubber from Manáos amounted during ,1917-18 to 18,347 tons, as mend the payment the yearly pre- ference stock and a dividend of 5 eent, less income tax, on the against 25,543 tons for the previous year. Since then, however, per leaving £48,540 to there has been an improvement, the exports of rubber for the ordinary stock, making 7 per eent for the year, be carried forward. first half of the new financial year (1918-19) being no less than 11,981 tons. Exchange has improved during the year under re- view, the average rate at which we were able to remit during San Paulo (Brazilian) Railway. The report of the San Paulo states 1917-18 being 13 l-4d, as compared with 12%d for 1916-17. It is (Brazilian) Railway for the year ended 31st December last to Jundiahy) amounted satisfactory to note that this improvement has been maintained that the receipts of the main line (Santos a. decrease in currency as com- up till now during the new financial year. The working expenses to Rs28,210.561$020 (£1,511,440), or 4.97 eent. amounted during 1917-18 to 1,146 contos, as compared with 1,194 pared with the previous year of Rsl,475:870$490, per and a decrease in sterling of £106,277. The working expenses contos for the previous year. The maintenance charge for the year or 75.96 eent. of the- was 137 contos, as against 152% contos for the previous year. were Rs21,429:236$410 (£1,148,116), per . 16 WILEMAN'S4 B* RÀZÍLÍÁN: REVMw July 2nd, 1919. ' >We 'some' !;|rfss receipts, ^rid Ue^ct' revéÜüe was Rs6,781:324$610, which áhd cáuséd' vbry íiiiíhy" deaths. !íhad" êxperiènce' lof --j íj-fe. 'several "in ¦at the rates of exchange át which the' remittances were here, but it was slight as compared wfth the épidémic Rio !made!'àmounted "as;'against' 'árid fdistrict,where : io £363^24, £502,041. The average throughout our it' wàs a veritable plague.. 'Traffic for the was Í2.8585d, as against 13.078d. was practieálry brought to a stáhdstlir for want' of staff,. ; rate of exchange yéár 'weeks''duriôg ihe expenditure' in England and interest on starès reduce the net and you will-hàve hbtifeed *hàt for four Ór five 'revenue ; " ' 'of' : to £320,298. The receipts' the Bragantina Railway October ánd Novenibèr last the receipts''b.ff the railway ishowed 'alarhiirig amounted; to' TisÍ,063:76Ò$850 (£56,993), a'aecrfeáse; in cürrehcy cjtiite décrèásés. : : hávé ^reserve of Rs25:644$700, or 2Í35 per cent., tlie sterling decrease beiiig We again1 placed' £10.000 óüt'of net revenue to ' fòr repáifihg 'The 'bâlâttce''to £2,372.- Working expenses were Rsl, 145Í03ÕÍ280 (£61,347), cr dainage èaused by floods. érédit was this áccoúnt' on the 31st' December,r including this ' was .107.63 per, cent. of the gross receipts, and the'loss on working £10,000, dérivéd from''investments áhd just over £19,000, but the very heavy rains in thè èàirly Rs81:269$430 (£4,354). 'amounted'Interest ' pártibf "interest' The balance òf this1 year will probably hècéssitàté the èxpéüditure of ;the general account to £61,211. greater brought this balance. net revenue available for distribution, inckiding';èÍ78,589 pàrtof"¦¦ ahdm- Thenpassengér -traffic continues to improve. ! Lâtet forward (after allowing for interest on'Dèbentuie stocks y^eàr^we The directors ha- carried 8,900,906 br 4.10 céht. nlore than' -in 'the teriin dividends paid in October), is £286,993. passengers, per; and héài;ly 13 !per weight ve set aside £50,000 as a provision for incómé-tax, and própose previous yèar cent. more ih óf parcels making and bággâge. a final dividend of 2% per cent. on the Preferenco stock, and on the' Ordinary Coffee continues tò be our most impòrtàht tráffic,: thé receipts 5 per cent. for the year, less incoine-tax, being £435,027, stock a dividend of 5 per cent,, making 10 per cent. for the year or £22,903 less than in 1917. Sugar gave less, while in maize we have ' free of income tax, and to cárry forward £61,993. £13,227 a decrease of £8,394. On the other hand; sugar c'ane, salt, beans, timbér, firewoòd and )ive stock'àll show incréáses oVer the previous year. -Yoú will *find t«he details in the tabular statement on page 6 of the report. The expenditure The Leopoldina Railicay "MeetingCompany, Ltd. Report of procèed- is still*increasing and the cost of ali material this 1 ings atthe Ordinary General of the Stockholders of nécessary for working and maintaining a railway has been, and is,, Finsbüry Circús, E.C, cn higher than éver.: I hiay f éAv- cases shòwiilg'theí: difference- Companv held at River Plate House, '(the qúoteá Tuéscla/, the 27th of May, 1919,' Oliver R. H. Büry, Esq. between the cost in Rio in the year 1913 and now of some pf tho 'Chairman) essential articles. presiding. ..,.-,.. The Chairman: I will ask the Secretary to read the notice 1913. 1919. ! córiveriing the meeting ánd the Auditors' Report. ' Coal 35s. per ton 95s. per ton 'The Secretary (Mr. J. H. Drury) read the notice conveniug Rails £7 ;, £17 ,, ' the meeting and the report of the Auditors. Iron £8 ¦ ,, £26 1 The Chairinan said: Ladies and gentlemen, may I' presume Steel £9 Ä £29 „ is that you will, as is customary, take the reports as read ? That Locomofcives . £4,000 eàch £8;Õ00 each agreed. and so on for every bit of material used on a railway, The receipts for the year Were £1,645,249, and working Up to thé middle of last the of foodstuffs continued gross *'to year price expenses £1,200,344, leaving the net receipts of £444,905, io- rise and the food problem became a very serious one. Tc. 'which must be added Balance from 1917 £137.027, Federal endeavour to âlleviate the position of our own workmen we formu- 'Government : guarantees £15,782, interest, discount, &c,„ lated a co-operative scheme for their benefit, which has beén, of "and"lias £11,921,'and transfer fees £272, a total of £165,002, making a much ássistance to them now been established on a "rceipts : total of £609.907. practical basis. grand 'expenditure: From this must be deducted:—Interest on 4 per cent. deben- I see' no prospéct of áiiy' redúctiòn of on the ture stock £180,185,^interest on 5'per cent. debentures £50,000, coiítrary,' thére' isevery ihdicátioh tliat" we" must expect" á still 'interest 'Slibrter on 5^ per cent. Prefereiice Shares £78,247, transfer to liteavier burden. hòurs áre béihgdémànded/acompáriiéd reserve'for réderilption of debenture stock" £23,999, transfer to by réquests for cònsidèràblé irícreases in wàges. 'reserve "and '¦ 'to for'rèpairmg damage caused by floods £10,000, transfer . This br ings mé to the question of our iates cháíges^ !to bill stamps total £346,452, wliich Pension Fund £5,0007 and £50, "pastI referred at our meeting lást year. (Hear; hear.).!*' During leaving a net balance of £263,455. thé four years we hávé dohé our best, at sácrificé tó tho great' Out of this' balance the Board propose to pay a balance Pfoprietors, to maíritain an eff iciént and regular service "of diviclehd of 2% per cent. (less income tax) bn the 5% per cent. transport. The tonnage of carried'iií 1918 was thè híglíèst S'Prèferehce "thè góbds, Shares—making 5>£ per cent. for the year—amounting in Company's histoi-y, and Dr. Soares tells ihfhis répòrt '*to yòü êVs^ô. 17s., ánd a dividend of 1 per cént. (less income~tax) on that this Company has placed itself àniòrigst those'who hãve'best '!thé7t)l;diriary leaving a sum Stòck; amounting to £68,706. 18s., served its cústohiérs during the criticai peribd^tlíat we are passihg of £116,501. 14s.'lld. ! to'be carried' forward, as against thrbugh, whicli has thréátened the railways' witli fiiinátion. ^137,027. 5sí lld. last!yéar. Now, ladies and' gentlemen, riótwithstàhdiiig; the increàsed ÍTour Directors regret tliat, owing to ill-health. Col. Sir Henry amount of work done,' thé ehorhiòus àpprecíation in thé' Vâlüé^of ¦tu • McCálluih resi^ned^liis^éa^^bn7 thé Bóard—a man of ripe and every class of gobds wecárry ãnd the ever''increasing césti cf "been "Úblè wide experience and sound jüdgmént and always á pleasant col- carrying these goéds," we have só far 'iíoí tó^obtKiri a league,'we miss him very much. Wé have been fortimatein favourable decisiori tó*our 'petition "tó -we. 'whois i-áise our rates;' which' securing thé services of Sir'vW: GuyGranet, well known presented' as long ago as March last'year. as a süçcéssfuí'admínistrator. Sir Guy Granet retires in accor- Over a year ago thé rates ón thé Government Centrar Railway dance with the Articles of Associàtion and láter on I shall ask of Brazil were increàsed 20 cent. per ' you to re-élect him. Perhaps you may have séeri iri %he financial articlé' W thei -of Uthe Of the young men of the Leopoldina stãff who gallantly Times May 12th, a statement of' incréáses ln' iálIWay vqlunteered their services when the country most needed them, rates already made in other countries ali over the iWld. I riiay six hávé given thèir lives; thé surviving members- have nearly ali perhaps be allowed to thém ' give tó yoú nów as tKéywiirbèof réturhéd tò their' duiies. They ali did well and I amsure interest to those who 'to you did not liápperi tóreadtliat article/'they woiild wish iné record your high appreéiation of the services are:— !did'hot ot tHesé young men,; who waitvor hesitate, but carne Argentine 'the ...7 32 per cént. on passengers ãnd mercliáridise forward' promptly iri time of stréss. (Hear," hear.) -this, (since a further 10 per cent. Tias Reférèheê'is made on 7 of the report tõtihe very serious page been added making 42 per cént."since- outbreak of inflvVehza in Rio; which fapiclly WpreácTtò thè interior the beginning of the year). '. '..-'- '..- ¦ æ -• ' . -¦ ..K- , '.-.¦' " '• ".. ' ' ¦'-¦ ;'V:^'V:''''Ví:-x. :V ¦¦ ¦••¦•' ; V' ¦'.-¦ .. .'¦;•'¦' : ' ¦ ¦¦'..¦.'.¦¦¦ ¦ July 2nd, 1919. WILEMAN'S BRAZILIAN REVIEW Canada 40 Per cent. on passengsrs and mercliandise Egypt aU exp°nsive mo™"t *° 50 W f-í H VS^T *° d° s" Pm-chaso new engines, li rance 40 f"g tiJft. "' "vã"1'to oope with the inore4; Great Britain... 50 per cent. on passengers and* various on Our thanks are spccially due to mercliandise (but, and here is the our two Consultants. Drs, great Soares: and Weinschenck, who have difference between our Leopoldina Rail- given us most valuable' assis- tance and advicc throughout the way and the Ràilways of past five years Great Britain, You will like to have the British the lâtest information I can in Government have practically regard to our give you securod to the prospects for the current year. We expected this Shareholders their pre- mornnig a eablegram war dividends). giving us the latest traffic receipts, but it has not arrived. The last traffic cablegram Holland 50 per cent. on and 20 to réceived shows a de- passengers 50 per crease ot £12 500 compared with cent. on merchandiso. the corrèsponding period in 1918- and it must be borne Italy. 30 in mind that the expenses will be cònsider- to 45 per cent. on passengers and ably higher. As to the future, our general manager mercliandise. we tells us that have a good coffee crop in sight and that Norway 60 to 80 per cent. on passengers and 30 to there will be 20 per cent more sugar and to use his own words 70 per cent. on merchandise. «the prospects for the current year are encouraging.» Portugal 57 cent. on and quite Coupled with the recent per passengers mercliandise. nse m exchangé, our weekly SP»»1 15 traffics should begih to show up well but unless the rates are Sweden 80 to 160 cent. on promptly raised, I can hold out little per passengers and 150 hopes ot our being able to obtain any appreciable improvement in per cent. on merchandise. the net results. Switzerland 10 to 20 per cent. on passengers and 10 to Dr. Epitacio Pessoa, the President-elect ' 65 per cent. on merchandise. of Brazil. will be ?r- TJnited States.... 20 to 50 cent. on and 25 per passengers per As Biazils cluef representativo cent. on merchandise. on the Peace Conference be has been engaged with our other In the enemy countries large increascs in the rates for Aliies" in Paris pas- Dr. PcW8 visit will tend sengers and goods have also been made. . to further1 cemeut the dee ties Now, gentlemen, in face of these facts can the Brazilians reasonably hope that their country KW™' and I am snre London is to escape paying more for WZaÊMvelcome its 7\Íhellmtfâdistmguished Sill transport? guest and extend to him and his eoüh try every good wish for their continuéd We have been told that rates prosperity the on tlie Government Central I now bog to move;— Railway of Brazil are lower than those of the Leopoldina Railway «that the Directors' Report The Central Railway of Brazil, built and worked by the Federal and audited statement of Government, cost many millions to construct. the interest being ° 31st DMemW> now íé nutted^Zl bc réceivedrvntled and m a charge on the taxpayers. In addition the annual expenditure adopted and that a balance dividend Vã (ie^:-ncòmé tax,) on this railway exceeds the receipts on an average by about tJ on 5% per cent Prefe- £1,000,000. The customers of the Central Railway are able to with tho intwim di™M . oTbo,Oetober wSVvaIdng'last 5K cent. fã énjoy lower rates, the cost of transport of their goods being as- per for the year, and a dividend cf 1 per cent. income sisted materially by taxation. The charges, therefore, on the Go- (less tax) on the Ordinary Stock of the Company be vernment Railway and the Leopoldina seem scarcely comparable and are hereby declared.» and it and H' WÍCkS'' T haVe mildl in must be remembered that our railway is most costly resoluto/' pIeas{iro «econding that difficult to operate. The Chairman: Gentlemen, You will have read in the report that I am offering myself for before putting it to the meeW re-election to-day, and, subject to it being to elect "Mmmsm™ r your pleasure shal1 be hap-to ~ ¦<¦..:& me, I am going t .- ' :' full conclusion to your efforts to bring about a fair and right echo your words, namely, thàt we congratulate those who have adjustment of rates. Of course, we have suffered in the past come back safe and sound and deeply sympathise with the from the competition of the Government Railway, and we were relatives of those who have fallen. (Hear, hear.) hoping that things were somewhat improving in .that regard, but Mr. Ingham: I beg to second the resolution. I must confess to a feeling of very great disappointment on The resolution was carried unanimously. reading the report was this year. I hoping that we were going The Chairman: Ladies and gentlemen, I beg to thank you for to have some slight improvement in our dividend, but unless so- your vote of tanks, and that concludes the business of the day. mething very definite is done in regard to the question of rates The proceedings then terminated. in the way you have outlined, Sir, I am afraid that our future is very, very dark. (Applause.) Colonel West: There is one question I should like to ask, Mr. Chairman. In the report it says that timber and sleepers MONEY carried last year amounted to 94,000 tons and firewood to 215,000 Official Exchange tons. I that that 215,000 tons of firewood was in addi- Quotations, Câmara Syndical and Vales:— presume 90 days Sight 6or§. Vak»» tion to the very large used on the railway. Does quantity Monday, 23rd June .. 14 5-8 14 31-64 22$600 1$886 that mean that a considerable amount of contiguous to the ground Tuesday, 24th June ... 14 5-8 14 railway is being cleared, and if so is that land being under the 31-64 20$650 1 $886 put Wednesday, 25th Jun, 14 41-64 14 1-2 20$250 1$886 plough, or is it mountainous land covered with boulders and rocks Thursday, 26th June . 14 5-8 14 31-64 20$500 1$886 which cannot be put under the plough. What I want to know is, Friday, 27th June 14 37-64 14 7-16 ² 1$886 seeing that there is this large consumption of firewood, is there a Saturday, 28th June . 14 19-32 14 29-64 20$500 ]$886 good deal of land being cleared and put under cultivation? The Chairman: In reply to Coloned West, the firewood used Average for week 14 39-64 14 15-32 20$900 on the railways is not included in the figures in the report. 1$886 given Equivalent 14.614583 14.473958 20$900 The 215,000 tons mentioned is firewood used by the sugar 1$886 factories and the public who could not get coal. Considerable áreas are being cleared no doubt and those áreas are serviceable, Monday, 23rd June. The Bank of Brazil 14 9-16d. and are being taken advantage of to various things, such as, posted grow Other banks quoted the same rate, but the National City raised for instance, cotton. The cultivation of cotton is increasing very -to the rate 14 5-8 soon after the opening. The market remained largely. It is also being taken advantage of to beans; in grow firm throughout the day and closed with the National City draw- fact the land is being cultivated. It is rich and land, and good ing at 14 21-32d and other banks at 14 5-8d. Bills were scarce, that is where our difficulty comes in, as we shall have to face the but Santos was a seller of cable to meet margins on còffee. necessity for providing transport for a very increasè in great Tuesday, 24th June. The Bank of Brazil posted 14 21-32d. tonnage and it will not remunerative be unless we can increasè Other banks quoted 14 5-8d and 14 21-32d, with money for com- the rates. Both the Board and myself highly what appreciate mercial bills at 14 23-32d. Locally bills were scarce and during Mr. Gamble has said, and his remarks will be borne in mind the day there was occasionally money at 14 11-16. Santos also when discussing this matter of rates with the Government. I had money on and off at 14 ll-16d. will now the motion which has already been read to the put Wednesday, 25th June. The Bank of Brazil posted 14 5-8d. meeting. Other banks quoted 14 5-8d and 14 21-32d, the latter rate in the The motion was carried unanimously. National City Bank. Banks offered to buy at 14 ll-16d, but no The Chairman: I beg to move:— bills were obtainable. Santos offered franca for sale. ((That Sir W. Guy Granet be and is hereby re-elected a Thursday, 26th June. The Bank of Brazil posted 14 21-32d. Director of the Company.•» Other banks quoted 14 5-8d to 14 21-32d, the latter rate in the Mr. J. H. Wicks: I have much pleasure in seconding that. National City Bank. There was money for commercial bills at The proposition was unanimously agreed to. 14 ll-16d, but none were obtainable. In the absence of bills the Mr. Wicks: I have much pleasure in proposing:— market sagged and banks lowered their rates to 14 9-16d and ((That Mr. Oliver R. H. Bury and Mr. N. B. Dickson 14 19-32d in the City bank. There was a fair demand for cable be and are hereby re-elected Directors of the Company.» remittances during the day. The Santos market furnished no Mr. R. E. Brounger: I have much pleasure in seconding that. bills. The resolution was unanimouslj approved. Friday, 27th June. The Bank of Brazil posted 14 19-32d. The Chairman: The next resolution comes from the other side Other banks quoted from 14 17-32d to 14 9-16d, with takers of com- of the table and that is the re-election of the Auditors. mercial bills at 14 5-8d. At the opening the market was weak, Mr. E. Romer: I beg to move:— but some offers of bills, presumably on German account, steadied ((That Messrs. Deloitte, Plender, Griffiths & Co. be and the market. Some business was done in first class paper at are hereby re-appointed Auditors of the Company for the 14 19-32d. During the day a fair amount was taken from banks ensuing year and that their remuneration be 200 guineas per at 14 5-16d cable London. annum.» Saturday, 28th June. The Bank of Brazil posted 14 9-16d. Mr. C. P. Lucas: I beg to second the resolution. The City Bank. quoted 14 19-32d, other banks 14 17-32d and money The resolution was carried unanimously. for commercial bills at 15 5-8d. The market opened steady and more Mr. E. Romer; I beg to propose:— than one bank was willing to sell at 14 19-32d. Santos was offering to sell cable at 14 3-8d Locally ((That the thanks of the Prporietors present in general at the close. quotations were meeting in London be given to Mr. McC. Miller and the other unchanged. officials and staff of the railway in Brazil, also to the Secretary an staff in London for their zealous services Rio de Janeiro, 28th June, ^1919. during the year.» Banlc Brazil Other I should also like to include in that resolution our thanks to jtou, Closing rates, 21 June 14 9-16 14% to 14 9-16 Mr. Chairman, and your co-Directors; for we must ali recognise Ditto, 28 June 14 9-16 to 14 17-32 to 14 19-32 in times like these the work you have had to do—the unpleasant work I may say—and the difficulties you had to overcome, which Rise _ to 1-32 to 1-32 must have been stupendous. Therefore I do not think we can During the first four days of the week the market was firm, sufficiently express our thanks for what yau have done. At the in spite of the nervousness that the uncertainty as regards sign- beginning of speech your you referred to those members of our ing of peace and the weakness of the còffee market naturally staff who returned to their duties, and I cannot do better than inspired. h ?**•' • ' ' July 2nd, 1919. WILEMAN'S BRAZILIAN REVIEW 1^ APPROXIMATE VALUE OF ELEVEM LEADING EXPORTS, RIO AND SANTOS, IN £1,000. No. of days. Cocoa & Av. Coffee Mang'ese Meat Sugar Beans Mandioca per 31 January, 1918 Rice Hides Lard Tobacco Total âiém 1,368 352 442 189 16 ² 104 "2,517 81 28 February .... 11 35 1,218 122 184 39 80 31 March 6 148 53 1,850 65 878 120 256 2 233 34 30 April 3 54 84 26 1,690 54 1,584 62 566 3 208 31 May 88 11 43 70 22 2,657 85 2,251 190 124 20 122 30 June 91 4 172 65 60 1,674 112 205 1 3,099 100 150 68 23 93 11 lst 6 months, 2,337 78 1918 ... 8,973 958 1,777 26 941 377 58 362 471 207 14,150 31 July 78 1,595 117 420 62 109 164 31 August 40 594 146 3,247 105 991 304 258 122 150 92 30 September 68 32 111 28 2,156 70 1,029 285 291 154 94 31 October 9 7 220 126 20 2,235 75 1,198 57 277 139 88 60 30 November 7 49 71 21 1,967 63 1,402 176 70 292 139 37 31 December 22 18 8 3 2,167 72 2,851 149 137 172 120 ~7ÕÕ" 113 35 75 67 3.719 120 2nd 6 months, 1918 ... 9,066 1,088~ Í45ÍT 941 475 179 988 529 72, Total, ~ "852" 15,491 84 12 months, 1918 18,039 2,046 3^230" 967 1,641 237 1,350 1,000 279 29,641 Monthly Averag 1918 1,503 171 269 81 137 Ti 71 18 111 83 23 2,470 Weekly average 1918. 347 39 62 19 32 16 5 26 19 5 570 81 31 January 3,512 177 239 18 411 111 39 35 408 23 4,973 160 28 February 7,227 118 151 2 29 53 247 30 7,857 281 31 March 7,023 119 43 6 8 6 1 140 108 27 7,481 241 30 April 5,857 88 358 — 21 19 89 52 6,484 216 1-31 May §4,616 81 47 — 15 5 41 20 73 Week ending 4 June. 1,792 4,898 158 2 15 11 6 Week ending 11 June. 1,826 1,826 261 100 — 47 54 57 Week ending 18 June. 1,592 33 2,084 298 27 — 17 32 50 32 Week ending 25 June. 1,843 1,783 355 9 2 90 14 1,958 279 1-25 June §6,170 33 127 — 19 24 49 122 118 89 §Subject to alteration. 6,751 270 •XI Movement of the Rio Exchange Banks, 31 st May, 1919. For the moment coffee husiness is practically suspended and produce bills are scarce, very little except coffee being now ex- Balance Sheets issued for Rio City only ,ex Branches. ported at either Rio or Santos. In Contos of Réis. For the week just ended, the value of exports at Rio and Discounts Fixed Perc/"ta; Santos Sight geofCash was £1,958,000, of which £1,843,000 or 94 cent was Cash and Deposits j])e_ per Lcans posits to Sight accounted for by coffee alone. It can, therefore, be easily Deposits imagined how the actual paralysation of business in coffee would London and. Brazilian 13,415 18,889 20,623 9,724 65.0 affect the market unless otherwise supported. London and R. Plate. 11,459 13,811 15,027 5,274 76.2 British of S. America A loan, we hear, has been closed with the same firm as took 14,244 21,519 14,320 20,670 99.5 National City of N. Yk. the Rio Municipal issue of $10,000,000 for a similar amount for 28,605 48,458 43,092 6,735 66.4 the Municipality of S. Paulo.. Am. Forg. Bkg. Çpn. 5,389 4,993 4,453 887 121.0 Nacional Ultramarino 12,367 58,163 28,399 36,419 43.5 Rio, Bahia and Santos ali gave bills last week anel meat is Portuguez do Brazil ... 17,647 60,287 37,803 17,161 4C.7 now getting active," whist German bills, which only American Hollandische voor S.A. 6,525 14,464 9,140 3,858 71.4 banks care to deal in, are making their appearance. Total 8 Exchange bks. 109,651 240,584 172,857 100,628 63.4 Money is extremely tight, discounts ruling 8 to 10 per cent Less inter-bank depts. 23,687 ² ² — according to signature, most of the money from trade balances into apólices, going which are now almost at par. Net total, 8 Exch. bks. 85,964 240,584 172,857 100,628 49-7 Ditto, April, 1919 .... 74,442 230,142 170,009 100,430 43.8 Enormous sums are locked up in coffee speculation. Last Ditto, March, 1919 ... 73,023 205,067 160,025 93,274 45,6 week terine sales in this market alone amounted to 622,000 bags, which, Ditto, February, 1919 80,418 196,837 170,684 90,263 47.1 at 15:000$ per 1,000 bags, would give Rs. 9.330:000$ de- Ditto, January, 1919 79,869 185,873 169,694 83,007 47.1 posited as margin, that in practice the amount did not exceed Rs. 4.000:000$, as many of the transactions were in liquidation of German Banks in liquidation: open business. Brasilianische fur Dd. 6,771 1,738 2,480 307 271.8 The coffee market is top-heavy and until it is adjusted. real Dd. Ueberseeische .... 2,023 620 2,674 1,323 75.5 business will be from hand to mouth and coffee bills scarce, unless Dd. S.ud Americanische Liquidated the S. Paulo Government should sensibly decide to sell. ¦f • ¦ Total German banks... 8,794 2,358 5,154 1,630 174.0 Grand total 11 banks. 118,445 242,942 178,011 101,258 66.3 REMEMBER I Less inter-banks depts. 23,687 ² ² ² — Tlie only MANÜFACTÜRERS of Loose Leaf Ledgers in Bra_H «Grand net total 94,758 242,942 178,011 101,258 53.2 Ditto, April, 1919 .... 83,399 232,710 175,470 102,071 47.2 are the Imprensa Inglee», Camerino 61, Rio de Janeiro. Ditto, March, 1919 ... 81,746 207,858 165,413 .95,035 49.4 Ditto, February, 1919 89,274 199,790 176,115 92,193 57.8 Gaixa do Correio 1521. Telephone: Norte 1966. Ditto, January, 1919 88,238 189,000 175,131 85,002 50.4 20 WILEMAN'S BRAZILIAN REVIEW July 2nd. 1919. Of the total of Rs. 23.687:000$ of inter-bank deposits, the Increase or Decrease as compared with April last: National City Bank of New York accounted for Rs. 11.530:000$, London and Brazilian.. + 407 729 -1,263 + 273 Banco Portuguez do Brazil for Rs. 10.980:000$, the American British of S. America... + 1,538 475 - 323 + 344 Foreign Banking Corporation for Rs. 637:000$ and the Banco London and R. Plate... +1,483 - 187 + 894 + 11 Ultramarino for lis. 540:000.$, whereby their cash balances were National City of N.Y.. +1,422 -1,390 -1,704 + 38 reduced to 17.075:000$, 6.667:000$, 4.750:000$ .and 11.827:000$ Nacional Ultrmarino* *Not respèctiveiy'and the ratio of cash to sight deposits to 39.6 %, received. 17.6%, 106.7% and 41.6 %. Movement on 31st May 1919, of other S. Paulo exchange Dcducting Rs. 23.687:000$ of inter-bank deposits from the banks, for which balance sheets include ali their branches in Bra- total of Rs. 109.651:000$ in tlie 8 Rio exchange banks, ex-German zil, in contos of réis. banks, the balance of Rs. 85.964:000$ stands for the aggregate Cash D. & L. S. Dpts. F. Dpts. % ¦of cash in the 8 banks, reducing *15,327 the ratio of cash to sight deposits Com. do E. S. Paulo. 48,635 54,817 3,478 28.0 to 49.7%. The German banks do not discriminate inter-bank Banco de S. Paulo .... 3,524 19,749 13,592 2,986 25.9 •deposits, which are understood to amount to about 40% of total Com. Ind. de S. Paulo 48,143 93,059 106,192 11,990 45.3 cash in these banks. Française p. Bi-ésil ... 2,088 11,405 3,931 1,159 53.1 Increase or decrease of movement of Rio Exchange banks, exclusive of German banks liquidation), April-May 1919:— (in Total, 4 bks. May 1919 69.082 172,848 178,5d2 19,613 38.7 Cash D. & L S. Dpts. F. Dpts. Ditto, April, 1919 .... 86,425 159,739 184,270 18,880 46.9 London and Brazilian. + 1,539 - 714 + 28 + 245 *Included inter. bank deposits not discriminated; London and R. Plate. + 1,597 - 1,234 - 2,489 + 118 Increase or Decrease compared Arith April last: British of S. America. + 908 - 4,288 - 1,638 - 370 Com. do E. S. Paulo. - 9,653 + 5,570 - 5,008 + 249 National City of N.Y +13,430 + 943 + 1,639 + 492 Banco de S. Paulo + 339 + 888 + 1,478 + 133 Am. Forg. Bkg. Conp. + 402 + 1,639 + 1,697 + 259 Com. Ind. de S. Paulo - 7,861 + 6,676 - 1,903 + 414 Nacional Ultramarino. - 1,622 + 8,709 + 6,669 -2,091 Française p. Brésil 16S 5 - 305 63 Portuguez do Brazil ... - 216 + 2.572 - 4,591 + 67i. Hollandische voor S.A.. + 2,666 + 2,815 1.533 + 874 ,+: Total 4 banks -17,343 -13,109 - 5,738 + 733 Cash in the four banks fell off in ali but the Banco de S. Total, +18,704 +10,442 + 2,848 + 198 gross Paulo, which shows increase of 339:000$. Cash increased in the 8 banks, excepting Banco National Ul- Discounts and Loans increased in ali but Banque Française tramarino and Banco Portuguez do Brazil, which show falling pour le Bresil, which shows an insignificant shrinkage of 5:000$. •of 1.838:000$. Discounts and loans net increase of 10.442:000$, Sight Deposits decrease in the aggregate of 5:738:000$, ac- accounted for by increase in ali banks except the three Bhitish counted by increase of 1.478:000$ in Banco de Sao Paulo, but which show falling off of 6.2?8:000$. Sight Deposits increased by shrinkage of 7.216:000$ in ali other banks. Fixed Deposits in- '2.848:000$ and Fixed Deposits by 198:000$ rease of 733:000$ accounted for by increase in ali but Banque —Movement of other Rio exchange banks for which balance Française, which shows falling off of 63:000$. Ratio of Cash to shèets in elude ali their branches in Brazil, in contos of reis;—• sight deposits dropped from 46,9% in April to 38.7% on 31st May. Summary of Cash:— Cash D. &L. S. Dpts. F. Dpts. % Rio City only, ex branches + 18.704:000$ Brazil 80,172 263,601.173,069 46.3 Bank of 34,848 S. Paulo City only, ex branches + 4.850:000$ Française et Italicnne 47,948 67,974 143,162 21,812 33.5 Joint Rio and S. Paulo and branches - 18.865:000$ ítalo Belge 8,491 26/316 20,399 3,526 41.6 Net increase of cash + 4.689:000$ 'Total 3 Banks 136,611 357,891 336,630 60,186 40.6 Ditto, April, 1919 .... 138,133 343,817 323,290 58,824 42.7 Railway News Ditto, March, 1919 ... 145,834 342,322 317,178 54,055 46.0 VHE LEOPOLDINA RAILWAY COMPANY. Ditto, February, 1910 159,547 358,056 333,195 51,134 47.9 ESTIMATED WEEKLY TRAFFTC RECEIPTS. Increase or decrease of movement of above three exchange _ 1_ Receipts for Week' ToUl from banks as compared with April last: Year Week Ended. —— ]sfc Ourrenoy. Exch Sterlintr. Jan. Bank of ;ürazil + 7,907 + 6,904 + 9,808 +1,652 1919 June. 21st. 751:000$ 14 823,428 Français et Itálienne.. - 4,169 + 4,105 + 3,795 +1,033 1/2 £45,554 £ ítalo Belge - 5,260 + 3,065 - 263 -1,323 191b o une. 22nd. 594:000$ 12 29/32 JE 'dl,934 £ 792,919 - Total 3 banks 1,522 +14,074 +13,340 +1,362 increase.... ² j 160í000$ i 19/32 £ 13,611 £ 30,509 •_» ; Cash in the three banks fell off by 1,522:000$, accounted for Decrease.... ² M ² B ¦ M increase of 7.907:000$ in the Bank of Brazil, but decrease of 9.429:000$ French and Italo-Belgé banks. Discounts show an THE 8. PAULO RAILWAY COMPANY. ali rouíid increase of 14.074:000$. Sight deposits increased by ESTIMATED WEEKLY TRAFFTC RECEIPTS 13.340:000$, of which the Bank of Brazil alone accounted for Receipts for Week TOTAL 9.808:000$; Fixed Deposits likewise increase of 1.362:000$, Year Week Ended from Cuirency Exchange 8terling lst January accounted for by increase of 2.685:000$ in Brazil and French banks, but decrease of 1.323:000$ in Italo-Belge. Ratio of Cash 1919 June. 22 61l:323$000 14 1/2 36,934-2-0 771,358-3-3 to Sight Deposits in the three banks dropped from 42.7% in April 1918 " 23 459 270$300 12 25/32 24,458-10- 728,038-13- 3 to 40.6 % on 31st May. * '" "' " " ¦¦!¦¦¦ ¦ - ¦!. T"" ¦ ______, ., _ ._._ — . . - — | . _. , I „ .„., , I ¦¦ ¦ -¦ —-——1 Movement of the S. Paula Exchange Banks, 3lst May, 1919... I The following balance sheets are for S. Paulo City only, ex branches Increase.. — 152:052$700 123/32 12,475-11-3 43 319-10-0 Cash D.&L, S.Dpts. F.Dpts. , % Decrease.. ² ² London and Brazilian 14,782 33,926 30,029 10,666 49.2 British of S America. 9,826 15,863 11,111 4,304 88.4 Comparison with corresponding week last year:—Differences London and R. Plate.. 5,030 6,044 7,041 60 71.4 of exchange, increase, £3,289 Os lOd; meat, decrease, (2:261$20O) National City of N.Y. 7,657 26,040 20,213 1,991 37.9 £136 12s 3d: beans, decrease, (14:782$700), £893 2s 5d; other Nacional Ultramarino.* W ' traffic, increase, (169:096$600), £10,216 5s ld; net increase, Brasilianische fur Dd. iri liq.* £12,575 lis 3d. '¦'¦V;' ¦¦'*'¦• 1 ¦:'.-'¦ _ ,, ,,, July 2nd, 1919. , >\ Í, , , / WILEMAN'S BRAZILIAN REVIEW 21 The Temperature rose ali over the State of S. Paulo, COFFEE still but is dangerously low at some points like iBotueutu. The Local Market was very irregular throiighoút tho week, w.th very little spot business doing, though, even after the appli- ¦cation of Lowest Temperatures, degrees Centigrade:— the Rs. 15:000$ margin brake, a fair amount of fotnvo business was done. June 24th 25th 26th In 27th 28th New York, the future market was Iikewise agitated. City S. Paulo 10.5 8.2 8.3 9.7 10.6 Spot 7s closed on Saturday, 28th, nominal at 23$800 Santos •arroba per ... 13.0 12.0 12.0 14.0 16.0 of 15 kilos, as against 23$500 on previous Saturday.(No Campinas •quotations of "American" "coioury.") __ 10 9g ² 12.0 or Ribeirão Preto The future 6.8 8.4 10 2 11.0 10.0 market closed with July 23$700 sellers and 23$50O S. Carlos Pinhal buyers, 5.0 H.O 12 0 12.6 11.6 as against 27$300 and 27$100 on previous Saturday Taubaté io.O 8.5 7 ' respectively. 5 8.2 10.2 Aãuclos 8.0 8.5 8.0 ² 10.0 At New York Rio spot li were at 23c, as against 22Y2e quoted Brotas 7.5 6.2 8:5 -on previous Saturday and Santos 4s at 11.0 28%c and 7s at 28c, as Rio Claro 7.0 8.0 10.5 «gainst 27%c and 27c respectively. 11.0 9.5 Bragança 10.0 9.0 9.0 ² 12.0 Until one or. the other market definitely get the upper hand, Franca 9.0 10.5 110 real business will continue of a hand tomouth character. 12.0 11.0 Avaré ² 6.0 Very little business is reported from the U.S. and 6.0 for Europe Itu' ² 10.6 10.2 are far too high to 9.0 9.2 prices encourage hopes of an early revival. Faxina ² 8.5 13.2 The growing trade for the Levant, for example, has been 13.0 10.4 Itararé 9.6 8.1 9.1 •checked and even on a basis of 150 francs 50 kilos, 11.9 12.1 per which cost S. José do Rio Pardo... 9.4 10.0 11.0 170 francs to execute, orders ;are insignificant. 10.0 — Botucutu' 54 In spite of the declaratiòn of the Minister of Finance of S. 7.5 — m Paulo that no S. Paulo stock had been sold or is offering, it is Hn .. Entries at the of believed that 1,000,000 bags 'at least will be disposed of by ports Rio and Santos during the week ended 26 June show September. a decrease of 16,604 bags or 12.5 per cent compared with the I previous week, accounted for by increasè of 3,998 bags at Rio, but shrinkage of 20,602 bags Companhia Registradora e Caixa de Liquidação do Rio de Janeiro, at Santos. Compared with the same Quotations for the week ended 28th June 1919. week last year, entries at the two ports show decrease of 65,054 bags or 35.9 per cent, of which 7,767 bags at Rio and 57,297 bags at Santos. _H Highest Lowest For the ¦ ¦-'•¦¦ ¦ :,y.vAyyviyy^ mü Sellers Buyers Sellers Buyers crop to 26th June, entries at the two ports show July 29$000 28$800 shrinkage of 5,773,665 bags or 39.1 per cent, of which 1,008,827 bags or 37.9 August 29$200 29$000 23$700 23$500 per cent at Rio and 4,764,838 bags or 39.3 per cent September 29$4Ò0 29$200 24$000 23$800 at Santos. October 29$500 29$300 24$200 24$000 ' ' : November 29$600 29$400 24$200 24$000 Clearances Overseas at the two ports for the week ended 26th December 29$700 29$400 24$200 24$000 June were larger and amounted to 263,046 bags, as against 253,947 bags for the previous week, of which former 39,595 bags or 15.1 per A Còffee Exchange Sui Generis. In despair of the material- cent were cleared from Rio and 225,451 bags or 84.9 per cent from isation of the long talked of Còffee Exchange, the Rio Curb have Santos. taken matters into their own hands and established an open air Compared with the previous week, clearances at the two ports » exchange of their own at th«| corner of Visconde de Inhaúma and show increasè of 9,099 bags or 3.6 per cent, accounted for by de- the Avenida Rio Branco. crease of 835 bags at Rio, but increasè of 9,934 bags at Santos. - Of the The way it carne about was as follows: a couple of total clearances at the two ports for the week of 263,046 prominent bags, còffee brokers having rented, offices in the third storey of tlie 251,247 bags or 95.5 per cent went to the United States, 11,661 or Produce Warrant Co.'s building, this became the Mecca to which bags 4.5 per cent to the Plate, 110 bags to France and 28 bags to Italy. speculators bent their way and so by a natural process of attrac- For the crop, tion, a ring was formed that is now the arbiter of the speculative clearances overseas at the two ports improved movement. 't. • and to 26th June show net increasè of 466,806 bags or 5.1 per cent as against 3.2 Inconvenient as it must be to transact business out of doers, per cent up to the previous Thursday. "bolsa" Coastwise clearances for the week were small, and amounted in sun and rain, even so the position of the has its advan- to 60 bags, ali from nil tages, being not far off from the offices of the Brazilian Warrant Santos, as against for the previous week. For the crop, coastwise fell Co., with whom contracts must be registered. clearances off, and to 26th June show decrease of 112,207 bags or 36.4 35.7 The motley crowd that infests the and the small per cent, as against per pavement cent up to the Thursday. «afé, in which the speculative fraternity occasionally take refuge, previous counts ali sorts and conditions of còffee men, from the humble, but F.O.B. Value for the two for the week ended 26 June lately enriched Turk or Syrian, to the representa tive s of tive ports again beat ali records, and amounted to bag, as biggest firms of the market. £7.005 per against £6.270 for .the previous week and £4.533 for the crop to The Santos Market closed on Saturday, 28th, with spot 25th June, as against £1.923 for the corresponding period last. nominal. crop. , í July futures closed at 18$375 as against 19$500 on previous Saturday, a decline of 6.1 per cent during the week, with little COffee Loaded (embarques) at the two ports for the week business doing, anl declared sales amounting to 82,000 bags. were larger, 218,084 bags, as against 221,480 bags for the previons In the New York spot market, 4s closed at 28%c and 7s at week and their f.o.b. value £1,726,831 as against £1,367,387 '28c, as against 27%c and 27c respectively for previous week. respectively. July futures closed on Saturday, 28th, at 21.89c, as against 23.15c on previous Saturday, a decline of 5.0 per cent. Sales (declared) at the two ports were smaller, 103,372 bags, as against 147,282 bags for the previous week. .. The Weather was fine throughout the week ended 28 June over the whole S. Paulo còffee aiea. . Registered Sales for the" week amounted to 622,000 bags. 22 WILEMAN'S BRAZILIAN REVIEW. July 2nd, 3919. ¦¦ COFFEE CLEARANCES, RIO AND SANTOS, FROM lst JULY, 1918, TO 26th JUNE, 1919. Crop Crop Week ending 1917-18 1918-19 Inc. or Dec. % 1917-18 1916-17 June 26. United States 5,753,989 3,862,578 -1,891,411 32.9 5,096,760 6,837,720 251,247 France (Continent) 1,033,302 2,522,225 +1,488,923 144.1 1,033,302 2,402,596 110 Cette (Switzerland) 90,792 73,735 17,057 18.8 90,792 Algiers, Dakar, etc. ... 1,837 32,788 + 30,951 1684.8 6,400 72,272 481,450 Italy 1,071,677 590,227 44.9 1,071,677 724,335 28 Trieste and Ragusa .. 78,000 + 78,000 100.0 United Kingdom ...... 9 138,329 + 138,320 100.0 57 583,074 U.K., to order 64,900 + 64,900 100.0 Gibraltar,Malta, Canadá 22,975 85.686 + 62,711 272.9 25,475 13,185 • South África 287,329 150,210 137,119 47.7 287,329 247,257 Belgium 367,356 + 367,356 100.0 Holland 55,043 57,512 + 2,464 4.5 55,059 157,757 Scandinavia 147,671 771,425 + 623,754 422.4 156,209 135,442 Spain, Mellila, Ceuta . 89,797 277,382 + 187,585 208.9 89,115 150,530 Portugal 455 38 417 91.6 2,278 11,371 75,000 Egypt 75,000 100.0 75,000 21,000 16,526 Plate and Pacific 419,374 402,848 3.9 425,174 324,856 11,661 Japan and East 9,061 60 9,001 99.3 9,061 5,004 23,352 Rússia 28,852 5,500 80.9 28,852 7,062 Greece 1,500 67,175 + 65,675 4378.4 1,500 Roumania 1,000 + 1,000 100.0 Bulgária 500 500 100.0 Turkey 6,000 + 6,000 100.0 Total 9,088,668 9,555,474 + 466,806 5.1 9,284,040 11,693,461 263,046 Coastwise 307,897 195,690 112,207 36.4 330,165 305,170 60 Grand Total mt 9,396,565 9,751,164 + 354,599 9,614,205 11,998,631 263,106 :$í Clearances by Flag for Crop to 26th June, 1919:— United States Stocks, Deliveries and Visible Supply, in 1,000 bag* Bags Bags /o Week te Brazil Sorts Only. June 26 1918 1917 British to U.S. ... 654,160 45.2 93,190 Stocks Deliv. V.Sup. Stocks Deliv. V.Sup. To Europe ! 655,841 45.3 14 Jan 1,718 117 2,399 1,970 *220 2,501 Plate and Pacific 136,500 9.5 13 Feb 1,791 115 *2,599 1,823 120 2,405 4 March .... *1,924 Total British 1,446,501 15.1 93,190 140 2,402 1,753 91 2,759 *184 2,034 1,792 131 2,710' Other Flags—French 834,095 8.7 1,420 25 March ... 1,585 ltalian 110,132 1.2 28 1 April 1,507 151 1,921 *2,236 107 2,641 American 2,303,013 24.1 60,368 29 April" ... 1,253 124 1,736 2,158 135 *2,880 Brazilian 2,163,614 22.7 78,024 Dec. 31 535 66 858 1,706 99 2,242 Scandinavian 1,734,391 18.2 22,000 1919 1918 Greek 8,434 0.1 Jan. 6 481 54 884 1,775 105 2,369 Spanish 241,351 2.5 Jan. 13 453 28 893 1,718 117 2,399 Japanese ;.. 588,773 6.2 Jan. 21 443 39 992 1,743 98 2,360 Árgentine 12,866 0.1 6,452 Uruguayan 33,210 0.3 Jan. 28 459 44 888 1,667 122 2,493 Peruvian 15,076 0.2 Feb. 3 506 56 904 1,7,03 103 2,524 Dutch 61,185 0.6 1,564 Feb. 10 530 56 1,116 1,781 115 2,539 Chilian 2,833 Feb. 17 469 63 1,135 1,773 146 2.475 Feb. 24 420 60 1,340 1,703 141 2,462 Total 9,555,474 100.0 263,046 Mar. 3 399 83 1,441 1,924 140 2,402 Mar. 10 .... 496 73 1,405 1,775 150 2,348 í Mar. 17 ... 591 81 1,352 1,707 168 2,218 Mar. Stocks at the ports of Rio and Santos on 26th June show de- 24 939 92 1,481 1,585 184 2,034 crease of 136,153 bags, accounted for by increase of 1,530 bags at Mar. 31 .... 824 116 1,425 1,507 151 1,921 Rio, but decrease of 137,683 bags at Santos, total Brazilian stocks April 7 817 155 1,272 1,485 164 1,822 on same date being distributed as follows:— April 14 .... 749 157 1,225 1,440 158 1,767 Rio de Janeiro, in hands of S. Paulo Govt. 124,131 April 21 733 138 1,218 1,377 130 1,716 Ditto, free 470,838 594,9&9 April 28 742 130 1,250 1,253 124 1,736 May 694 106 1,287 1,247 99 1,780 Santos, in hands of S. Paulo Government . 2,949,454 May 12 716 102 1,204 1,245 100 1,732 Ditto, free 2,036,177 4,985,631 May 19 617 149 1,117 1,163 126 1,747 Bahia, free 26 900 May 26 732 137 1,013 1,173 107 1,933 June 2 589 144 968 lí095 78 2,198 Stock at three ports on 26th June, 1919 5,607,500 June 9 645 156 933 1,188 81 ,2,241 Stock at three ports on 19th June, 1919 5,741,253 June 16 .... 495 150 1,109 1,333 78 2,255 Stocks at three ports on 27th June, 1918 6,539,888 June 23 .... 334 161 1,077 1,335 98 2,158 ,¦ Vyy * '. '¦•'.'"-'' •¦/'•' ¦¦¦.'.'¦ :¦' ¦¦-..'¦ ¦ July 2nd' 1919' WILEMAN'S , •.'(¦.¦.¦.-;f!/ji I BRA5 23 Havre:— 1918 1917 I Sale of one Millian Bra-il Other Total Brasil Other Total Bags of s. Paulo Stock the Reported í T Cause ofweakness ° * ^an *1,651 1,011 292 2,203 at New Yerh...The slump at New | WO #297 -O YeA eX ***** plamed by Gerreio da Manhã", in its | i'300 269 1,569 *1,947 303 2,250 issue ef 27 Jnne, as 22 Feb *1»*0G 239 1,645 1,917 308 follows :-At the close of May the value I 2.226 of S. Paulo Government 1 Mareh stocks reached Rs. 270.000:000$. .... 1,353 233 1,586 1,920 *309 2 229 Taking advantage of the rise I| 28 Mareh • S°ld 1'000'000 ... 1,343 214 1,557 1,916 299 «2 315 STiJ h*& at * great profit to the ttUnited States: forf° reconstitution I 27 Dec 95 58, 143 1,365 299 1,664 of depleted stocks. Another cable from Havre, dated 27th I "Jornal June, was pub- 30 Jan7 1919 1918 lished by the do Commercio" | 70 53 123 1,360 297 1,657 of this city:—In view of persistent reports of the | 10 Jan. ... 57 47 104 1,341 287 1,628 renewal of nêgotiations for purchase of 3,000,000 bags of S. Paulo | 7 Jan 46 41 87 1,335 278 1,613 Government coffee, the Executivo Coun- cil of the National Assoçiation 24 Jan 31 34 65 1,300 269 1,569 of the Commerce of Coffee, whilst | formally against | 31 Jan 19 27 46 1258 259 1,517 protesting any fresh interference by the State m the 7 Feb 14 32 46 1,266 250 1,516 purchase or sale of coffee, is disposed to take into considera- | tion 1 u Feb 31 19 50 1,284 245 1,529 proposals for direct purchase from the S. Paulo Government 21 Feb of or the whole of 1 66 17 83 1,406 239 1,645 part the coffee in question. These rumours 1 28 Feb 101 15 116 1,353 233 1,586 elicited the following categorical denial on ! he 7 Mareh ... 139 13 152 1,266 250 part of the S. Paulo Government. j 1516 14 Mareh ... 101 12 "In reply to telegram | ,. 113 1,301 ' 223 1,524 your I declare that up to date the State 1 21 Mareh .... 65 15 80 1,347 218 1565 of S. Paulo has not disposed of nor is in treaty for sale of any of | 28 Mareh ... 169 17 186 1,343 214 1,557 its stock." 1 4 APril 184 18 202 1,337 208 1,545 This would seem conclusive, were there not independent 11 April | 155 28 183 1,329 216 1,545 evidence that part, at least, of the S. Paulo stock had been offered 18 April .... 189 32 221 1,325 213 1,538 | to the French Government and that Dr. Paulo Prado is still en-. 25 April I 318 36 354 1,217 212 1,429 gaged in nêgotiations. 2 May 244 37 281 1,204 208 1,412 | By letting go part of their stocks, the S. Paulo Government I 9 May 236 50 286 1,176 202 1,378 would not only do good to French consumers, but realise a , and- 1 16 May 210 71 281 1,158 198 1,356 some profit and put a check to the reckless speculation that is 23 May 177 68 245 1,144 196 1,340 a menace to legitimate trade. The higher speculators are 30 May ... 292 87 379 1,130 193 1,323 permitted to push prices, the more difficult will it be for the S. Paulo ^ June 321 115 436 1,108 187 1,295 Gov- ernment to sell without provoking a debacle that would affect not - 13 June 322 145 467 1,095 184 1,279 speculators alone, but the whole market. 20 June .... 402 183 585 1,075 182 1,257 With free stocks at Rio, Santos and Bahia down to 2,507,015 27 June .... 562 202 6 764 1,046 178 1,224 bags, of which 800,000 are said to be already in exporters' * Maximum hands, and another. 800,000, perhaps, are unsuitable for American mar- ¦ kets, stocks available for export on the eve of the smallest iBra- zilian crop on record since 1895-96, when the Rio and Santos crops Quotations:— totalled 5,480,000 bags, there is no knowing to what height specu- Spot Near Ria f.o.b. lators may coffee, unless the S. Paulo Government comes to Ezoh. No. 7 Rio Options No. Cost O.At. push Store N. T. the assistance of the trade. 1918 Pence Cents Cents Rs. Cents Cents 1 ¦ :.;! On the supposition that Santos shipments will ín no. case be arrivals of direct importãtions: Prics have àgàín advànced andí mjjch under those 1918-19 and that-no duty pf (7,500,000 bags). are; now higher than since- 1887. T,hat present prices are veryr: was on Government 'coífeesy; tho- situation would be< as payable high no one denies,, but thè optimistic -sentiment now prevailing follows:—¦ ..,„ .,,..:}•: ,t ílí.Yí .thrpughout our country, which is forcing prices upward, has itsV At 700 reis kilo or 3$780 ..bag on peri per 2,000,000 . influence on the Coffee market.. Just so long as the present bags actual stocks,.plüs 4,000,000 new entries, a specúlative craze continues, prices may be sustaineclpr even for-j- total of 6,000,000 bags 22.680:000$ ced. still higher. The price of Coffee has reached a figure where- At; 2$130 kilo or 10$422 bag per por 62.532:000$ the risk of carrying stocks is too great, when the chances of irofiW There is an agitation afõot to reduee the ad valorem duty from lj. or loss is considered, and the percentage of profit reduced to. 9 to 8,' 7. or even 5 cent, for which, however, per there would seem about 1%. The' Bulls must continue to buy to hold the market; tobc no in view of.-th© iüstification, enormous. profits realised hy oi-a decline will follow. It is for these that it may appear desir- tho holders of the actual stocks of 2,000,000 bags and the still : able ftír the coffee merchánt,, avhose business requires his carryng more enormous expect to from of prices planters reaíise the sale. a eomparatively large, stock, shoi^d hedge a of his holdings, the coming short crop. ¦• •, • part , : .,• by selling futures pn the Coffee Exchange. A merchánt cannot afford to'reduee his stock tmduly, vásit Avould curtáil his business^.; Rio and Minas He should carry as near a normal quantity as but by Coffee Crop. jn the report just presenteei to possibile, the Minister hedging a portion, make the Buli operator carry a of this; of Agriculture, the Junta dos Corretores (Brokers) part load with the attendant risk. ííi/case of further of this city, state that entries of new crõp coffees so far do not a advance, The part hadgéd.wiü always be at the market, with authorize conclusions 5as to quality.. Y:T" .£', the advantage- of being on hand. In case of The southof Minas suffered like S. Paulo from the effects of a decline the cost of his stock will be cheapened. The visible supply frost tha;t destroyed 40 per cent of existing trees and 30 cent of Brazil Coffee for the United per States is dereasing, of yoúng trteès in that State and reduced. estimates of the current being 948,497 bags against 2,211,046 bags (1919-20) crop"to 3,000,000 only. last year and freer clearances are needed. Several steamers are now loading which Ih the opinion of màriy planters the 1920-21 crop will be like- it is hoped will soon sail. We learn today that there wise small, in view òf the scarcity of labour for weeding and up- is a strike in Santos pf the warehouse labourers which. keep of plantations.- ';* . is interfering with shipments. T&e.; strikes of the dock labourers. and railroad employces are settled. Minas coffees are exporfced via the State of Espirito Santo, Bahm .(Caravellas), " The exports from New York S. Paulo and tho port of Rio de Janeiro. toYEurope this month now amount The to about ;90,000 bags, and are included in our quantity available for export via the port of Rio de deliveries. Of these- Janeiro, about 27,000 bags were shipped estimated by the Centro de Café at 3,000,000 bags, : will to Denmark, 18,000 to Norway,. in 15,00 to Havre, 9,000 view of the higher prices .obtainable at Santos, be under that to HollandJ;, 6,000 to Greece, .3,500 to Bel- figure. gium and the balanço elsewhere.' Stocks in the Brazil seaports show . Cqffpo :produced in the State pf Rio cie,Janeiro is shipped.at little change and now amount to 6,416,000 bags compared" tho of with 6,582,000 bags last ports Rio do Janeiro and Nictheroy, as also is part of the year: Of the stocks in Brx.zil 3,000,000' production of Espirito Santo. bags are withdràwn from the market by the S. Paulo Government The Minas 1919-20 crop is estimated by the Centro de Café and are worth at present over three times the original cost.. That at 3,843,400 bags and that. pf. the State of Bip de Janeiro ,afc it is desirable to realize such an enormous profit now running into 1,068,750", making 4;912,150 bags for the two State', s' over |20,000,000 there is no doubt Brazil appreciates. The pro- The idistricts producing 100,000 bags and over are: Caraiigola, blem is how it can be accomplished without breaking the market. and S. Sebastião clò Paraíso, 300,000 each; S. Paulo de Muriahé, It might be said that after advancing prices, through the help of 200,000; Bom Successo, 196,000; Ponta Nova and S. OttonC the frost in 8antos last June,;'and their purchases, they now find 150,000 each;,S.; José.d'Alem Parahyba, Jacutinga themselves unable to disposej of their holdings and Leopoldina,"Ma- and at the same 120,000 each; S, José ctps Boídhos, 110,000; Cabo Verde and time sustain the market. That efforts have been made to dispose zámbinho," 100,000. ,.rY • of a large portion of their stocks il well known, but so far without: In thè Statè of Rio, the maximum is 90,000 bags for S. Fran- success. It will be rememberècL.that the present stocks pf coffe© cisco de Paula, and the average for 39 districts 30,000 bags. in the world are practically as large as ever khoAvn and that the For the 124 districts of Minas, the average estimated produc- crops begining July lst for Í919-'20 are estimated as much as 13 tion is 31,000 bags. to 15 millions bags; that there may be a fairly good surplus of: from 10 to 12 million bags left over to start into the 1920-21 crop.. Coffee Damaged by Fire at Santos Docks Belonging to the S. These figures are based upon a worhPs consumptian of 18,000,000^ Paula Government. On account of the S. Paulo Government and bags, wliich at present values will probably not be reached, owing fire the msuranee companies, respectively, Messrs: Junqueira to smaller stocks being carried in th© so-called invisible supplies.. Guimarães, Leitão A Co. and 'There Ed. Johnston A Co. will receive is iio scarcity of coffee in the world. It is in abundant sup- tenders for of 35,643 "uture- purchase bags of coffee, of which 26,917 of 60 ply, but unfortunately is unevenly distributed. The Santos kilos and 8,726: of 50 kilos, belonging to the S. Paulo. Government. market has been more active with moderate fíuctuations and as Samples of the salvagé coffees may be inspected at the offices of we write is unchanged to 13 points decline from last Friday.. The the first named firm. Conditions for delivery and pàynienfc'•". will spot currency prices of Coffee in Brazil have advànced, as has alsp> be in aceordauee with the usage of the market . :' /¦' Brazil exchange on London, which is to the advantage pf coffee holders. Ordinarily, when exchange advances the currency '¦-i>*:, pt;iee> declines. ^ . • —The Circular of Dnuring & ,Zpon of 3.May states - that Deliveries pf Brazil Coffee Sn th© United States are good'. limitation of. entries of coffee 'Waiting into Holland has been supprossed, For the. 27 days of May they are £88,570 bags against 5*56,346 baga, but whilst the peace Rotterdam market is quiet. Ex- in April and 416,933 bags in May a year ago. however, is port, prohibited Until recònstitution of stocks. ,: Coffee Futures.—Trading has been active with frequent sharp- ;:*íL;íí.'<•.•??¦ fíuctuations. Prices on Tuesday for July equaíed the high point and for other months within 15 to 20, points of those reached last —Circular of Minford, Lueder A Co, 29 May, 1919:—Trading ^©ek; Prices have now risen to a figure that continued buying: since our last reports has been active, but between principaUy will be.required to sustain the market. It will-be no easy task Importers and Jobbers. The demand from interior buyers has after an advance which has exceeded the expectations of the nost not been so large, owing to the recent rapid advance, the diffi- sanguine to force prices higher and any attempt to liquidat© cúlty of securing satisfactory selections and also from the fact large holdings would probably cause à decided decline. Many «on- that many of the larger buyers are fairly well supplied through servative bperãtors consider the present market dangéròusly higk July 2nd, 1919. WILEMAN'S (BRAZILIAN REVEBW. 25 CQMPANHTA COMMERCIAL DE SÃO Pattt n 8Ã0 PAULO RIO DE JANEIRO fiüa SANTOS Aíiraires Penteado, 30. Rua General Gamara, 90-Sób. Caixa do Rúa José Ricardo, 35 Correio No. 1,113 Caixa do Correio No. 130 Caixa do Correio No, 482. CABLE ADDRESS "WY8AKÍ)» Mftnaglng DiPéetÔp: Edwãíd W. Wysàtd. (Jfcmber of the British Chamber of Commerce of São Pa„^ Exporta Of: COFFEE-BEANS-RICE^-LARD and otheí Braiilian Produce "} IMPORTERS - COMMISSIONS - - CONSICNMENT CUSTOM HOUSE DESPATCHINC IN SAfclTri* AGENTS for the EXPORT DEPART_tE«T of the LOIÍDON _IERCtíANT SULE AGENTS ÉANK tt. t - for Meggr,. FAftQDHAR & tf_tifl_S-™^l8é_&. W_;,__°nd°11 and bèliéve in taking the risk o nthe sellig whenever side bulges COFFEE LOADED pecur àiid covering on sharp declines. (EMBARQUES) During the week ending June 26th, 1919. 1W BAGS OF 1 æ 50 —jKILOS • - - ¦ | nUIUNe WKKK KNDKl.» FOB THR OHÜP TÜ Coffee Statistics 1919 1919 1918 1919 Jun.26 Jun. 1918 19 Júu 27 Jun. 26 Jutt. 27 ENTRIES. llf BAGS OF 60 KILOB Rjd.i.;...i..i.:-..;....;..;... 33,799 26,778 36,308 1.616,085 ..084^95 During the week ending June 26th, 1/919. Nidthéroyii.;i..i..,..i.i;... —i — — — _1 — In transit... A ~"' a ² ² _ Total Rio including Nictheroy: ² — -.' 33'_" 25'778 36.308 1.8!6<985 FOR THE WKKK ENDED FOR *Mt0ÚHanío_trai,",ki***""'1 2 084.496 THlfi CROP TO 212.716 192306 185,172 iMm ¦ ffiS»?! KIO ² L June. 26 June. 19 Total Rio A «amos. June. 27 Juue. 26 f June. 27 2i6téH 3l8|084 .mAhQ 9)799^ 1918 1Ü19 1918 (019 1918 L ==a======±====r—i-- ¦ $0$fe " I ggjè M .¦--¦ •¦ ...,.:; Ueolral and LeopoldinaN ~ ~ a $?••'•. ' 37.442 36.552 46.507 1.491.917 2 527 OUR OWN STOCK. The total entries by the different S. Paulo Railways for the Crop to Juue. 26 IB BAOB OF ft KILOB. 1-19 were ai íoliows: Per '¦¦'¦íA-Aí- , - ¦ 26 WILEMAN'S IBRAZILIAN REVIEW. July 2nd, 1919. *¦( -,••, r- ¦¦¦¦-•¦ >¦•:. COFFEE PRICE CURRENT. 23—TAPAJOZ--Í, York Comp. Prado Chaves... 30,00a' Ditto— „ Nautnaan SeÜn & Co 13,500 During the week ending June 26th, 1|919. Ditto— ., S. A. Casa Picone 5,466 Ditto— ., S, A. G M. Wjivhl 5,000 . i ¦ i æ ~^ Ditto— „ ; Comp. Paul. de Export. 5,000 June. June. June. June. Jutie. June. Aye- . Ditto— Hard, Rand & OoV ....„ 4,750 Ditto— „ J&ssouroun 20 21 23 24 25 26 r«ge Jue |8 Irm. & Co; 2,973 Ditto— S. A- Levy '. 2,500 Ditto— „ l>o laconr & Co. 2,000 ::y, RIO— milreis — Ditto—- „ J. 10 kilos 15.837 16.580 ² ² ² ² — de Sequeira & Co. ... 2,000 per 16.613 Ditto— „ Baccarat Market N.« lúks. 16.035 16.784 18.452 18 452 16.410 16.935 '¦— & Co 1,500 15.422 16.171 ² ² ² --¦• ¦¦ —te: Ditto— S. Franco Bresilienne ... 1,000 75,683 . N. 16.621 16 375 18.044 18.044 ² 16.001 »6.526 16.205 — 24—TUCKAHOE-N. 14.878 15.626 ² ² a ² — " Orleans Silva Ferreira & Co.. t N. 15.082 15.831 17.499 17.499 ² 15.456 15.981 15.660 Ditto— „ E. Johnston & Co. .... 14 333 14.741 ² ² a ² —. - Ditto— Naumann I5.H5, Gepp & Co.. . N. 14,537 15.286 16«954 16.954 ² H.911 lo.388 Ditto— S. A. Casa Picone SANTOS- milreis ...... ... Ditto— S À. Casa Levy per 10 kilos. . '.' Ditto— „ Hard Spot No. 17.800 ² -~ lS 9'° -* nom- Rand & Co Ditto— „ >R. A. Toledo & Co. ... ² l7-90C B — Ditto— Spot No. 7 lQks. 16.800 ² ² .' nom. ^Comp. Prado Chaves.. Ditto— Leon Israel & Co. .... Dittò— «T. yOKK, cent. Baccarat & Co. per lb Ditto— Nioac & Co Ditto— De Lacour No. 23- ² ² ² 23 & Oo .'.', Spot Rio 3/4 ² — 23 1/2 Ditto- !S. A. C. M. Ditto— Wright .... Soe. F. Bresilienne » » No. 22 1/2 ² •-. 23 1/4 ² — 23- íatto- .... rJ. C. Mello & Co Ditto— Spot Santos No. 27 1/2 ² ² ² 29- ² — 28 1/2 .ÍJ". Campos & Co 60,368 25-PERSIAN » No. 27- ² ² ² 28 1/2 ² — 28- PRINCE- N. Orleans Leon Israel & Ditto— Co. J- Aron & Co. Options — Ditto— . Grace & Co. ....:.. Ditto— . ;E. Johnston & Co « ª 21.65 23.15 24.20 22.70 21.20 22.50 22.56 Ditto— . -João Osório July 21.89 Ditto— «Sept ª 21.55 23 05 24.10 22 60 21.10 22.60 22.60 . .Naumann -1.69 JOltío— ¦S. Gepp & Oo. « Deo ª 21.00 22.50 23.65 22.15 20.65 22.15 22.01 A. Casa- 21.04 Ditto— Picone Hard, Rand HAVRE » 50 Kilos Ditto— & Co. ¦ .Freitas L. Nogueira trancs. Ditto— ... July .... ª ² ² B B B B _. . S. A. Comp. Gen. Com. nom> Ditto— • fJ- S^t .... >» ² 202 202 200 189 198 201.60 Ditto— de Almeida Cardia. ª ² 202 202 200 189 198 J- O. Deo 201.50 Ditto— Mello & Oo Soe. F. Ditto— Bresilienne LONDON per cwt June. V. Ferreira & Co. Options:- 27 Ditto— "iH. L. Wright shillings July.. 112/6 U2/6 119/- 122/- 117/- 117/- 116/8 120/- 85,190 8ept... 112/6 112/6 119/- 122/- 117/- 116/9 116/7 120,'- .,,.?• Dec... 110/- 110/- 116/6 119/- 122/- 115/- 115/3 118/- Total overseas — 223 451 SANTOS—COASTWISE. 22-FLORlANOPOLIS-R. Grande MANIFESTS OF COFFEE. Andrade Junqueira 50 RIO DE JANEIRO, 24-Oyapock-Cannnéa Luiz F. dos Santos 10 During the week ending June 26th, 1919. Total coastwise 60 ' Ditto— „ E. Johnston & Co '2,500 Ditto— „. ....; Louis Boher & Co 1ÍO0O 8,000 VICTORIA. GLENOROHY—N. 20—FAGER—N. Orleans Ornstein & Co 11*750 York •' A. Prado Ditto— Ditto— & Co...... 2.C00 „ Grace & Co 4,000 .. •••-' Vivacqua & Irmãos Ditto „ Leon Israel & Co 2,250 1,500 3,500 Ditto— „ Sidney Cox & Co 2,000 Ditto— „ Ä pinto & Co 2,000 22,OC0 PERNAMBUCO 21-MALTE—Montevideo Castro Silva & Go~. -r" 700 MARKET REPORT. 21—DUPLEIX-Havre Ravitaiilement Franp. — 108 Pernambuco, 20th June, 1919. MUCURY—Havre Sundry Shippers — 2 .. Sugar. Entries to 17th have been 26—ASTURIANO—B. 82,165 bags, against 128,573 Aires Jessouroun Irm. & Co. 1,350 bags last month and 34,447 -..,-,. Ditto— „ Hermanos Barcellos ... 1,(3170 bags last year for same date. The Ditto— Exchange has been steady „ .....j. Hard Rand & Co 1,000 and the prices paid to planters for old Ditto— „ Roberto dò Couto 1,000 style sugars have been firm. í • >:i , :n»tt,n— „ __. Castro Silva'& A few usinas have been on offer Co 200 past tew days, but r, Ditto— .. Norton Megaw & Oo.... 60 quality is not very grand and best ob- Ditto—Punta Arenas tained price Castro Silva & Co 1,082 was- 11 $100 to ll$500 agranel. Crystals have .Ditto— .. Norton Megaw & Co.... 690 not been on 6,452 WhÍteS 3a bFÍng 8$4O0 ™_ín # to 8$800, somenos 7$400 to 26-MOS90RO-B. Aires Ornstein & Co 7$800 and bruto secco Ditt0"" l^iT 5$400 to 6$000 and really good quality and •••••••• Jessouroun Irm. & Co. 1,000 2,333 ot light colour fetches even better price, but such quality is ex- ceedmgly scarce. Dealers do i '-,,.,;- . .Total overseas — not make any change in their 39,595 tions foi-the quota- bagged article; good qualities are firmly held and buying these SANTOS. days is a case of bargaining and depends entirely During the upon week ending June 26th, 1(919. quality and delivery. Shipments during the' week have 17-GARlBALDI-Consumption been: Rio 6,009 bags, ... Silva Ferreira & Co. .. Santos 69,440 bags and Northern porfcs 28 900 bags. FRISIA-Montevideo Comp. Leme Ferreira .. r»;»t^. t» . ».¦-._ " 500 P.S., 12th June.-^-Heavy Ditto— Baccarat & Co. . rain has fallén in the interior. Ditto— 350 Planters Ä " J. de Si queira & Co.. . 250 differ as regards the coming crop, some saying that Ditto— .. '„ Raph. Sampaio Ditto--Buenos & Co. 50 canes being only 12 inches high, Aires Hard, Rand & Co...... 214, very fayourable weather will be Ditto— requisite to fit them Geo. W. Ennor 200 1,564 for grinding, whilst others maintain that the canes 22—MALTE—B. '...... '.: cann^ ^ cut before February, or March. Ali how- Aires S. A.'Levy t j„ 510 agree, Ditto ever,.that the 1920-21 crop ,. :.... v.l. Leite, Santos & Co 102 612 will be a wretched one, as few planters will have ' ^y:[ suffiçient cane to replant thèír cíops. | ; % * "^ '/¦¦,'.''' .'¦-,"'*¦¦¦"'¦¦",''¦¦'-'¦¦'': ''.¦¦ ;Áí:.-a/Ia' ^¦¦¦.' ^" v''-^v^l'-"."'\ ;'.":'¦''./-.'-"'V, .;£ July 2nd, 1919. WIIiEMAN'S BRAZILIAN REVIEW 27 .Cotton. Entries to 17th have been 10,799 bags against 9,479 May 17lh, 1919 bags last month and 7,780 .:...... 5% 3$750 bags last year for same date. The mar- May 24th, 1919 ket opened firm, with buyers 5% 3$550 nominal at 42$ and a few bags were reported June 7th, 1919 5% sold at this figure on 14th 3$600 to shippers for first quality only, and . June 14th, 1919 5% this has continued to 3$600 be the-position ever since, without any ,;: June 21 st, 1919 ...... 5 further sales 3$4Q0 nominal reported, as holdèrs are sticking out for '3$, but June 28th, 1919 although the market *Maximum, ,:...... 5% 3$500 is decidedly firm at 42$ with severa! buyers, 1917. tMaximum, 1918. they will not spring so far to 43$. . There. is not much stuff offered at this price as the larger holders have ideas of 45$ up- wards. To-day there is a small lot on the market at 40$ without guarantees, but so far nothing has been done, buyers fighting shy of these unguaranteed cottons, which are more likely to turn out SUGAR ali mediums than ahything else.- Shipments during the week have There were no shipments of sugar at either been:. Rio port of Rio or 1,522 bags and Santos 300 bàgs. Y ,7 Santos during the week ended 25th June. 21st June.—Sales at 42$ were large, comprising Exports 1,000 bags of the new Campos crop will icommence shortly. to factories and 2,000 to shippers for Américo south and Liverpool. Late Ney & Co, and Américo Soares & Co. have otbained yesterday a small lot was shippers hcences from sold to at 42$ firsts only end the Food Controller to ship sugar to, the Plate. afterwards about 500 bags to local factories at same with —Rio Market price closed on 25 June steady, with prices unaltered 25 cent To-day .market opened Very firm, as follows, kilo:—White per guarantee. without per crystals, $760 to $820; ditto, 3rd sellers at this sort, to price. $7190 $800; yellow crystals $690 to $700; mascavihhó, Còffee. Market continues firm, with buyers at 21$, but ow- $640 to $700; mascavo,; $520 to $570. , ing to scarcity, there is very little business passing. The movement for the week ended 25 June was as follows, Cereais. There continues to be a steady demand for ali kinds in bags:— ! for local consumption. Milho is firm at 21$ per bàg of 60 kilos. Stock on 18th June ...]..... 100678 Beans unehanged at 24$ to 25$ per bag of 60 kilos for imports Entries during the week 22 358 from south; of home grown there is no, stock. Weather. Generally the past week has been fine and it began Available ...... 123,036 to look as if rains had ceased, but early this morning there were Deliveries during the same : ¦1.7^981 3 week ] some nice showérs again. In the interior reports are that every- thing looks green and fresh once more. Stock on 25th June, 1919 105.055 Freights. There is nothing new as regards rates. The s.s. The movement compares with the previous week as follows;--- Student goes to Bahia to dischafgè coal and will return here after- Entries, increasè of 10,543 bags; deliveries, decrease of 11,117 wards to load anything that there may be for Liverpool. bags; stock, increasè of 4,377, bags. , •/;:,: 14 with —Pernambuco Exchange opened on 14th with collection at 7-16d, Market closed on 25th June steady, with pr ipês 14Ad in Banco Recife and Bank of Brazil and 14 17-32d in Ultra- quoted as follows, per 15 kios:— >: marino, and after Rio news rajbe for business was 14%d. 15tb, 25 June, 1919 18 June, 1919 26Jne,'18 Sunday. 16th, collection at UAd, with 14 7-16d and 14 9-16d in Usinas, superior 11$100 to 11$500 11 $100 tò 11 $500 n.q: some other banks, but general rate for business was 14K, and Third sort 8$800 to 9$200 8$400to 8$800 7$200 there was very little money at any rate. 17th, collection at Somenos 7$600 to 8$200 7$400'to 7$80O 5$950 14 7-16d, with 14 15-32d in Ulríamarino, 14% in City Bank and Brutos seccos ... 5$000t ó 6$000 5$000te 6$000 4$150 14 9-16d Bank of Brazil, but after Rio advices the rate for busi- Other sorts not quoted. ness was 14 7-16d, without finding money thereat. 18th, collection Entries for the week ended 25th June amounted to 24,100 at 14 3-8d, with l-16d better in Banco Recife, American and Bank bags, as against 22,000.bags for the previous week and 9,500 bags 'was of Brazil, but ali day 14 7-16d obtainable for any business. for the corresponding week last year. According to the Associa- 19th, holiday. 20th, opening rates are same as 18th. ção Commercia of Pernambuco, stock at that port on 25 June amountel to 328,800 bags, as against 421,700 bags on same' date "\ ¦¦ last year, ":'''A'''i. . -•"•-. RUBBER —Later advices from Buenos Aires are that prospects for -he crop at Tucuman are the frost, will Cable Quotations tor Hard Fine. London per lb. and Para per kilo: unaltered and that reported London Para not materially affeet the output. h. d 6th October, 1917 .'...:?. *3 4% 4$300 BkBraa. March 23rd, 1918 2 %A Í4$100 Annòuncement to the Trade. Annõuncement has (been nade April 27th, 1918 ., c3 2 14 $200 market by the AVar Trade Board, Washington, D.C., that guild-numbers September 14th, 1918 .!:... Í3 8 3 $800 and import numbers are.no lpnger required for the export bf sugar December 28th, 1918 ..!;:.... 2 6% 3$850 to Denmark. However, application for export license should be January 4th, 1919 .....l!:... 2 8 3$900 made to, the War Trade Board ás üsüal.—U.S. Sugar Èqüilízatión 1919 i...... :. 2 7 4$000 ' January llth, Board, Inc. '•v",>" .;.- • ; ¦¦ * January 18th, 1919 ...:Ày. 2 6A 4$000 January 25th, 1919 .....;...... 2 bA 3$900 2 3$850 February Ist, 1919 ^6 ' ' -V' ¦ - v' ¦ ¦. 3$800 ..-¦ February 8th, 1919 k. 2 8 COTTON : February 15th, 1919 ..;«;.. 2 5% 3$750 Pernambuco market closed on 25th June firm, with buyers February 22nd, 1919 2 5A 3$700 retired and sellers offering Ist, sorts at 43$ per. 15 kilos, as March Ist, 1919 2,5% 3$750 and 59$ on same date last 1919 .v.. 2-4 3$775 against 42$ on previous Wednesday March 15th, ••' ', '¦.,-/.;'.;:; "_.' March 22nd, 1919... ),..... 2 4 3$700 year. ^.,-, 25th amounted to 4^100 bags, March 29th, 1919 ...... u. 2 4 3$700 Entries for the week ended June the week, and bags for April 5th, 1919 18% 3$800 as against 5,400 bags for previous ^,800 For the crop from,l.Sèpt.tp April 12th, 1919 ...... u.. 2 5 . 3$800 the corresponding week last year. 130,500 bags, as against 209,400 v April 26th, 19Í9 .' 2 4A 3$600 25 June,;" entries amounted to last crop. Stock on Juhe, ¦ yrrryriiiiVi, May lOth, 1919 ...... 2 4% . 3$600; bags for the corresponding period ^ 28 WILEMAN'S BRAZILIAN REVIEW July 2hd, 1919. 60.400 bags, as against 58,900 bags on 18 June and 24,100 bags on —S. Paulo Market.—Nothing doing for export and prices same date last nominal. year. /. —Stock at this port on 2Sth June amòunted to 13,116 bags, as —Riq Market closed on 25th July firm, with sertões quoted against 13,477 bags on previous Saturday. This stock leaveS tio at 36$ to 37$ per 10 kilos, a.s against. 35$ to 35$50G on previous margin for export. ¦¦•-¦:¦ ,. , \r <-.v vj . ! Wednesday; lst sorts, 35$ to 35$50Q, as against 33$500 to 34$; to 30$ to 31 and mediums 33$500 34$, as against $500. W>Í1 The movement for the week ended 25th June was as follows, MANDIOCA MEAL. Shipments át the òf Rio and San- in bales:—. ports tos during the week ended 25th June werè as follows, in bags of Stock on 18th June ..,.....,...... :,.;,...... , ...;. 25,029 50 kilos:—June 20, s.s. Dupleix, Riò-Havre, G: Larue &¦ Có;, Entries during the week .'. f. 5,700 per 4,300 bags; June 22, s.s. Amiiral Villaret de Joyeuse, Rio-íH^ '& 'Co. per vre, G. Larue 4,700 bags; total for week, Rio 9;000 bags, Available .....; ...... :.....:.... 30,729 valued at £9,477, as against 107 bags valüèd at £113 for the Deliveries during same week 548 pré-, vious week. Total exported durma thé year to 25th Juné 194,476 bags valued at of wh1ch^±8q,944v bags valued át ;Stoçk on 25th June, 1919 30,181 £1$8,985, £184,938 from Rio and 13,532 bags or £14]047 from Santos. * Entries during the week were heavy and show increase of —Both Rio and Santos markets showed no interest for export. 3,211 bales, as compared with the previous week; deliveries on the during the past week, with prices quoted ás follows, per bag of çontrary, were small and show decrease of2,4S0 bales; stock shows 45 kilos: Porto Alegre, special 15$ to 16$ ditto, fine 13$ to 14$; 9J ; m increase of 5,152 bales. ditto, coarse 9$500 to 10|000. . —Liverpoql market closed oh 25 June steady, with rise, of 75 —Stock at this port oh 28th June amòunted to 109,,394 bags, to 112 points as compared with previous Wednesday and prices as against 114,034 bags on 2'isj; June. This stock leaves plenty •quoted as follows, per lb:— , of margin export. A ¦-.,... .^ 25 June,'19 18 June,'19 26 June,'18 Pernambuco fair 22.65d 21.70d 25.80d Maceió fair 22.65d 21.70d 25.80(1 American fully middling spot.... 20.65d 19.90d 21.83d CO€3ÒA Ditto, futures, July 20.00d 18.88d 20.98d Ditto, Oetober . 19.12d .. 18.02d 19.38d Shipmeus of cocoa at the ports of Rio ajid Bahia, according to manifests réceived during thè1 week ended 25th June; in bags —New with rise of York market closed on same date steady, of 60 kilos:— 190 to 230 as compared with the Wednesday and points previous Manifests Bahia. June 19, s.s. Tennyson, New York, Sun- as follows, lb:— prices quoted per dry Shippers, 3,050 bags. 25 June,'19 18 June,'19 26 Jne,18 Port of origin. American futures, July 32.95c 31 ..05c 28.27e Destination Rio Bahia Total Ditto, Oetober 32.74c 30.40e 25.70c New York total for week ...... — 3,050 3,050 Total, 1 Jan. to 25 Juné, 1919 í\ c 11,776 462,865 474,/>41 F.O.B. value for thè week .¦..£ — 14,362 14,362 BEANS* Shipments of beans at the ports of Rio and Santos Ditto, 1 Jan to 25 June 1919 .;?£ 60,009 2,088,026 2,148,035 during tho week ended 25th June were as follows, in bags of 60 Shipments for the week wéfe small and amòunted to only kilos:—Dupleix, Rio-Havre, Ravitáillement Française, 223 bags, 3,050 bags, at Bahia, as agàirist 8,250 bags for the previous, week valued at Total shipped from 1 Jan. to 25 June, 366,847 £305. and nil for the corrèsponding week last year. For the month to or bags, valued at £495,363, of which 28,507 bags £38,336.were 25th June, shipments amòunted!to 19,423 bags, ali accounted for accounted for by Rio and 338,340 bags or £457,027 by Santos. by Bahia, as against 88,320 bags for the corrèsponding periqd —Rio market continuéd without any interest for export. last month. For the year to 25 June, exports from the twp ports Demand for local consumption and home ports was more active amòunted to 274,641 bags, valued at £2,148,035, as against 282,535 during the week, market closing steady with mulatinho at past bags for the corrèsponding last of which first 11,776 17$ bag of 60 kilos, as against 14$ to 22$ for the period year, 16$ to per pre- bags were from Rio and 462,865 from Bahia. yious week, according to quality; whit.es. 24$ to 25$, as .against 23$ to 25$; b.lack superior, 18$ to 21$, as against 20$ to 22$; ditto, fair, 14$ to 15$, as against 15$ to 16$; Porto Alegre coloured 22$ to 24$, as against 18$ to 20$. MEAT —S. Paulo market continuéd likewise without interest for export. There were no shipments of frozen meat at either port of R o —Stock at this port on 28 June amòunted to 81,238 bags of or Santos during the week ended 25th June. ali varieties, as against 71,688 bags on previous Saturday. —Shipments at the port of Rio Grande to. Fran,çe, °n account of the Ravitáillement Française, during the week ended 17 June? amòunted to 27,100 bags. Total shipped to same destination sjuce Meat Tonnage Movement. The Lamport and Holt s.s. Mar- lst of current month, 34,600 bags. coni, from Rio Grande do Sul, now at Santos, is loading for Con- tinental ports, calling at Rio to fill up, The s.s. Millais, of same. load meat, filling RICE. Shipments at the ports of Rio and Santos during the company, from the U.K., goes to Rio Grande tp week ended 25th June were as follows, in bags of 60 kilos:—s.s. up at Santos and Rio. Malte, Santos to Buenos Aires, 600 bags valued at £1,735. Total —The British s.s. Marconi is loading 1,500 tons òf meat at exported from the two ports during the year to 25 June, 21,111 Santos on account of the British Government. bags, valued at £48,567, of which. former 296 bags from Rio and 20,815 bags from Santos. —Rio market continuéd without interest for export. Quiet demand for local consumption and home ports, market closing LARD steady, with prices quoted as follows, per bag of 60 kilos: brilhado lst, 49$ to 50$, unaltered; ditto, 2nd, 47$ to 48$, as against Shipments of lard at the ports.of Rio and Santos during the 46$ to 48$ for the previous week; special, 49$ to 50$, unaltered; week ended 25th* June, in tons of 1,000 kilos. superior, 45$ to 46$, uualtered; sanga, 24$. to 25$, as against Manifests, Rio de Janeiro: 20, Dupleix, Havre, Castro, Silva 25$ to 30$. * Co. 14, G. Larue & Co. 119; total, 133 tons. '$;<¦¦ ¦ '7 • v 7'.ü July 2nd, 1919. aUAZILIAN ^WSfetó REVI&W ym ¦ ttíYvf.-f.-riiy. ¦' /iír/.. .yy'r- r ;.y , :\^:m... \}- Port of Origin were at Destination Rio ^214*189' shipped Rio and 4940 tons.valued at, £143,513 Santos Total at Santos. Of total for the of 5,237 tpji^ Havre, total for week ...... ; ¦;...... year 5,198 ipns,,; were ,133 133 salted hides and 39 tons dry. "" : Total, 1 Jan, to 25 June, 1919. -.. 6,938 2,321 -^-Enquiries 9,259 continued active at both Rio* and Santos markets^ F.O.B. value for week £ 14,356 ² 14,356 speeiaUy for German account. Steam tonnage for hides is very Ditto, 1 Jan. to 30 June, 191Ô .....f£ 746,669 259,756 1,006,425 scarce; There are plenty of sailing vessels: in the bay only ^o Shipments for the week ended 25th June were small and anxions to pick up cargo at low rate.•.•'¦¦¦•.•• {'Xà,':77' ; :; i 7 i amounted to only 133 tons, as, against 467, tqps for the pi^vious r-\,ii week and 11U for corresponding; week last year. For the month to 25 June, shipments at the two ports totaíled 1,104 tons, valued at '''.'¦ £119;i66, as against 183 tons valued at £22,326 for the corres- MANGANESE; ¦" ¦. 1: ponding period last month, of which first 858 tons were shipped at Rio and 246 tons at Santos.; For the year to same date, ship- There were no shipments of manganese at any of the '§ane.'iports ments at the two ports were yery heavy and amounted to 9,259 of Rio, Santos and Bahia during the week ended 25th -^~The tons valued at £1,006,425, of wlvich 6,938 tons valued at £746,669 movement at Rio de Janeiro for the week ended 25th were shipped at Rio and 2,321/,tons valued at £259,756 at Santos. June was as follows, in tons of 1,000 kilos. —Demand continues active ,'foi- Southern lard at 116$ to118$ Stocks on 18th June ...., li!. 169172 per case of 60 kilos fqr France, .Belgium and Italy. Owing to ex- Entries during the week 5,331 cessive exports the United States are short of lard and so • .'.ve this country a chance to compete. Stcck ón 25th Juné 1919 ¦, ¦'.;...... -:../.'/;..:.;':•.....yy.m V 174 503 —The local market was very firm throughout the week, prices Ditto, 26th June 1918 11870 ruling as follows, per kilo:—Porto Alegre grade, in tins of 20 The movement compares with the previous' wéek as follows:— kilos, 1 $900 to 1$920, as againá 1$860 to 1$900 for the previous Entries, decrease of 4,516 tons; stock, increase of 5,331' tons. week; ditto, tins of 2 kilos, 1$920 to 1$940, as against í$850 to There were np clearances. Compared with sámé date last war, -Itajahy 1$900; Laguna grado, tins of 20 kilos, 1$900 to 1$920; stock shows increase of 162,633 tons. grade, tins of 20 kilos, 1$800 to 1$940, as against 1$880 to 1$86U; Minas and S. Paulo grades, tins)óf 20 kilos, 1$800 to 1$900, as against 1$780 to 1$860; ditto, íins of 2 kilos, 1$880 to l$90O as against 1$830 to 1$850. T . —Stock at this port on 28 June amounted to. 15,883 cases, as against 22,692 cases on 21 st inst, a decrease of 6,819 cases. There were no shipments of leaf tóbacco at any of the ports of Rio, Santos and Bahia during thé week ended 2t5h June! —Enquiries at Bahia continue active, especially for thè con- HIDES tinent of Europe. Nothing doing at Rio for export. —The local market was weak to steady during the past week at prices as follows, 15 kilos: Bahia Shipments of hides at the ports Rio and Santos during the per special, 38$ to 40$, ün- altered; ditto, superior, 32$ to 34$, ás against week ended 25th June, in tons pf 1,000 kilos. 33$ to 35$ for the previous week; Rio Grande, lst, , Manifest, Rio de Janeiro. June 20, s.s. Glenqrchy, N'. York, yellow 35$ to 37$, unaltered; ditto, 2nd, 28$ to 30$, as; against 33$ ^n. Pan American Hide Co. 94 tons, salted; June 20, s.s. Dupleix, to 35$1;7; Havre, Cia. Brazileira and Britannica de Carnes, 424 tons sal- ted; Sequeira Veiga & Co, ton; dry.; .June 23, s.s. Vittoria, Bar- 1 ..Sundry Produoe. Jam—Per s.s,7Dupleix, 264 tons of crysr çelona, Sunday Shippers, 900 tons salted, talizéd Brazilian jams were shipped at this port fqr Havre, whiph togethér with 291 tons from Santos, make a total of ^55 tons í rt «Si 1>01*t fifj Qrigin- shipped to this destination by same steamer; 1 Destination (vj Rio Santos Total Butter.^r-Per s.s. Dupleix, 124 tons. of butter were .shipped Barcelona .v^.v, 900 ² f 900 at this port fbr Havre. ¦..-._-.. , : ;7 Havre ...,.:...... *..,.._<{.'.,-;-4y 42q ..—.'., \ .425 Bananas.—Per s.s. Maltc, 26,152 bunches of bananas were New York „.,...'...,.,;'./ ² 94 94 shipped at Santos for'Buenos Aires. ,: .,... , . —-Nothing at ali doing at ali with Europe in mandioca,.starch, Total for the week ....;.,.,/.>:,...^.7;¦¦¦;.¦.¦ 1,419 ² 1,419 tapioca or beans. ., . ,7 1;. - ; Ditto, 1 Jan. to 25 Jun. 1919, mX.m . 3,297 1,940 5,237 F.O.B. value for the week ...... £ 89,911 ² 89,911 Ditto, T Jan. to 25 Jun. 1919' \..£. 214,189 143,513 357,702 Exports by quality, from lst January to 25th June, 1919, in tons of 1,000 kilos, were as follows;:— SHIPPING Port of origin The Fraght Market. The Destination rf Rio..... Santos Tota' position from the shipowner"' s point Salted ,.. ,L.. 3,258 . 1,940 5,198 of view is one of uncertainty and far from rosy. Freights, aro Dry: .„.-....;..'. ., ^.... 39 ² 39 Aveak ali round and look like dropping witíi a bump,,unless cheçked by Conference between the principal shipping ítnes. Total .'.'... 3„297 1,940 5,237 The Unted States rate is now freely offered, at Santos at $1.30 Of the total shipped for the week 1,418 tons were salted and to $1.35, though the U.S. Shipping iBoard is still asking. $1.40., 1 ton dry. For Europe the rate looks like becoming.general.at £10 per Shipments for thé week were the heaviest for any week re- ton of 1,000 kilos before long, ánd should £9. be offered,., ship-. corded since lst, January of current year and amounted to 1,419 owners will either have to accept or.Ayithdraw from the market tons, as against 472 tons for the previous week and 268 tons for until outsiders are out of the way. ,.7 > the corresponding week last year. For the month to 25th June, Unless other shipping eompanies form a conference, as the "to shipments at the two ports amounted 1,891 tons, as against Americans have doiie, and establish fixed rateg of freights from 586 tons for the corresponding period last month, of which former Brazil to Europe and the U.S.,.there is nothing to stop a slump. 1,449 tons were shipped.at Rio. and 442 tons at Santos. For the Only a co.uple of weeks ago a Fiénch steamer of jtered spape at,£10 year to 25th June, shipments at the two ports amounted to 5,237 thereby breaking the £12 rate, which dropped to and became ¦'XfàXl/, "... tons valued at £357,702, of which former 3,297 tons value at ííeneral at £11. ;'; >.fyii .-1-. / rr.,.,. -7.7;.. ¦,,.;;.....-7 •• > 30 WILEMAN'S BRAZILIAN REVIEW July 2nd, 1919. At present shipping companies are at loggerheads, but some- The Brazilian market is steady and firm. $32.50 has been thing very like a conference would seem to be in the wind -vhich paid for Porto Alegre and vessels for Santos should hav© little blows from Santos. dif ficulty in obtaining th© same figure. Rio de Janeiro is quoted Latest advices from Santos state that rates for London and at $35 and we understánd that $45 is freely offered fór Pernam- Antwerp rule 220s and 5 per cent to 250s and 5 per cent and £10 bucò with.no takers. '-J'.'! to £12 net per ton of 1,000 kilos; 240 franes and 10 per cent for for coffee, as little other cargo is offering. No Havre, principally More Tonnage for the Royal Mail. Th© R.M.S.P. Co. has ac- wonder sailers are a'begging when steamer rate is down to going quired control of Ballard, King & Go, of London. The fleet of in the what sailer rate was early year. this company consists of 10 steamers rangnig between 2,000 and 3,700 tons gross, which are engaged in trade from England and índia to Natal. The R.M.S.P. Co. has also purchased the British Chargeurs Reunis.—s.s. A. V. de Joyeuse, expected to leave s.s. Bellages, 3,919 tons gross, 2,531 tons net, built at Glasgow about mid July for Havre, loading at Santos, Rio and Bahia; in 1890 and owned by the Swansea Line Ltd, Swansea,"S';í for which,.!.' engaged 27,000 cases lard, 4,700 bags farinha and 35,000 bags £77,500. . ,,',.,, ,,,>, coffee at Santos, s.s. Anrigny will be the first of this line to re- new the service and is expected to leave Havre any day. passenger British Concreto Shipbuilding. The British Admiralty hav© She is a new boat and this will be her maiden voyage. , cancelled ali their contracts for reinforced concrete barges except —The Johnson Line s.s. Margaret left Grimsby in ballast to those for vessels too far advanced to be cancelled. load at Santos and Rio béginning of July. s.s. Nordstjenan, likewise in ballast from a British port, will load general cargo at Bahia. These two ships were formerly in the Sweden to U.K. Pulverized trade and left in ballast because it was less costly than to wait to Coal. Carefully condueted tests show that a sav- ing of 23 cent in fuel burned could be made by using fill up with coal in English ports or to proceed to Sweden to loéiã. per pulver- ized coal. From this deduetion must be made for expense of Plenty of Swedish shipping is now available. Lamport & Holt.—ss. Marconi, from Rio Grande do Sul, now operating pulverising plant, which with present undeveioped machinery is less than 50 cents a ton. Already there are some at Santos, is loading 1500 tons frozen meat for continental ports, calling at Rio to fill up. s.s. Millais of same company, from U.K. 200 powdered fuel installations on stationary plants successfully 's.s. operating throughout the U.S. These are chiefly in and goes to Rio Grande to load meat, fílling up at Santos and Rio. power Byron is expected from New York in 2nd half July. The Lamport lighting stations, with mining companies, hotéis, schools, laundries etc, results. The main obstacle against in- and Holt Line has now 5 passenger boats on the New York route, also getting good of which 3 "V" class and the Tennyson and Byron. creased distribution of fuel thus granulated is efficient apparatus. for storing and transporting it. —The U.S. Shipping Board wooden s.s. Mohegan, which for preparing, Dutch Guiana undergoingrepairs, was some months was in a pòrt ¦y\ expected at Santos yesterday, 2nd July. ' CURRENT FREIGHT RATES. —Th© stokers of the tugs at Pernambuco being on strike for month, or 8$000 a rise of wages from _6#$000 to 240$ per per Royal Mail.—Rio-U.K., 255s and 5 per cent per 1,000 kilos; s.s. day of 8 hours,, plus 1 $000 extra for each hour over 8. The Santos, 5s less; Rio-Havre, 245;francs and 10 per cent per 900 Salvador and R.M.S. Demerara were unable to unload cargo, whici kilos; Santos 5 franes less; Rio* and Santos-Antwerp, £11 per will be discharged at Bahia. 1,000 kilos net. %í —The Royal Mail s.s. Severn has space available for 43,750 Lamport & Holt.—Rio-.U.K., same as Royal Mail; Rio and bags for Antwerp,- Rotterdam or London at £12 net for Antwerp Santos-U.S. coffee, $1.40 per bag1in full. and 250s and 5 per cent for London. Prince Line.—Rio and Santbs-New York, $1.40 per bag of —The French s.s. General Degoutte; with capacity for 59,500 coffeein full. -^ -yyy-r bags, has space available for 15,000 bags at £10 for Havre. Royal Belgian Lloyd.—Rio and Santos Antwerp, £11 or 240 -; —The Prince Line s.s. Chinese Prince, with capacity for franes per 1,000 kilos net. ! 70,000 bags, has engaged 10,000 bags for New Orleans at $1.40 French Lines.—Rio-Havre, 245 fcs. and 10 per cent per 1,000 per bag. The Mongoíian Prince, expected at Santos on 7th July, kilos cereais; ditto per 900 kilos coffee; Santos, 5 fes less. Rio- will load 50,000 bags Coffee for New York at $1.40 per bag* MarseiUes, 350fcs. per 1,000 kilos in full. —The Royal Belgian Lloyd s.s. Ubier will load at Santos Scandinavian Lines.—Rio-Copenhagen, 250 crowns per 1,000 50,000 bags foi" Antwerp at £11 kilos net; Rio-Malmoe and Gothemburg, 220 crowns net; Rio- —The s.s. Cokata will load at Santos 65,000 bags at New Christiania, Bergen and Trondhjen, 200 crowns net. Orleans at $1.40. . Italian Lines.—Rio-Genoa, 350s net. net;. —The s.s. St. Francis, with capacity for 120,000 bags, and Lloyd Nacional.—Brazil-Marseilles, 300$ per 1,000 kilos 220$ ditto; Pireus Chicago Bridge with capacity for 75,000 bags, have so far engaged Genoa, 200$ ditto; Spain and Gibraltar, ditto. 30,000 bags between them for New York at $130. (Greece) 300$ Lloyd Brasileiro.—Rio-Havre and Antwerp, £11 per 1,000 —The Ward Line s.s. Champa will substituto s.s. íBiráia, kilos and £10 reported. Rio and Santos-New York, $1.40 per bag. due to call at Santos early in August. ::..;.:••' Royal Holland Lloyd.—Rio-Holland, florins 130 and 10 per —The Johnson Line s.s. Margaret has completed cargo at cent 1,000 kilos. with 13,400 bags of coffee for Sweden at 200 crowns., per Santos Japanese Lines.—Rio and Santos-Antwerp, £10-£11 per ton. Rio and Santos-Cape Town and Durban, 170s net. Spanish Lines.—Rio-Spain, 300 pesetas and 10 per cent per kilos. "The 1,000 Buenos Aire9 Freight Market, says Times of Argen- Sundry Lines.—Rio-Portugal,- 300fcs. per 1,000 kilos; Spain, tina," of 16 June, is firm and demand for freight fully inaintained. 300 pesetas ditto; Holland 130fls. and 10 per cent, ditto,; Algiers, There appears to be more tonnage offering, but it is swàllowed up Oran and Phillipville^ 350fcs. net; Rio and Santòs-U.S. $130-$1.40' brisk during the week and immediately. O.C. business has been per bag of coffeeyRio-River Plàte,, 3$000 per bag; Rio-Chile, B.A. and La Plata show top rates of £13 lOs for Sept. loading at general, 150s per 1,000 kilos net.-' yU -per- the f irmness of the market. Berth rates are strong, with Sailing vessels.—Rio-Continent of Europe, nominal . • :l sistent demand for Antwerp at £13. There is also a big demand for1 U.S. The sailing market for Europe is very firm,- especially Erratum.—Through a printer^s error, . the freight for Rio- for linseed, for which up to £13 has been paid! River Plate was stated as 5$ per bag.last.week inlieu qf 3$000. 1 July 2nd, 1919. WILEMAN'S BRAZILIAN REVIEW 31 BOATS LOADING OR EXPECTED TO LOAD COFFEE AT THE the United States mrts, 4 from French PORTS OF RIO DE oorts, 2 from Italian JANEIRO AND SANTOS. 2 from Brazilian ' £S ports, terminal ports, and 1 each from United -kt Approx. ¦'•:. Present Name-Flag-Date Kingdom, Gibraltar, Norwegian, Swedish, Chilian and of loading. Oapaeity Engaged Spanish Freight ports. For the United States— ,:;... Of the total [British of 8 vessels Wisconsm Bridge (Amer.) July 60,000 60,000 $1 (ali steamers), 4 carne from 40 Pate ports, and 1 each from U. Kingdom, St Francis (Amer.) July ...-.V- 120,000 30,000 $1.30 U. States, Chilian and Brazilian terminal ports. Chicago Bridgé' (Amer.) July A 70,000 70,000 $1 30 Ali 3 American were steamships which carne from Mariana (Amer.) July ;r " __ $1' U. States 4{) ports. Trafalgar (Norw.) July ;.,....,.- 50,000 —_ $130 Chinese Prince (Brit.) July ...j _70,000 10,000 $140 VESSELS ARRIVING AT THE PORT OF RIO Servian Piúnce,(iBrit:) July ..;,;. 80,000 ² $140 DE JANEIRO. Mongolian Prince (Brit.) July P 70,000 ² $1.40 During the week ended April 19th, Glenshiel 1919. . (Brit.) July 70,000 60,000 $140 ESTRELLA, Brazilian 264 tons, '4 pontoon, from Victoria Cokata (Amer.) July ....-65,000 ² $1.30 ^TA£ÇMRIAN PEINCE, British s.s, 3282 tons, from Santos CIMBRIER, British s.s, 2514 tons from Santos Opequean (Amer.) July '__ CABANGOLA, Brazilian s.s, 226 tons, from $1.40 Aracaju Byron (Brit.) July \s> ATE. JACEGUARY, Brazilian s.s. 516 tons, from Eecife 47,000 —- MAROIM, Brazilian s.s, 145 tons, from Porto Alegre Francis (Brit.) July ?/ 50,000 ² $1.40 HIGHLAND GLEN, British s.s, 4793 tons. from River Plate PARANÁ, Alban (Brit.) Aug '50,000 ² $1.40 British s-s, 2689 tons, from San Julien SAINT FRANCIS, American s.s. 3164 tons from New York Tennyson (Brit.) Aug ,47,000 ² $1.40 ITAJUBA, Brazilian s.s, 869 tons, from Porto Alegre Champa PACIFICO, Brazilian s-s, 625 torts. fròm Ceara ., , (Amer.) August ...... ² .__,.. _ IT APURA, Brazilian s.s, 926 tons, from Porto Alegre For Europe— .00 ¦"¦ BENALDER, British s.s. 1959 tons, from Rosário ¦< .' V' CURVELLO, Brazilian s.s, 3957 tons, from Santos Am. V. Joyeuse (Fr.) July .....h 50,000 35,000 240f.&10% DUPLEIX, French s.s, 4646 tons. from Santos ¦"''•': Gen. Degoutte July ,.. '60,000 44,336 £10 H. LUOKENBACH, American ss, 3560 tons, from Newport News (Belg. ZAZA, Brazilian tug. 100 tons, from Cabo Frio Dania (?) July .;•>: 40,000 40,000 250cr.net RESSUREZIONE, Italian s.s, 1896 tons, from Santos TABÀTINGA, Brazilian Ubier (Belg.) July 1 s.s, 677 tons. from Rio Grande 78,000 ² £11 ITACOLOMY, Brazilian s.s, 467 tons, ,from Imbituba Rogier (Belg.) July ir. 90,000 ² £11 ITABERA. Brazilian s.s, 927 tons, from Macau MURTINHO, Brazilian s.s, 394 tons, from Vorto Alegre Scaldier (Belg.) July ;. 90,000 ² £.11 SANTA CRUZ, Brazilian s.s, 363 tons, from Maranhão Margaret (Swed.) July ;;.<:" 40,000 13,400 200pr. ASSU. Brazilian s.s,, 779 tons ,from Porto Alegre ITAUBA, Brazilian s-s, .825 tons, from Vorto Alegre i Segura (Brit.) July k 105,000 — 250-5s&5-10% HIGHLAND LOCK. British s.s, 4729 tons, from La Plata Severn MALDOMADO, British s.s, 3933 tons, from Liverpool (Brit.)"July ...; 130,000 80,000 ditto. PURUS, Brazilian s.s, 2495 tons, from Buenos Aires Cometa (Norw.) July ...... i..o 45,000 — RIO DE JANEIRO. Brazilian s.s, 1487 tons, from Buenos Aires GURUPY, Brazilian s.s, 599 tons, from Antwerp Cumbrier (Belg.) August 120,000 ² £11 ZAZA. Brazilian s.s, 100 tons. from Cabo Frio For South África and Far TDást— BAGLEY. American s.s, 1625 tons. from Bahia * HELLESPONTO. Brazilian tug. 80 tons, from Cabo Frio Himalaya Maru (Jap.) July y;i 100,000 . •-- GLENORCHY, British s.s, 3018 toiis, from Rio Grande •¦>> • TEIXEIRINKA, Brazilian s.s, 223 tpns. from Caravellas BRASIL, Brazilian s.s, 775 tons, from Manáos "Okesa" CBOWN OF TOLEDO, British s.s. 4873 tons, from Barry Dock Shipping Casualties. (Amer.) at Barbados leaking; I.ACANIA, Brazilian s.s, 207 tons from Buenos Aires V. ' hound from Norfolk Pernambuco. A. JOlfEUSE, French s.s, 3677 tons, from Havre • to The Okesa is a Shipping IV-JY PABBOSA. Brazilian s.s, 567 tons, from Montevideo Board Ferris type of wooden steamer of 3,500 tons dw, built at MEARIM, Brazilian s.v, 1921 tons, from Buenos Aires SILVIvR SAND. British s.s, 1698 tons, from Buenos Aires Portland, Mc, in 1918. MARIANA. American s.s, 1972 tons from New York - . "Svalen" FRISIA, Dntch s.s. (No. sp.) which put into St. Micheals, Azores, after 4608 tons, from Amsterdam J[^I}^.Í,^^Rege:Ri American lugger, 1614 tons, from Newport News colliding with the British s.s. ^Iperia, has had to jettison much ALESSANDRO. Italian s.s, 2785 tons. from Buenos Aires STRABO. of her cargo of coal from British s.s, 3071 tons, frOm Liverpool Baltimore for Rio de Janeiro. ATLÂNTICO. Brazilian s.s. 161 tons, from Recife IAoAnFÜHY- Brazilian s.s, 926 tons, from Porto Alegre •£S£«;?IANO' ArBentine s.s, 1808 tons. from Buenos Aires vessels Arriving at the Ports of Rio and Santos during the week HERSCHEL, British s-s, 3944 tons, from Buenos Aires weekended ITAPOAN. Brazilian s.s, 512 tons, from Macau 26th June, 1919. ITAPACY, Brazilian s.s, 510 tons, from Pelotas Rio Santos Total ^F^^fSjyH2' Brazilian s.s, 726 tons, from Florianópolis MARIA MANUELA Argentine s.s, 574 tons, from Buenos Aires Flag HIGHLAND No. Tons No Tons No. Tons ROVER, British s.s, 4721 tons, from London ! Bhitish 5 21,289 r3 13,123 34,412 Italian 3 9,339 7,624 16,963 During the week ending June 26th, 10Í9. S. .SANTO, Brazilian s.s, 137 tons, from Cabo Frio French 2 8,361 8,907 17,268 MINAS GERAES. Brazilian s.s, 1646 tons, from Pará íAíM'.¦¦•'••."•a Norwegian 4 9,1_J2 ² ;--• 9,122 ÁSIA, Brazilian s.s, 4165 tons, from Genoa STA. CLARA, Ameriacn s.s, 1668 tons, from New York American ...... 3 5,Í54 ² ² 5,154 BRIDGE, American s.s, JÇÜFJS^Í?0 2258 tons, from New York yv-Êv-v: Braz overseas CERVINO. Itahan s.s, 3261 tons, from Gibraltar vyê .... 3 6,026 ² ² 6,026 Norwegian s.s,-. 1384 •.'.—¦ 3,574 3,574 £5_í!mílGAR» tons, from Néw York Japanese — 9°txt^TA^ N?rwegian s.s, 914 tons, from Christiania 8-8' 247 tons» from Florianópolis Danish ...... I 2,294 ² ² 2,294 4SN^TBTr^zlhan , 1|EVTPrUiBL_iCA- íraiiMS?- S8' W* tons' from Hha Grande Swedish 1 2,258 ² ² 2,258 MALTE, French s.s, 5230 tons, from Havre ^?R5?AFio:RanÍsh ss" 2295 tons, from Norfalk Dutch . 1 1,794 ² ² 1,794 -n^XA£á£§?< 8-8' 2258 tons. from Gothembürg x»Swe&shBrazilian Spanish ...... -_ ² 1,554 1,554 ^a^™?^' vacht, 229 tons, fròm Cabo Frio i nrsí$£A4* Brazllian s.s, 825 tons, from Porto Alegre Argentine ...... -- —ç 393 t 393 ?A5DJ?^. Bri"Sh s.s. 2797 tons from Rio Grande m™™S4^??°Í Brití&. 8'8' ,6052 tons' from Tampico Total, overseas .. 23 65,637 10 35,175 33 100,812 1794 to?„Vffom Bania Blanca REEWTT?£rrí_ArIOiII^1Van V?™mntCí+!fr' sB'„_5_63 tons- from Buenos Aires Braz coastwise .... BJ#lsh 16 12,497 5,271 24 17,768 t^KS™ AANi ssí ,2,8,75 tons' from Buenos Aires Kb^Sa78* ' Bf.aAllan ss' 613 tpns, from Maceió tons'^ from Manáos Total for week ... 39 Sn™._5?$S_£?PELVOUX. Frenchf,"8*' H?6 78,134 18 40,446 57 118,580 ^°NT s.s. 3131 tons, from Havre Do, 19 Jun. 1919 8S' Ô71< tons' from Bosario 56 100,412 22 33,475 78 133,887 SS è™&nPr?zúlítnAme"can 8;8- ím tons. Do, ní^Ça?5?\ from Norfalk 27 Jun. 1918 44 89,845 16 12,107 60 101,952 S8' 7_£? Buenos A^es TIBAOYGí™ n^Mf 8>8> 834 tons.+tons' from_from Ceara '..:.,' æ ¦ . i. Overseas arrivals at the tÍit a iBra^lllan. two ports for the week ended 25th Íat^F^BA_ Bra.zlUan s.s, 882 tons, from Camocim June numbered 33 vessels ífaA^At9S; Brazihan s.s. 651 tons, from Pará aggragating 100,812 tons, as aginst 42 Bi:a.-llian s-s. 2442 tons, vessels T^Fmí0^B_azil.ian from Santos with 112,105 tons for the week and 41 with tuS« 32 .tons, from Cabo Frio "91,189'for previous vessels SSÍítt S8' 513 ton8' the corresponding Stv%n™aziTl1!\n from Antonina week last year. Itallan 8'8» 1715tons. from Geoa Ali m^™0*^ 1539«tI°ií8' 33 vessels of overseas arrivals from New York ¦¦ at the two ports for the week SOUTH^VArimn*^^B«tish1 s.s, 2307 tons, :y:i;:'v^:A'A: were steamers. Of same IfpStÍt?ASIFI9: from Rosário total, 10 arrived from Plate ports 9 from v?nPT^B-i_Bra8llían 88' "° tons» from New York VAORLI. Norwegian s.s, 5282 tons, from Norfolk ¦ . .:'¦¦:- .¦'.'¦ '.. WILEMAN'S BRAZILIAN REVIEW July 2nd, 1919; 32 AT THE PORT OF SANTO! OF RIO DE JANEIRO VESSELS ARRIVINC VESSELS SAILING FROM THE PORT lOth, 1919. week ended April Í9th, 19Í9. During the week ended April During the ITAUBA, Brazilian s-s, 815 tona, from Rio Grande s.s. 297 tons for Aracaju . ITAPUCA Brazilian s.s, 869 tons, from Rio DINA, Brazilian 226 Aires Brazilian s.s, ??*X*UA: tons, for New Orleans MÉXICO, Argentin es.s, 758 tons, from Buenos CARANGOLA, EUOLID, British s.s, 3095 tons, from New York RUY BARBOSA, Brazilian s.s, 567 tons, from Montevideo AMERICA, Brazilian m.v, 16 tons, from Iguape RIO VICTORIA, Árgentine s.s, 126 tons, ffom Buenos Aires 2514 tons. iu from Antonina CIMBRIER, British s.s, Vicent ALAYDE, Brazilian m.v, 182 tons, s.s, 1959 tons. for S. TUCKAHOE, American s-s. 1929 tons, from Rio RENALDER, British 578 tons, for Paranaguá MERCEDES, Argentine^s.^-^-"—^al1 Areia HIMALAYA MARU, Japanese s.s, 3187 tons, from Yokohama LAS 122 tons. for London CORONEL, Brazilian s.s CONWAY, British s.s, 1666 tons, from for Montevideo s.s, 926 tons, from Macau SECUNDOS, French foriu Buenos Aires ITABÈRA, Brazilian American lugger,^-^U^As 708 C AR ANGOLA. Brazilian s.s, 400 tons, from Aaracju IRENE, lugg«^&KriÍJfiis. Alegre PERRY STRER, American ITAPUHY, Brazilian s.s, 926 tons, from Porto "85 *°^'_101fof 510 tons, from Pelotas PARA. Brazilian s.s, MoB8oro*° ITAPACY, Brazilian s.s, Brazilian ss, tor D RODOLPHO, Brazilian s.s, 48 tons, from Tiiucas ITAPURA, ^tonSvtons tor AireBAlegre PACIFICO. Brazilian s-s 625 BLACK PRINCE, British s.s. 25600 tons, from Buenos Aires barque, GARIBALDI, ltalian s.s, 3109 tons, from Genoa VIK, Norwegian J770.*?4635 onsons, fo?tor Baltimore» OREGONIAN, American s-s, FRISIA, Dutch s.s, 4608 tons, ,from Amsterdam s-s, 3635 tons. 0TB*™0B from Florianópolis TUCKAHOE. American »™ Aires ANNA, Brazilian s.s, 247 tons. American s.s *309 tons tor CAXIAS, Brazilian s.s, 6171 tons, from New York SUDBURY. tons, iotaiii CURVELLO, Brazilian b-s, 3967 PIRANGY, Brazilian s.s, 750 tons, from Fortaleza s.s, 859 tons. for Recite ITAJUBA, Brazilian foi' Pogo Alegre tTABERA, Brazilian s.s, 927 tons, Brazilian s.s., 100 tons, for Cabpjrg the week ending June 26th, 1919. ZAZA, ton^ for &™™ During MALDONADO, British s-s, 3933 tons, for Cabo ± no , DELTA, Brazilian tug, 32 Porto Alegre American s.s, 1193 tons. for Gibraltar ITAPEMA, Brazilian s.s, 825 ton, from LAKE SHORS Buenos Aires ITAUBA, Brazilian s.s, 825 tons, from Rio FRISIA Dutch s.s, 4618 tons for 300 tons, for Laguna LAGUNA. Brazilian s.s, 300 tons, from Rio LAGUNA. Brazilian s.s, Fio Cadiz Brazilian s.s, 137 tons, for yox„MsrtaSf: t,atfou.™»tempIatetf';Chairraan',ve PW» and reasonableness of our request. If we are to respond to the Soi»S <™t to Rio nona anTw* Certam\W7íh next exigencies of the traffic and the development of the district served -T°U a Safe »«»« ««> • ^eeessfel eo"conclusion Òteion to your negotiations. by our railway, a substantial increase in the rates is a necessity. (Hear, hear.) You have nut before us very elearly and forcibly (Hear, hear.) the condition of things Is tW *"? that TO ai'e n°* More locomotives, more rolling stock and many other impro- »W Sett-g uJiZroZ ISnent m rates^that we have a right vements will be required in the near future. It is difficult to see to expect. When one read how these can be provided unless the tariffs are increased. More- optimistrc statement with regard to the future; but over, are we not entitled. to expect a reasonable return on the some that has to oxtent been nontralised by tho fiteis whieh capital already invested—(applause)—and is it not in the interest befoie yon have plaeed us to-day-the great increase in expenses with of the Brazilians to see that we get it? There may be here and which we are also Wfi ai'e not there some existing rates which require modification to assist a fZ ^f^?-and .mt getting fair treatment tiom the Government in regard to rates. budding traffic; this is so on almost every railway, but the rates I think we ought to give a very clear expression of as a whole which may have been fair and reasonable, and were our views on that subject at this meeting, so that you may armed approved by the Federal and State ÍGovernments in days, go with the consciousness that pre-war you have the whole body of Shareholders cannot now be regarded as fair to us, nor does it seem reasonable behind you in regard to that matter. (Hear, hear.) Some to withhold the authority to raise them. I am encouraged by the of us have suffered by sad ex- penence from a similar state of things fact that the Great Western of Brazil Railway, also a British in regard to other rail- ways; but if, as appears to be the case owned railway in the northern of Brazil, have recently even in Argentina, where part quite we certainliy have not had succeeded very much sympathy shown towards in obtaining a considerable increase of their rates on tins country, there has been an increase of some 42 per cent. in their system. .. the rates, we have a reasonable right to expect from an allied We have had the advàntage this winter of conferring with our country like Brazil equal, if not better, ferms. (Hear, hear.) I General Manager, Mr. McC. Miller, and have do think Üiscussed with him that we have the right to express the view that we should the various matters of interest and importançe in connection with receive from that friendly Government fair and just treatment in the affairs of the Company. We have also had a visit from our return for the services which we have rendered to their country, Locomotive Engineer; he came over to consult us in regard to the and I hope you will, Sir, feel that in going out to negotiate with engines and rolling which the stock, are likely to be severely taxed Government you are supported by your Shareholders, and in the near have future. We placed an order for ten new loco- that we may, and indeed do, look forward confidently toa suecess- 18 WILEMAN'S BRAZILIAN REVIEW July 2nd, 1919.