Wíuemmfr 1vuilxm wmm A WEEKLY JOURNAL OF TRADE, FINANCE, ECONOMICS, AND SHIPPING
VOL. 14 DE JANEIRO, WEDNESDAY, JUNE 6th, RIO 1923 fl. 23 ^—-——_——_____5_—___—___—,___,. _ — J ² — MB-B REGULAR SERVICES OF te MAIL AND PASSENGER STEAMEFS 1 írom BRAZIL to SPAI», PORTUGAL, FRARCE AND THE URITED KIBGD01I (Via St. Vincent, C. V., and Madelri) CARGO SERVICES ácçsnftMÍK_»Be_f* to %mAm OJilTED KIRGDOM AMD CQRTIRERTAI PORTS ALSO MAIL, PASSENGER AND CARGO SERYICES °PLAT '"•'•"¦ ' •á^.'.',•'>.'¦ ¦¦ • 4 - Vf <¦ i.' * ¦"_'<3 RIVER wm AN1> . . y: PACIFIC PORTS L. tÍ&'££.V§E/1YICE"O" OF LUXURIOUS MAIL STEAMERS OF THE CLASS BETWEEN HAMBURG, SOUTHAMPTON, CHERBOURG & NEW YORK. •¦-. mm Mg For further particülars, sailing dates, &c, apply to THE ROYAL MAIL STEAM PACKET CO. THE PACIFIC STEAM NAVIGATION CO. §1/55 Avenida Rio Branco, 51/55 SAO PAULO, Rua da Quitanda 18 (corner of Rua Sâo Bento). SANTOS, Rua 15 de Novembro 190 ¦jM yü June 6th, 1923, WILEMAN'- BRAZILIAN REVIEW. Lti The Great Western of Brazil Railway Compaay, communication between: Direct Thureday "^S**Md*-« On Sundays, Tuesday.. Maceió and Jaraguá. Mond-y.. Wed-_e-d»y_, RECIFE (Cinco Ponta») and «tornai o» Sund.y., RECIFE (Central and Barão do Rio Branco) and Fridays. RECIFE (Brum) and Parahyba and Cabedello COMMUNICATION BETWEEN and Thnrsdaf.. *mà vioe-versa, on Sundays, Tuesdays RECIFE (Brum) and Natal gleeping at Independência. PARAHYBA and Natal klms. of line. The Qreat Western Railway system, with 1,621 foliowing States: at present in traffic, serves the Área aq. klms. Population 700,000 ALAGOAS 68,491 inkabl- PERNAMBUCO 128,895 1,800,000 Note.—The figures relating to 500,000 oent maf PARAHYDA 74,781 tants refer to the year 1908; 20 pOr 480,000 RIO GRANDE DO NORTE 57,485 safely be added te arrire at approxima* figures for 1917. TOTAL 819,103 2,980,000 of the system and its traffic since 1905. Development tons Klms. in traffic Passengers Goods, 708,935 1,276 1,813,444 1905 907,135 1,475 2,214,503 1910 1,066,260 1,621 1,975,586 1915 1,332,472 1,621 3,442,111 1920 and steady progress d ~_^^ by the Gre.tWe.tirn The favourable conditions Th. rt«dr of the «me served and Amenoan invesse»- progree. further con should attract the attention of European the above figure* cannot fail to undergo shcwn by to the sone ierved by the Great Western Railway. «hen the con_tru_tion of the Porto J«ngM .ideraBle impulae is exceptionally healthyJ™>J*m Natal (R*o Grande do Norte), Although tropical, the sone (AlugoaB), Cabedello (Parahyba), reeorte, like Caruaru, O*™™' is oomplete. deed, oounts several health an 1 Recife (Pernambuco) which residents of other ana iss» have been completed, whilst Floresta dos Leões, etc, to Tbe plans and estimate of the first Natal i. bemg healthy dietriots habitually resort. tne coD_tn_ction of the Ports of Cabedello and and Government. of the sone are sugar in the lewland carried out under the administration of the Federal The staple products on the oon- Tt ifc expected that construction will be accelerated cotton in the hinterland. splendid clusion of the present crisis. . The soil is extremely xioh and gires a on a scale and m beans, The construction of the Port of Recife without manures—for ouHáration of Indian corn, of the most up-to- technioal conditions that will oonvert it into one carna-aba wax, maaiçoba, ooooa, ooffee, eto. well advanced; an área amply Ba* date ports ot the Continent, is Almost the entiie region eerred by the Great Wastesn and opened for 1-U.P" B.ificient for actual traffic has been completed way is considered amongst the bast in the world tòt traffio- -ii fruits. of Recife is exoeptionaUy The geographical position of the Port mangees, pinhas, call for The quality of pineapples, ooooanuts, advantageous, as it is practically the obligatory port of Braal, is »¦ and goiabas, ete., grown in the north-eaat of *11 abips from both Europe and North America destined for South future, «t »» their produetion and export oertain, in tho near and vioe-versa, as well as for ships bound from either America veiy large proportions. -«^-«t*T of North or Central America for the Southern Atlantio, ^ff**7 coast Important canning factories already exie*, thoorfi ihis destination. whatsoever their and xesouroes «ntona*»*- Recife is the port for is yet in its infanoy he pmot-oally Owing to its advantageous situation, ^*,ter^ Information regarding the sone eerred by the Cfrss* most of tho produce of the rioh tropical sone of north-eastern the may be obtainéd on applioatwa to aay of the Ose_*eny Brsail, a fact which cannot fail to contribute considerably to Railway offices aa below:— piogress of the neighbouring tones likewise. RECIFE—Rua BAPào do Triumpho n. 328—Pernambuco. RIO DE JANEIRO—Avenida Rio Branco n. 117, Ia andar. LONDON—River Plate House, Finebury Girou», «.O. •>;";" fP^fíitVV-: :;;:v íjv' June 61b, 1923. WILEMAN'S BRAZILIAN REVIEW. III LONDON AND BRAZILIAN BANK, LIMITED. ESTABLISHED 1862 Capital, 150,000 shares of £10 aaoh £3,sse,t0l Capital paid u» £1,500,000 Reserve Fund £1,600,000 I * HEAD Bln nr OFFICEi-M . 7, T0KENH0USE YARD, LONDON, E. C. SL^AEnJANEiR0 BRANCH RUA DA CANDELÁRIA corner of RUA DA ALFÂNDEGA. PARIS BRANCH 5, RUE SCRIBE, PARIS. Draws «~ °n Head Offices and following branches: Lisbon, Oporto, Manáos, Pará, Maranhão, Ceará, Pernambuco, Bahia, Santos, Sao Paulo, Curityba, Rio Grande do Sul, Porto Alegro, Pelotas, Montevideo, Buenos Aires, Rosário de Santa Fé, Paria and Hew Tork (Agency), Manchester (Agency). Also on the following Bankers: — Messrs. Qlyn Mills, Currie and Co., London; Société Générale, Paris and Branches; Credito Italiano and Banco di Roma, Italy; Banco di Roma, Egypt and Palestine; Hongkong and Shanghai Banking Corporation, índia, China, and Japan; Crédit Lyonnais, and Lazard Bros., & Co., Spain and Banco do Chile, Chile; Branches of the Banco de Portugal, Portugal. CORRESPONDENTS.—The Bank has Agents or Correspondents in ali the principal ports and cities of Brazil, Uruguay, Argentina, United Stats & Eurepe. A/- IMPRENSA INGLEZA PRINTINC OF EVERY DESCRIPTION ACCOUNT BOOKS RULED ANO PRINTED TO ANY DE8ION. ¦ f 8PECIALI8T8 IN L008E-LEAF LEDCER8, ETB OUR REPRESENTATIVA WILL CALL ON RECEIPT OF REQUEST. J THE LEOPOLDINA RAILWAY COMPANY, LIMITED Central Ofíice, RUA DA GLORIA, 36— RIO DE JANEIRO Telephone Central 2404 — Cable Address: LATESCENCB Direct communication between the States of Rio, Espirito Santo and Minas Geraes. Length of Line, 1,831 miles, with 298 station^ serving an are* of 200,000 sanar* milee. Traffic carried in 1922: Passengers, No. 15,613,602. Parcels and Luggage, Tons, 103,549. Goods, Tons, 1,652,324. TRAINS LEAVE FOR THE INTERIOR—FROM NICTHEROYi 6.30—Express—Campos, Miracema, Itapemirim, Porciuncula and branch lines, daily. 7.00—Express—Friburgo, Cantagallo, Macuco and Portella, daily. 15.35—Passeio—Friburgo, Saturdays. 21.00—Night Express—Campos, Itapemirim and Victoria Mondays and Fridays. Return from Victoria Sundays and Thursdays 10.15. Electric illumination and ventilation. Single fare Nictheroy /Victoria 55$600. Return fare 90$600 Sleeper cars between Nictheroy and Campos. Upper Berth 15Í300 lower Berth 20$300. Lunch and dinner served on restaurant cars between Campos and Victoria. 21.00—Night Express—Campos only, Wednesdays until further notice. From Campos Tuesdays 21.50. Single 29$400. Return 48$600. WINTER RIO — PETROPOLIS. From lst May to 31 st October. TIME TABLB SUMMER. WEEK DAYS. From lst September to 30tk April.. Praia Formosa, dep. (except Sat.) 6.00 8.30 12.0 16.20 17.50 20.00 WEEK DAVfl (Sat. only) 6.00 8.30 13.30 16.20 17.50 20.00 Praia Formosa, dep. 6.00 8.30 13.35 15.50 16.20 17.50 20.00 Petropolis, dep '3.10 7.35 8.35 lG.0515.45 19.20 Petropolis, dep 6.10 7.35 8.35 10.05 12.35 15.45 19.20 SUNDAYS AND HOLIDAYS. SUNDAYS AND HOLIDAYS. Praia Formosa, dep. 6.00 7.30 8.30 10.25 15.50 17.50 20.00 Praia Formosa, dep. 6.00 7.30 8.30 10.25 15.50 17.50 20.20 Petropolis, dep ... 6.10 7.35 10.05 15.20 17.20 19.20 20.20 Petropolis, dep 60.10 7.«35 10.05 15.20 17.20 19.20 20.20 EXCURSIONS SPECIALLY RECOMMENDED. Petropolis.—2,700 feet above sea levei, magnifioent climate,beautiful views during trip; 1 hour, 40 ninai»*. 1*1 return 6$100. Stone ballast, no dust. Friburgo—2,800 feet above ee» ierel. 3 hours, 25 minutes ly passeio train. Fare 11 $000 lst class return (Saturday to Monday.) GUIDE BOOKS AND TIMETABLES published half-yearly _prioe $300—containing usefnl information re: mileage books and prices; reduced fares for excursions, picnics, etc.; Company's Agencie* in Rio; free atorage time and demurrag* charga on timber; illustration and price of model poultry ooops; rates 0f advertising *t stations and in this Qnid*; Delivery te dweilingj map of L. R. system; advertiBementg, views. and aundry other article* of interest. ¦'s-;.P7T« BRAZILIAN>t'Èi REVIEW. June 6th, 1923.. IV WILBMAN'0 LAMPORT àc HOLT LINE Mail and Passenger Service Between NEW YORK, BRAZIL AND RIVER PLATE WILL SAIL FOR EXPECTED NEW YORK FROM NEW YORK VASARI 13thjune VAUBAN.... 7thjune VAUBAN... 24th June VESTRIS.... 21stjune VESTRIS 13thjuly VANDYCK.. 14th July VANDYCK.... lst August VASARI 31st July VASARI IStth August VAUBAN.... 12th August VAUBAN.... 31st August VESTRIS.... 26th August VESTRIS.... 14th Sept. VANDYCK...Sth Sept. VANDYCK.. .28th September VASARI 30th September VASARI 20th October VAUBAN.... 7th October Oabins de Luxe and Staterooms wrtii one, two or tiiree deus and bath-room. All steamers fitted with Wireless Telegraphy, Laundry, Gymnasimn etc. FOR FURTHER PARTICULARS, APPLY TO LAMPORT f$ HOLT. LTD. Telelhone No. 6671 RIO DE JANEIRO P. 0. BOX 969 Santos.-F. S. HAMPSHIRE & Co. Ltd.,P. 0. B.lO.-São Paulo-F. S. HAMPSHIRE & Co. Ltd.,P. 0. B. 8__ Bahia F. STKJENSON & Co,, Ltd. H_VTt'3_- DEN NORSKE SYD-AMERIKA LINJE -___3We_MHi (The Norwegian South America Line REGULAR SERVICE BETWEEN NORWAY, NORWAY, DENMARK DENMARK ft FINLAND & FINLAND = BRAZIL. = RIVER FOR EUROPE:— PLATE FOR RIVER PLATE:— \ PARA—lOth JUN li. RIO DE LA PLATA—MIDDLE JUNE. For further particulars apply to: STRAY, ENGELHART GO., LTD. - Ageots RUA DE SÃO PEDRO NO. 9, RIO DE JANEIRO. RUA 15 DE NOVEMBRO 172, SANTOS. DiAKT m* .me. JgmWLWmWtmWi 3mvl IBBjBm pn, B_____8H_Bi Enr-Wr !¦¦ ii 8 r*i I \ 1 O ET TJERNAN FLEET: 11 MOTOR SHÍPS; TOTAL TONNAGE, 80,000. ¦:> lar tanrioa feetwten:- -Finland, Sweden-Brazfl. Finland, Swadan-Rlver Plate...Finland, Sweden-Chlle and twadan-North Paoifla, and vloe-vere. FROM SWEDEN. FOR SWEDEN AND FINLAND. SUÉCIA—About 18th June. CANADA—Due to sail 2 June. VALPARAISO—About 8th July. PEDRO CHRISTOPHERSEN—Due to sail 20 June. K. G. ADOLF—About 28th July. CANADA—About 18th August. - For further particulars apply to the Agent:— LUIZ CAMPOS •4, RUA VISCONDE INHAÚMA, 84, RIO DE JANEIRO, '".—^WÜHSSKWP"—•_¦—¦¦I * -f i;wT /^^(3k^/^/4/... ^X^zâ&^ (\i*m ¦ _•_ ' «f* , 39 (ffltmnan s §ttoKan fmettf 1 A WEEKLY JOURNAL OF TRADE. FINANCE, ECONOMICS, AND SHIPPING '¦¦-'¦'«Sãs Vol. 14 WEDNESDAY, &ZZ-'- JUNE 6th, 1923 No, 23 ;f|| #Z ' 1 The Rio de Janeiro Flour Mills & Gbanaries, Limited - OFFICES RUA DA QUITANDA, 108 - RIO JANEIRO. HEAD OFFICE 48, MOORGATE ;- LONDON , E. C. 2. ZfâsSal BRANCHES ''¦%'rli$_3 * BUENOS AIRES SÁO PAULO 443 Calle Sapmiento ROSÁRIO Rua Boa Vista 13 660 Calle Sapmiento FLOUR MILLS: Rua Gamboa No. 1 D DAILY PRODUCTION 15,000™~' Bags The Mills IVlax-l.:» _**-e» • "BWA-NACI0NAL", "NACIONAL", "SEMOLINA", "BRAZILEIRA", "OÜARANY". ^ mmm AWARflS:- Gold •"*¦ Medal: Paris 1889 First Pri2e Brazil 1908 First Prize Brazil St. Louis 19i First Prize Brüsífels 1910 Zi First Prize Turim 1911 SS?«w* ¦ IÍ" . !- COTTON MILLS*' Rua Gamboa No. 2-36 1.000 Looriis. DAILY PRODUCTION 50.000 Metres WL ¦— L sole agents of BISCOITOS AYMORÉ LIMITADA. Quality equal to English Biseuits BUT •5&. at half the cost. ¦:.m "EPIDERMIS" Telegrams Telephone NORTE 1450 Post Office Box No. 486 AGENCIES IN EVERY STATE IN BRAZIL im-m m ¦IZZ ;z,í BRAZILIAN WARRANTCOMPANY,LIMlTEPt —— 33 ...... L ______ in ii—_i_ Authorized Capital ...£2.000.000, J Capital Paid up ,..£1.500.000. HEAD OFFICE: 20 King William Street,London, E.C A. BRANCHES AT: Santos, Rio do Janeiro, and São Pauio. Df. U. S. A. : Braiilian Warrant Co-, (Inc,), New York, New Orleans, & MBNCIBS AT: Campinas, JaM aaá 81o Carlos áo Pinhal. Q0MUCT8 A GENERAL C8NSICNMENT AND COMMISSION BUSINESS. : ^ísC MAKES A 8PECULITY OF ADYANGE8 AGAINST GOFFEE, SUGAR, CEREALS AND GENERAL MERCHANBI8E. GENERAL AGENTS OF THE GUARDIAN ASSURANGE COMPANY LIMITED. mm •%»-;¦ - '^m ______ »' # 730 W1LÊMAN'8 BRAZILIAN REVIEW. June 6th, 1923. i_ttMasi-TO_s_»>ai3racg'-»% I k*H !____ A El Regular Service of Passenger and Cargo Steamers Between NEW YORK, NORTh,MIP-50UTM PRflZIL (calling at Barbados) also between LIVERPOOL, HAMBURG, ANTWERP, HAVRE, VIGO, OPORTO, LISBON, MADEIRA, PARA', MANÁOS, MARANHÃO, CEARA' PARNAHYBA, IQUITOS. Agents ior NORTH and SOUTH AMERICA PARÁ L PERNAMBUCO BAHIA MANÁOS , NATAL Mulius von Sohsten RIO DE JANEIRO MARANHÃO CABEDÉLLO lM|hècMl,IÍ0l)tH_ (¦. SANTOS . w... e o- . _. CEARA MACEIÓ R. B. Paterson. RIO GRANDE DO SULf Wllson Son** Co' Ltd- Pr.RNf.riy0fl ? VICTORIA Arbuckle & Co. PELOTAS IQUITOS , FLORIANÓPOLIS Guilherme H. Chaplin PORTO ALEGRE PARANAGUÁ: Empreza de Melhoramentos Urbanos de Paranaguá. SÃO FRANCISCO DO SUL, R. 0'N. Addison BARBADOS Laurie & Co. Ltd. BOOTH AMERICAN SHIPPING CORPORATION V7 Battery Place New York, <_3wa_aaB>K_o«w8«BPC»aa«Bwi wsif—ZBaxxx OSAKA SHOSEN KAISHA L1MITED-0SAKA MERCANTILE S.S. CO. LTD. OSAKA, JAPAN. RECULAR SERVICE TO NEW ORLEANS, CALVESTON AND JAPAN, VIA PANAMÁ CANAL, ACCEPTINC THROUGH CARGO TO INLANO TOWNS OF UNITEO STATES INCLUDING GULF PORTS ._. FIRST AND THIRD CLASS ACCOIWNIODATION Fn(lirFuture Sailings ,from „.Rio ,de Janeiro:— CANADA MARU—28th June. | « TACOMA MARU—2nd August. FOR NEW ORLEANS AND JAPAN, VIA PANAMÁ CANAL WILSON, SONS & CO., LIMITED. Avenida, Rio Branco, No. 3£\ RIO DF3 mama JANEIRO. f\_ »K_ COMPA IA NAVIERA SOTA Y AZNAR BILBAO (SPATN) REGULAR SERVICE OP PAST STEAMERS PROM HAMBURA ANTWERP AND B.LBAO TO BRAZ.L AND R.VER *_E___: HOULDER BROTHERS & CO. LTD. Rua da Quitanda 149. -- Rio de Janeiro P. O. Box 1383. mi , . A , - . ² Telegraphic Address "HOUL,DERS" S. A «'Hlspano.Brazileíra"-Santos ¦ Wilson Sons & Co. — Ltd. BAHIA Wllsons Sons & Co, Ltd. —PERNAMBUCO J June 6th, 1923. WÍLÈMAN'. BRAZILIÃN RÜVIÊW. Í31 WILEMAN'8 BRAZILIÃN RéVIEW. Established 1898. Edátor—H. F. Wileman. OFFICES: 55/57 RUA CAMERINO caixa de Correio (P.o. Box) 809, Rio de Jane.ro. All Communications to be addressed to the Editor TELEPHONE: NORTE 1966. Tel. Address—"REVIEW," Rlojanelro. "DELTA Subscriptions (Payable in Advance): LINE" Brazil, 100$000 per annum. MISSISSIPPI SHIPPING CO., INC. VA Abroad, £5 per annum. ri U.S. Shipping Board copies Service ? Separate 2$000, supplied to subscribers on!, Back Numbers REGULAR 2$500 per copy. LINE OF STEAMERS BETWEEN NEW ™™ ACENT8S- ORLEANS - BRAZILIÃN RIO DE JANEIRO:— & Crashley RIVER PLATE PORTS. & Co., Rua do Ouvidor 58. ADVERTISING'AGENTS "GEORGE FOR RIO, S. PAULO AND SANTOS- s/s PEIRCE" í^rírM ?"-Ri,a ria Qniíanda im> <*»p»^»i Loading RÍ° dG Janeiro- Santos last half of June LONDON 6914, Rio lst. half of July °0"' Ltd" 3° CornhÍ11' E-C- ' AUSTRÁLIA •- PASSENGER SERVICE Dinsdale & Osborne, 14 and 16 lst class accommodations only Market Street, Melbourne. Adelaide and Perth. NEW 9 Sydney, "The Tea American and Coffee Trade Journal," 79 Wall Strpot Steamship Agencies Co., ínc. COPENHAGEN:— ee ' General Agents for Brazil "The Santos-Head , Scandinavian Shipping Gazette," 38 Office Rio de Vestre Bonlevard. Kua do Coiumercio, 36 Janeiro Tel: Av. Rio Branco 5 Central 66 Tel: Norte 43 Cables: Amagencies Notlce.-The Editor J is not responsible for Correspondence o, Articles signed with the writer's name or initials or with a pseudonym, or "Communieated." that are marked The Editor must likewise not necessarily be held in agreement with the views therem contained or with the mode of expression RIO CAPE LINE. LTD. PC-'- •-*.,. MAIL FIXTURES Olreot Cargo Service from Rio de Janeiro and Santos to South and East Afrioan Porta. FOR EUROPE LüTETIA, Sud-Atlantique, lOth June The Japanese Steamer ANTÔNIO DELFINO, H.S.D.G, 12th June KANAGAWA MARU ARLANZA, Royal Mail, 13th June (Under Contract). DESEADO, Royal Mail, 13th June. VALD1VIA, Lloyd Latino, Loads early July foi 14th June Uo?d Sabaudo,'14th June. ^Ni^ITAMA'DL CA D'AOSTA, Cape Town, Mossel Bay, Port Elieabeth, Itália America, 17t'i June. GELRIA, Royal Holalnd East London, Durban and Delagoa Bay. Lloyd, 20th June AVON, Royal Mail, 27th June. DESNA, Royal Mail, 27th June PRINCIPESSA MAFALDA, Italia-America, 2nd July CAP NORTE, For further particulars appl# to:— H.S.D.G, 3rd July * ZEELANDIA, Royal Holland Lloyd, CUMMING YOUNG, 4th July MASSILIA, Sud-Atlantique, 8th July ALMANZORA, Agent for the Rio Cape Line, Ltd., Royal Mail, llth July DEMERARA, Royal ii RUA CANDELAPJA 44 Mail, llth July.* Telephone—Norte 2864. RIO DE JANEIRO. FOR THE UNITED STATES VASARI, Lamport and Holt, llth June AMERICAN LEGION, Munson Line, June 13th. VALBAN, Lamport and Holt, 22nd June PAN AMERICA, LOOSE LEAF LEDCERS AND TRANSFERS. Munson Line, 27th June WESTERN WORLD, Munsonn WE HAVE JUST RECEIVED A. LARGE CON- Line, llth July. VESTRIS, Lamport and Holt, SIGNMENT OF LOOSE LEAF LEDGER AND 13th July. TRANSFER METALS. ORDERS PLACED CAN BE FOR RIVER EfXEDUfTED IMMEDIATELY. 'PHONE OR CALL PLATE AND PACIFIC. AT OUR OFFICES TO INSPECT SAMPLES VAUBAN, Lamport and Holt, 7th June IMPRENSA INGLEZA, DESNA, Royal Mail, 7th June. RUA CAMERINO N. PAN 55-57, RIO DE JANEIRO. Tel.: 19GG. AMERICA, Munson Line, 8th June. 732 WÍLÈMAN'8 BRAZILIAN RÈVÍÊW. _une -th, 1923. CONTINENTAL PRODUCTS COMPANY BEEF AND PORK PACKERS São Paulo—Bnzil ¦ONES H0RN8 CASINC8 FERTILIZERt PORK PRODUCTS HIDE8 TALLOW ÓLEO STOCK CANNED MEATS LARD EXPORTERS OF ALL PRODUCTS OF A MODERN PACKING HOUSE REPRESENTED IN PRACTICALLY ALL IMPORTANT FOREIGN CITIES WILSON & CO—CHICAGO, ILL., U. S. A. Wil-o- & C-. WÍl-«_ Ce_t_Ú«-ÍO_ CO. Archer _ Co. Wilson CoDimission Co. Havana—Cuba, Via XX Settembre n. 42, - 58, West Smilhftetd P. O. Box 356. Cenoa—Italy. London—England Rotterdam—Holland. Britis_ Aaeric-n Pr.dnct» Ce. WIIsob CoBmissioB Co, Wilsoa _ Co. Wilson & Co. Victoria Wharf 5/. Rue Jean Jacquet RoustiMi 15, Templc Street New Hibernta Chambers. Blrke.nhead—England, Paris—France. Liverpool—England. London—England. HIME & Co. SHORE DEPÔT: RUA DE S. OHRISTOVÃO. 759 52 — RUA THEOPHILO OTTONI — 52. Telephone :—N. 5024 — 5025 — 5026. TELEPHONE: VILLA IN Depoàiios • Rua da Saúde, 108 a 112; Telephone N. 396 e 6282. ISLAND DEPÔT Rua Theophilo Ottoni, 47. MOCANSU1 GRANDE importadores de Ferro, Aço, Ferragens, Cimento, Tintas, Óleo, _T / Coalho ("Jacaré"), Material para Estradas .de Ferro, ect., etc («Mi). ._____->*-____^-*_» Laminação de ferro, Fundição de ferro e metaes, no Porto das NEVES (NICTHEROY). OFFICE: Fabricantes de: Canos de Chumbo, pontas- de Paris, ferra- duras, ferros de engommar, fogões, fogareiros, panellas, AV. RIO BRANCO, 61-56 \ balanças, louça de ferro estanhado e esmaltado, chapas para fogões, pesos de ferro e de latão, caixas d'água, etc, etc. TELE1__0_IB: NORTE MM. RUA LUIZ GAMA E FIGUEIRA DE MELLO. TELKU. ADDRESS: "GU1RETS." Coalho "Jacaré." POST OFFICE BOX UM. UIO DE JANEIRO. TO THE ADVEBTISEK Your aim in placing announcements in a paper EL W.^OULE is primarily because you know that what you offer meets the ey3 of persons most likely to be COMMISSION AGENT interested. Once readers are interested it resta MANUFACTURERS REPRESENTATIVE. with the advertiser to push the enquiry into good business. Wileman'_ Brazilian Review numbers amongst its readers every coffee, banking, export Rua D. Gerardo, 49 and import house of any standing in three con- tinents. It is rare for an advertisement to be P. 0. BOX 1946 withdrawn. The inference is obvious. RIO DE JANEIRO. WILEMAN'S BRAZILIAN REVIEW, TELEPHONE N0R1E 6010 CAIXA (POST OFFICE BOX) 809, Telegraphic Address "YOULE" June 6th, Í9â3. tfíÍ.ÍSãlAÍÍ<__ B»A__ÍI_ÍAÍÍ I 733.Í.BJVÍÈW. _^______ '.";__) ^^_!__!-_?__^™,,IMI,,BIIB—««««-TOfrawy I __^^^^^^^^^^H _B_B_E__B__BV^_i IO as c: arTaves __7>. ^Billliliii"^^^^^^^^^^^^^^TL_H_S__J I Founded in 1879 90-92 Rua de São Pedro and Rua Theophilo Ottoni, 91, P. 0. Box 840 — Cable Address: "Taves" fíio de Janeiro. WELLS DRILLED TUBULAR WELLS drilled for mills, bottling works and other establishments requiring a constant supply of purê water. A WELL récently sunk at Villa Isabel, drilled through 20 metres of granite, yields 5000 litres of water per hour. WELLS DRILLED to a depth of 3300 feet, for oil or mineral prospecting purposes. ,^ .- X\..^.. " ; ~——~ -~^' For information, apply to our Engineering Department. Signed Aecounts (Contas Assignadas). A translation of the regulations for the collection of the proportional stamp tax on NOTES signed aecounts was published in our last issue. This tax ai- though beneficiai to commerce and trade in general, has many defects. There is no doubt that it will protect commercial in- terests from losses due to irregular Wh,ch€,,° trading, but at the same At a meeting of the CW time the law will eilf,l of?Ti the British? Pi ^ChardChamber have the effect of demoralising the function of Commerce, held on the 6th inst., of a special reference protest of a commercial, bill or promsiory note, for ali ac- was made by Lhe Chairman F. W. Perkins, counts ,Mr. for sale will in future be subject to a simliar ie late Mr- RÍchard Whichello, whose penalty for /Bth9*1,1*10/ death on the iailure to sign or return same or for ult. (ag announeed in our last nonpayment. issue), was a'loss deeply felt As the regulations leave not only by the Chamber, much to be desierd and in dif- but by the British community in ficult of part Mr. Perkins general interpretation, particularly by a certain commercial see said that the loss of their dear friend had been very tion less versed in laws, will deepjy felt and after a meeting protests be a very common and c« the Executive Committee suít- natural practice, so that ame messages expressing protest of bills—particularly international their sincero sympathy and condolence bills—will have lost Had been sent ,most of its moral value. to members of his family now in Rio. Fundamentally, the law is sound, but the regulations are so Mr. Whichello was among those clrafted as to lead to who founded the Chamber innumerable cotnratemps.The special book- °f the original members admitted on I2th December, keeping will require, in large concerns, a veritable Íqi^u01161J16. He staff to cope was a member of Council from the commencement of with the exigencies of the law. lhe Such a ehange in commercial Chamber till 1921 and he will became Vice-Chairman in 1919-20 practice entail considerable work and expense to evçry branch and Aeting Chairman of during Jan.-Feb., 1921, after which he went business, and yet the Government have allowed only about to reside m Engiand and became the London Honorary Eepre- 30 days in which the whole commerce trade sentative and of the country of the Chamber. He took an active in the work of must alter its system of trading. Th© lhe part time is far too short, for Chamber in several of its Sub-Comniittees it is not for every and was also a possible class of business to grasp the mean- '77?; member of ing the Ambassador's Exhibition Committee controlling of such a law and to make the necessary changes in so short the British a Section of the Centenary Exhibition, period. The result will be involuntary infractioh of the regula- tions by a large section of commerce Mr. Perkins said that Richard Whichello, as they ali remem- spread over this vast country. »>ered It is likewise doubtful whetheir him, was a very loyal colleague and staunch friend and they fiscal departments will be in «eeply a position to cope with the, tremendous deplored the loss they had sustained by his death. As & demand for legalisation mark and registration of books, for few firms of regard and esteem and a tribute of respect to his memory, have as yet ordered their ali books, with the result that the the members of the Council then rose and stooci to- pressure towards the end of the present current month gether in silence for some time.. will be enormous. A» extension of time should, Mr. therefore be granted, so that WhichehVs firm, Messrs. Richard Whichello Co., is a business interests Founding. & may be saved vexatious and imfair fines. Member of the Chamber and Mr. Walter Whichello, In the meantime one we invite correspondence from our readers, of the remaining is an Active Member. partners, whose ideas on this subject might lead to valuable conolusions. 734 WÍÍ_J_1MÁN,8 BRAZILIAN REVlM. june 6th, 192a. LONA Marca Registrada J; "Locomotiva" WATERPROOF. CANVAS R0TPR00F. _r______R__» ¦ FOR ALL PURPOSES AWNINGS. HATCH COVERS. SAILS. TENTS. BOAT COVERS RAILWAY WAGGON COVERS. CART COVERS. TRAMCAR BLINDS. MQTOR-CAR HOODS. SUNBLINDS. FILTERS for SUGAR FACTORIES. ETC. MANUFACTURED BY The São Paulo Alpargatas Company SOLE SELLING AGENTS EDWARD ASHWORTH & Co. rua SÃO BENTO 26. caixa ers. RIO DE JANEIRO. im-nimuiii ¦wwmmf—.rmammicr^r^iii in i ii ii i H-B_maro» ______a__W_g_W____H__B>__B__M___M_M____l ______-_-___—— ____B_H____MMBHH_____HHB___HB___H__HH___aHI SÃO PAULO BAHIA PORTO ALEGRE RUA DO CARMO N." 13 RUA DOS OURIVES N.° 6 R. DOS ANDRADAS, 259-261 CAIXA 559 CAIXA 43 CAIXA 399 mm fjrince: line ^^ Regular Service of Fast Steamers between Brazil, New York, Philadelphia and New Orleans aoents: HOULDER BROTHERS & CO., LIMITED. Rua da Quitanda, 149, RIO DE JANEIRO — Rua Santo Antônio, 35, SANTOS Tel. Addè: "PRINCELINE >» ¦ * ^W--WWWIW_W_»_waBBlM|B|^B^JgJg^ygp ¦_¦__«_____¦ aig__l'_i THE 611Y OF SÃÜTOS iPgOtfEf EjiTS G0jIl?iL]_¥, mW Etet-ado cie Sáo _R,»vilo Caixa 4 -SANTQS ™ pf&h• fefL.SiiCoke ^ 1" _dnc_?d »JN»»_ Continuous Carbonization process, Also soft WATBRÒm^^mM^m^m9 ?w?01 a1d 0ÜB lor *ke «"««iactüre if Desinleotants. supply system. Speoial cheap rates for industrial ,w^S£_ÍS$KsSSS?fmí_í__Í__2^^_ffi_tti_ií^^^ anT ma' liflht andpower- Ch'appower í0? lonfl" TEA^ltt1iL_teoi)a_MWnt; of •íectricBerTice, during 2?_J__7a_J2!Ít_!_e fií™6,'?' P»? 22 Hours. Season tickets Electri? ran.n_ri _? d" #rm" _?r.UF8.6 P?rtles' Parcel deliW Service to ali points. 8 TELEORAPHIC ADDRESS:-" HEAD OFFICE: V COPENHAGEN C. K. HANSEN CABLE ADDRESS: HANSEN. THE BALTIC SOUTH AMERICAN LINE ¦ ¦ æ í°mPaní,ia Sveatlanta SANTOS !"""w' do Brazil, Pernambuco:0'x companhia c^Zlntll Sveatlantalveaí!anía _° Brazil» SVEATLANTA. MARANTTin do Brazil. SVEATLANTA. D1A™A0 Companhia Sveatlanta do Brazil RIO GRANDE u SVEATLANTA. DO STO Edward Wigg & Sons. a WIGG. __1AHIA Duder & Co. ,Ltd. _B-ttHt_-____n DUDER. ai jliji x f rnsmüsá -'. j_. _j_ The Estimates f,r 19M. I „Spite of ihe effor(s of the Ad. niin stiation it has not been possible to equilibrai* the financse Déficit (—) or Txresuit for the first«-•*-*°f Revenue Expenditure Surp^us(f) e.u *• c»'™»t 1924 (estimated) t^xjyx?-,nnght lead to expectation of 1,170,005 1,408,457 —238.452 financial equilibrium by the 1923 (ditto, revised) close of the year, but it will not 1,142,763 1,123,910 + 18,853 he possible to avoid special and 1922 (revenue actual; exbaordmary expenditure, expen- which coupled with the fali iu ex- diture estimated) change, will 791,745 1,088,986 —297.241 eventually upset the finances of the 1921 country and (actual) 768,498 1,193,014 —424,5i6 thX ^ CU1'rent »* cl°se 1920 XXX r X ye" *«_ a net de- (ditto) 827,498 1,123,906 —296,40S " a,'ROT' ftan tI,at 0dgina!,y 1919 73,000 "«***. '¦••¦ —297,772 eoS' 1918 The —247,667 estimates for 1924 are, however, disappointing, 1917 Woncertag, in fact, —308,341 f„r the estimated defieit has increased N.916 vhen it considerably ...;' —207,884 was expected that it would at least not 1916 tne surpass that for —295,130 current year. 1.914 The new estimates —376,479 were elaborafced by the special commission 1913 mstituted for —132,249 the purpose and are Said to represent true 1912 neitber figures, —166,932 revenue íeing exaggerated nor estimated. expenditure under- Tlie figures for the It is years 1920 to 1922 have been taken from true that both the President of the he Presidenta Republic and Con- last Message to Congress. Those for 1923 nnd gress aro m a position to reduce expenditure 1924 írom the or to create new estimates just published by the Minister of Finance sources of revenue. These powers, therefore, should be exe"cised The figures for 1920 to 1922 ali differ from those o. their full extent, estimated f0r in spite of the fact that, the estimated published as actual results. The «ehcit is smaller than ^rT1011815' above figures for for the three years 1920 to 1922. it is large 1923, foi- example, compare with the enough to estimates as passed by Con- retard progress. There is no doubt gress and early that expenditure published in the year as follows, (gold, can be reduced appreciably, but the on plus resources for extra revenue premium gold, i.e., total in terms of paper):— are practically dry, unless it be with increase in existing taxa- Déficit or tion, which is already a heavy burden on the country and further Revenue Expendit. Surplus mípcsition might be injurious to trade and commerce The Original estimates 1039 160 —73,112 ¦onnder economic 1,112,272 policy, consequently, would be to reduce ex- Figures given with estimates penditure and leave taxation alone. for !924 1,142,763 1,123,910 +1S.S53 Tlie estimates for 1924 shows thc following results :— Difference In Contos of Reis. +103,603 + 10,638 +92,965 Revenue Expendit. Cold Surplus Déficit These 97,091 88,570 8,521 differences aro explained, to a certain extent, by the Premium inclusion in the on cold 339,S18 309,995 29,823 new figures of the new proportional stamp tax I aper ' or signed accounts assignadas), 733,096 1,009,892 - _. 276,796 (contas estimated at 40,000 contos and the general income tax, estimated at 50,000 contos, Total in making a total of 90,000 contos papei;, 1924. 1,170,005 1,408,457 38,344 which have been added to the Deduct 276,796 original estimates oí revenue. surplus gold ... ² ___ ² 38,344 It is doubtful however, whether anything like this total will be collected this year, for two reasons: Net déficit firstly, there are only six months in _____ 238,452 which to collect the propor- Premium tional stamp tax on sa7es of 350.0 per cent, eqüivaleu of merchandise, etc; and, secondly, to 6d. exchange. there are no regulations for the collection of general income tax, Tho which in reality only comes into force in 1924. It can, therefore, estimates for 1924 compare with those ¦ '..¦ • anel for the current be safely said that the current i last years and actual results for year will close with a déficit as previous years as follows, in large, if not larger than e-rms of paper, i.e., originally estimated. The Minister of gold plus premium on gold at estimated Finance emphasises the average exchange for the fact that the estimates for 1924 are a respective year, and paper):—- frank exposition of the probable financial standing of the countrv June 6th, 1923. 736 WILEMAN'S BRAZILIAN REVIEW. SCOTT & URNER - (Formerly of SCOTT & HUME) Hamburg Ameríka Linie l-Cnfg-iiieeriiigç Contractors - Builders - Rio de Janeiro Avenida Rio Branco, 109. 4 São Paulo - Rua Barão Itapefininga N? 37 A. Regular service with modern Tel. Addr.: "SCOTTURNER" Rlojanelro & Sâo Paulo passenger and cargo steamers between Hamburg, Antwerp, Brazilian and River Plate Ports. Agents TbeodorWille&Co. RIO DE JANEIRO, 79, AVENIDA RIO BRANCO, 79. CONSTRUCTIONS IN REINFORCED CONCRETE Speclallty - FLAT SLAB SYSTEM. Ford Building - São Paulo - built byus ls the first examplo São Paulo of this system In Brazil. Santos a ESTABLISHED 1884 THE Uhe financial Bews SCUD1I SHIPPING GâZETTE DAILY . . . TWO PENCE OFFICES: Head Office: 38, Yestre Boulevard, COPENHAGEN. 111, Vietoria Street, London, E. Queen C. 4. "Vikinexpo" Telephone . . . 6830 City hnes) Telegrams: "Finews, (4 Telegrams Cent, London." Codes: A.B.C. Sth. Ed THE FINANCIAL NEWSis the oldest and most influential Daily Financial news- HAMBURG' OFFICE: paper in the world; and is acknow- Gr. Elbstrasse 58, Altona. ledged to be the most Potent Authority Telegrams: "Vikinexpo." Telephone: Hansa 8496. in the World of Finance, and an Advertising Médium of unique value. The Leading Shipping Paper SPECIAL FEATURES: international Finance; Banking; Insurance; Mining; in Seandinavia, Rubber; Oil; Engineering; Shipping; Land and Estates; Miscellaneous Industries, &c, &c. FOREMOST AMGNG THE TRADE JOURNALS OF EUROPE ALL THE NEWS OF ALL THE MARKETS. Advertising1 Agent in Brazil: SUBSCRIPTION ii RATES (POST FREE) H.F.WILEJV1AN, "Wileman*s Braziliat) Review 12 months £ 3-18-0 ª 1-19-0 ª 19-6 RUA CAMERINO, 61-69 READ Caixa Postal (P.O.Box) 809 Qhe financial Bews RIO DE JANEIRO The Great City Daily. ü "•"IsiS!? "="» ¦ w ¦ % ¦ i June 6th, 1923. iWIlAMAJSPa BRAZILIAN RÍJtWW. 737 -j\ 3PPHíS^^) mmmmmmmmmaÊUOmWmmmmmmmB "LANCASTER" ^Ü*DCAn(»WW-I THE RAINCOAT. As its name — implies is a raincoat proof against any ôrdinary rain, but in no sense a Macintosh. There is no rubber in its composition and being porous itis equally successful as a light overcoat for day or evening wear as it is the ideal protection against any but the heaviesí downpour- "Lancasters" We do not import ready made—We buy the finest wool gaberdines in Bradford, have them proofed there by a special process, but make the coats here in São Paulo. Thus we save two thirds of the duty, and can offer a eoat fully equal to any of the advertised British Coats, at a much lower price. IN TWO QUALITIES—PRIGES RS. 220$ & RS. 250$ "LANCASTERS" WE WILL SEND CARRIAGE FREE TO ANY PART OF BRAZIL, PROVIDED THAT YOU MENTION WILEMAN'S REVIEW. ONLY MEASUREMENTS REQUIRED ARE CHEST AND LENGTH AT BACK. MAPPIN STORES-Caixa 1391-5. Paulo ^ ¦&*^m and further states that Congress can, at its discretiony either re- The increases are chiefly in duce èxpenditure or increase revenue. emoluments and extra material for the different ministeries, particularly War, Marine and Public It is regrettable, however, that Dr. Sampaio Vidal failed to [Works. The increase in the èxpenditure of the Ministry ot point out how either could be effected, for he is in a far better Finance is chiefly in interest and amortisation internai position to know how one of debt can be reduced and the other increased. (12,254 contos), If, as the foregoing public buildings and other works (3,400 contos), figures show, it is possible ot estirnate a sur- Mint (2,122 contos), judicial sentences (7,000 contos), etc. The plus for the current year, why shouM 1924 show such a large increase in the provision for the service of the foreign debt is déficit? The new estimates are indeed disappointing and will 411 contos gold or 1,438 contos at 6d exchange. have the effect of damping the spirits of the most optimistic dementa. The considerable increase in emoluments and materiais, par- ticularly for war purposes, could have been reduced, considering Judging by the words many times repeated by the President the seriousness of the financial state of the country. There is of the Republic and the Minister. of Finance, it was generally not the slightest doubt that without sacrifice there cannot expected that a attempt * be greater at financial equilibrium would real economy and only have been a little courage is required to realise it. made, even at a sacrifice to the country in. general, but the contrary seems to be the case. We ourselves were cer- tain, ,particularly after the results for the first quarter of the current year were made known, that the déficit would at least Municipal Finances. The Message of the Prefect have been reduced to the neighbourhood of 50,000 contos, whilst (Mayor)„of tlie Federal District of Rio de Janeiro) to the Municipal according to the new estimates, it does (City not fali far short of those Council, makes anything for 1918 to 1920. but pleasant reading. Dr. Alaor Prata is undoubtedly frank in his statement of the state of affairs of The estimates by Ministries for 1923 and 1921 are as follows: this unfortunate Municipality. Tn Contos of Reis. The Prefect does not mince matters in the serious- 1924 *1923 — Inc. orDec — picturing ness of the situation, so much so that he requests the Council to Gold Paper Gold Paper Gold Paper authorise him to propose a moratorium to all internai and exter- Justice ... 3,373 100,505 3,240 88,934 + 133 + 11,571 naí creditors, which is eloquent state For. rs 6,324 3,107 prool, of the afflicting of 5,045 2,022 +1,280 + 1,085 municipal finances. Marine 1,200 102,612 1,200 76,440 — 26,172 + We wonder whether Dr. Alaor Prata realised the of War 200 199,504 200 142,195 — gravity + 57,310 such a statement, for the is the confession of hard Public Wks. 9,898 298,508 proposal 10,065 224,596 — 167 + 73,912 times to come. We much Do, earmkd yet regret that other means could not 1,791 13,868 1,638 14,010 + 153 — 140 have been Agriculture found, such, for example, as a funding loan, basing 569 52,304 469 41,086 + 100 + 11,218 his request Finance.. on the slump in exchange, which has undoubtedly 65,214 239,483 66,626 202,104 —1,411 37,378 + increased the municipal debt disproportionately. When the two < 'moratorium" "funding" words and are analysed, fundamentally Tótal .... 88,569 1,009,^91 88,483 88 " *Hevised 791,387 + +218,506 they have the same meaning, only that the first has a much more by the Executive, detrimental moral effect. 738 WILEMAN'S BRAZILIAN REVIEW. June 6th, 1923. "W\ 1 \\ WILHELMSEN STÍAMSHIP LINE REGULAR SERVICE OF FAST NEW CARGO STEAMERS BETWEEN UNITED STATES, BRAZIL and ARGENTINE (Refrigeraied space available) FLEET IN COMMISSION FOR 1923 (ABOUT) (ABOUT) "TALISMAN" "TROUBADOUR" (Diesel Engines) 8,000 d/w (Oil Burner) 8,500 d/w "TITANIA" "CUBANO" Burner) (Diesel Engines) 8,000 ,, "TERRIER" (Oil 8,500 „ "TIRADENTES" 8.500 (Diesel Engines) 8,500 „ "JETHOU" „ "THODE 7,000 „ FAGELUND" (OilBurner) 8,500 In reserve 5J TAURÜS" ) 7,000 „ FOR FREIGHT AND FURTHER INFORMATION APPLY TO: E. JOHNSTON & CO., LIMITED RIO DE JANEIRO: SÃO PAULO: /.AVENIDA RIO BRANCO No. 9 RUA FREI GASPAR No. 24 . Telephone Norte 240 Telephone.Norte 174 >WWWWWáF.MI_M_!__»-gw 9 Kon.nkujke Hollandsche Lloyd. ROTTERDAM-ZuiD AMERIKA LlJN. AMSTÈRDAM, ROTTERDAM. JOINT SERVICE OF CARGO STEAMERS / ROTTERDAM & HAMBURG Regular sailing* between BRAZIL AMSTÈRDAM j ( RIVER PLATE OFFERING THE BEST TRANSHIPPINO FACILITIES AT ROTTERDAM/AMSTERDAM FOR PORTS ALL OVER THE WORLD. (SOME OF THE R,Z. A. L. STEAMERS ALSO HAVE FIBST CLASS PASSENGER ACCOMMODATION.) FOR FREIGHT AND FURTHER INFORMATION APPLY TO THE AGENTS. SOCIEDADE ANONYMA MARTINELLI E. JOHNSTON & CO., LIMITED RIO: AVENIDA RIO BRANCO 106/108 RIO: AVENIDA RIO BRANCO 9, 3.' TELEPHONE N. 5134 TELEPHONE N. 240 SANTOS: RUA 15 DE NOVEMBRO 32 SAJTOS; RUA FREI GASPAR 2à TELEPHONE N. 16 TELEPHONE ». 174 June 6th, 1923. WILEMANS BRAZILIAN REVIEW. 739 THE BRITISH BANK #^ITÍÍ^3|Jti- ESTABLISHED IN 1863. CAPITAL AUTHORISED ANDSUBSTRmFniUttóLK1BED im ir>« ««,_ £20 EACH - IN .100.000 SHARES OF ~~ — £2,000 ""- " 000 CAP,TAL RESERVE PA,D™ ?", * . 000'm ™D_-^_^_^ Jgggg ÜH£^fl!£I^_W0RGATÍI LONDON, F. C. 2 Office in Rio de Janeiro Rua Pptàeiro de Março 45 (l Rua and 47 Buenos Aires 1, 3, 5, 7 & 9 AGENTS IN NEW YORK— BANK OFr NEWwcw YORK ANDAMn TRUSTT CO. BRANCHES _ATT- and C^X^"^ .nX^^ SU,,. o, America and _, Sou, aôfd the ZJ^VS^ PUreh»se a»d í_. .____*.. S. S5?. T-"e — of Funds undertalcen as a,so lhe question is would the Municipality obtain a loan for such a ? turn of normal conditions of purpose The mischief is done now that Dr. Alaor Prata has transport, etc, several of the new stated in trades, such as exports of beans, piam words the necessity of a moratorium. The effect rice, lard etc, almost cèased. it will have S°me 0Í thÍS countl'y's both in and out of the counry is not con- t TI Tlf'-' best European customers re- pleasant to s iicted their imports owing temuplate and may reflect unfavourably on the to depreciation of their currencies, crédit of the whVe ith the: result hat country abroad. after the boom yea*- of 1919, which led to The foll0TOd the deo:i™ S» general situation should, however, be looked at from a l7ffffSun, C°Untl,y' exports and broader of point view, for the difficulties of this or that State c lous.y but increased or Municipality the burden of the balance of foreign do not affect federal crédit, which is independent *he pay- ot such embarrassments. • reactí0n in the *»^ '«de of Vis ffl .SfV'f*e faV°U,able balanC6 0f trade Foreign creditors, r ôl'ntW ™s not.suffieio,,. particularly British, understand this well PWneutS) with the result enough tmuedLT . í that exchánge con- and will not, consequently, the Federal Government to fali aggravatmg still give further the financial pòsition. the cold shoulder. It must be borne in mind that the future of 0W6Ver' aS a'rea* Med> ,ha* »"k extra, Uns country jB not without its many vaganeeffZ,f aggravatedff ._ promises, and whatever the pòsition to a serious extent, but the troubles we may be or may mT "^ passing have yet to pass through, the m"St Ukewise be **m into consideration act remains that the to ainver-vlí at real time wi,M come when its potential natural conclusions. wealth will have been so developed as to make it immune to Our administrais penodic financial should bear in mind, however, that trade crises. It must also not be forgotten that, in and exchangé are spite of beyond their control and that the development all kinds of guarantees, fundamental^ money has been loaned to °f *he °theI' take time> tha* this country against its credil.. What use would these no rSLf r . fj _ s° **• « f°r from that «~otion as immediate guarantees be were Brazil to default or even repudiate Z tf °ked aid Avliich, its debt, 0f course, it is not likely to hbnum, countries do? Creditor and that can only be would do little or possiblé with economy-real no good in trying to force economy-whateyer it may cost Payment, as the country, for without it the experience elsewher© has proved, so that the only praçtical 'to way out of the difficulty would be help the country to it, íoi whatever o rehabihtate the sacrifico may be the futul./will itseilfi, so that it can not only its compensations. haw Decome pay its debts, but wealthy and an asset to its creditors. It is true that lhe Brazil Government i8 doing what it consicte has never shown bad faith, neither has she defaulted. noclic bUt ÍUdg'n« h* «he crises are natural in a new country much3 l°e estimates for 1924 or subject to the vaganes « could;C,\d1Ctta' be done Federal fi„anoes production. The crisis are far from sound of 1898 was the consequence of over- which coupled with the chaotic Piocluction, but state of the Mnnicipaüty of Kio was overcome by prudent administration- the ead those who foilow the piesent crisis, oountry's economios and finuncls : it is true, is the result of extravagance, but out- io ciiange their closeiv sme elements views with i___._.._.d *°+^ aCtUa'x L a"d. had equally their effect on the here. state of affairs. g P^^ive war positíon During production was developed extraordinarily and new and Portant To return to municipal finances, overseas trades were established. On the re- the pòsition, according tò ! the Prefecfs message, is as follows:— jfwi;.'-,"-.- "'.-.;-. ' y^i!^y'^y.i^f, #¦ ítÈViEW. June 6th, 1923. 74Ô WÍLEMAÍí-S SíUzlLIAÍS. Companhia Mechanica e Importadora de São Paulo oi* Construetion Worls; RaUway materiais; Locomotives; Rails; IMPORTERS OF: Materials for every class Coal; Ironanol Steel: Oils; Cement: As|>lialt: Water Pifres; Electric Material; Motor Boats; AutomoD.les, etc. etc. Mackinery; Sanitary and Eartkenware Materials: Nails; MAKE RS OF: Coffee t.nà Agricultural Screws and Bolts: Cottonseed Oil: Castor Oil: Coconut Oil, etc and Contractors. Iron and Bronze Castings. 8AWMILLS Engineers fram tha Paoking Heuses at Barretes and Santoa. SOLE EXPORTERS OF: Chilled and Frozsn Moita, and ali tt-ter produets, PACTORIES AND GA1AGB CESAMIC WORKS: WAREHOUSES, Agua-Branoa, — Tal-phont 10-15. Ruas Mon3«nhor Andrade e Amarlco Braalllena» (Braz) Codca Bseé: A. S. C. 5 th Ei., A. I. A. Z.,~B«itley> Llebera Wcatera Gniaa aad Ribeira SAO PAULO „ RIO DE JANEIBO SANTOS LON90N RUA l5 DE NOVEMBRO, BROAD STREET HOUSE MFÂ8 QFFI££UrJ!.'-H5 j '-<•*¦- ¦ ' -;'-•-N:>."v ".-¦¦ t*y*. - . íit»<; • '»_I'r.' »'• ** «*' . >yy--y,. ¦ y-;.- -¦••y.-yyy *::.-; •.*.:;¦;: s, •¦< ¦ ' • ¦ íJEiEm ¦ ¦¦ æ I*^**-!*^*'-,; ^í^< _^ri______k *"•'¦ ~-'__4______l _Hh^ _tfflfc" £m\ /5e^ ~ "" r^m^a^^^ f' ' / """ '" iÉÉÍ (Owners: T. H, Skogland & Son A/S, Haugesund, Norway.) FLEET: s.s. "HANNA SKOGLAND" 8000 TONS D. \ s. s. "WALDEMAR SKOGLAND 7650 " s. s. "KARI SKOGLAND" 6800 " s. s. "SOLVE1G SKOGLAND" 6250 " s. s. "LAURA SKOGLAND" 6100 " s. s. "TORLAK SKOGIAND" 5700 " s. s. "MARGÍT SKOGLAND" 5700 " SpPSvfef "SKOGLAND" 5100 " ¦¦-¦**.:>*¦ í.1'1,» s. s. 'ÊStii?!. 7 Ofílces in -Brazil: - -.¦:¦¦ v SKOGLANDS LINJE, (Brazil) Ltd., Rio de Janeiro SKOGLANDS LINJE, (Brazil) Ltd., Santos 7... j'ò* • BESIDES AGENCIES ALL OVER BRAZIL '¦¦tfi;-."'¦ <* REGULAR !¦ V.' I SERVICE, EUROPE—BRAZIL—RIVER PLATE AND VICE-VERSA ftít AND BRAZIL—NEW ORLEANS AND NEW YORK. 1/ For further particulars about freights, sailing, etc, apply to SKOGLANDS LINJE (BRAZIL) LIMITED. ¦*_$# Avenida Rio Branco No. 9—2° Andar, Salas 221-227, rj0 de Janeiro. Cable Address: "Skogland." i'£.,y. Telephone: Norte 1676. P.O. Box: No. 1,020. ('¦'¦7}*,y-\^* i^^f^mm^BÊ&i: :;.. y:y . j^^^^^v^^^^-^.,¦,!:;. ,yN :¦;."•' -WpWS—*tnn$m_¦——¦—. *¦¦ ¦ -tittii i ¦¦¦¦¦! i æ g*^*ap-^-»^i-W!.!WBrTa_3^C>a^m ^Q_fc5_MS3-M---a»a--l J¦?___¦¦' EXGELLENTE B0NB0N irmi T^f» B_Kk. NãO FAZ C0LLICAS, NEM NÁUSEAS. 0 MELHOR, 0 MAIS AGRADÁVEL, I mais efficaz. Para a pelle ? ^Obi," June étli,. Í92á. WILEMAN'- BRAZILIAN ftÈVlÈW. * hi ¦¦——,____ ,_ _ ^^^¦¦¦iMi^B__B____A ____ '"""^^^^^^™___B____ 1S estim^d 107,117 contos, of which at The London and 7,497 2C)M ™Jf ^l- "• « contos o. bondT"S T^^f ^ the p* of^rsonnel; eX,Lditur. |S ««at U8 ST". ° COnt°3 —ing the River Plate Bank, Ltd, netect,llcf^ however, 2^| f f sees theí°r necessity of -postooninc, in emojuments g .W 7t^^ to better times and is oi ih/T P should be "^ ltem Founded in 1863. excluded f. JTé cutent veJ l-thÍS th- hypothesis, the esZató ZSi\/J. ducting foZ" afterT de"?" Authorised Capital £4,000,000 the extraordinary revemiA and W : turo for the * 'T"^ Subscribed »mpose-LZ2 W6MffjDzu 77/"°"contos; Capital £3 000 000 im a^o -. xi.'ST! a ^jd.fCÍt °f 2'259 C°nt0S- As exnenditinf«-r «f Paid-up Capital £2,040,000 KTbT Reserve Fund that estimates „f £2,100,000 reVe„ueXPhrt:CS;aS\t dlrg:í ence. in ÍL2££ ^ ? a"! Th*_ t T'"8 Dr Prato í<_ ,.* tú ' • he burden of expenditure. HEAD OFFICE °Pm,0n *hat a11 but »-»«* sSp^ded Li* °Ur should be done ™-'kwith°at should he wST__lto_vvnat matteis ííif n10R10 ?iwon *"•*• 7 PRINCES STREET — LONDON, 1S not more beautiful than it E.C.2. o oras8 TnÍClPf ÍS * *— «e i8 sssto rlav th; dTf? ^ ^ ^ 0f debt- 2*2 ,tUlf The heavies "" mmÍciPa]% the intÒrn"l and eí r . u » service of its Manohester — 86 Cross "lal ** *" "™ Street. totaí expe^ditut ^ ^ <*« »' Brariford — 35 Hustlergate. at 46T78SSZ,reqUrd,fol.r th6 SerVÍC6 of tlle debt "»• «rtimated "^t 31'786,COnt°s f°'' a 8d ^ f-Ígn, caloulated New York — S g- 4Bnh'n»> however, 51 Wall street. roífor tnethe cunenteurrênrvÍ _ the total service year has risen to 52,050 contos. The difference vould cover the déficit Paris — 9 Rue du Helder. mauy times over. Under he Z» stances, says the Prefect, it Sh°Uld tL6J' is impossible to pay the tocreas T~ An.werp — 22 Píace de Meir. -t™ -' * timeemSr„me Till nlZX£™f mleH have ThTs i! lPt rnel *> so without their dues. Lisbon — 44 Rua Áurea. aDd sh°Uld not be OTCriooked the MunicLl C mm* by * ^ autho™atí-»» ü necessary for the sos- pensionpensLfof or S?this provision. The floating debt of the municipality amounts to S2 K7q ioiugn and mternal de Janeiro, São Paulo, Santos, Curityba, Porto gold debt converted into at 6d jBrazil.—Rio ™' paper eXJ Alegre, Pelotas, Rio Grande, Victoria, Bahia, Pernam- PZCT debt- The SOT™e " *• consolidai Srfllreqmre m 1924 buco, Maceió, Pará, Manaos. the sum of 52,916 contos, of which ^lebtwül ÍnterDal aUd 32'583 COB,OS for «• mternal debf Thi h6*n0I??us Aires, Rosário; ^igatiou, which, says the Message, jArgentinja—Buenoa Bahia Blanca, Tucuman, cannot t* /*?•*I8fted, W'th0ut ° Mendoza, Paraná, Concórdia, Cordoba. .oTer t P^vidential aid. Taxes can ò ' fW th°Se existin8 are almost Wolerable. w£7JT, TI SayS the Uruguay:—Montevideo, Paysandu, Salto, Rivera. Z/L Z0116' Message' is t0 systematically a"d r6duCe exPendit»'« i" eve17 soo tZthat defàcitsiTT6 possible way, Chile:—Santiago, may be reduced to the minimum. ' Valparaiso, Antofagasta. ^i80 ^ n0t suffici^t and othefâ toüst be found tnto reheve TSTSthe MunicipaUty Paraguay:—Asuncáon. 0f some of its tremendous obli- gations for a period sufficient for financial reconstructíon For this reason the Prefect Colombia-Bogotá, Medellin, Manizafot. solicits the authodsation of the Council a mo'-atorin'n for at least a certain peicentageuerLT.? oft itsf debt.JC1'^Ít°rS If there is no other way out of the difficulty, creditors will ACENTS ANO CORRESPONDENTS *he PrefeCt'S Pr°P°Sal as ta ns for IN ALL THE PRINCIPAL atíeiÍfteH, all the.r*4 municipality practicable, is not bankrupt) and with som; ^ and sound admimstration, CITIES OF it can recover from its em- THE WORLD. toassment. The present position is serious, but not hopeless, so that there is no necessity for a panic, which will do creditors no good. iiano, pianQ si va lontano. im¦ ii i< The Bank ís affiliated with LLOYDS BANK, LIMITED, who —s—s ca WELL B0UN1> LE»GEHS ALWAYS IMPROVESr?^/E have THE APPEAEANCE OF AN 1,600 Branches in Great Britain; Paid-up Capital and OFFICE^ A TATTERED LEDSER IS EQÜAL TO A RAGGED-SEATED Reserve CHAIR. 1F YOIJ Fund over ,£24,000,000, with whioh Bank is also PRII>E YOXJR&ELF ON THE APPEARANCE OF YOÜR affiliated THE NATIONAL BANK OF SCOTLAND, LTD, OFFICE PUT IN LOOSELEAF LEDGERfí-IT WILL PLEASE YOU AND YOUR ACCOUNTANT.~>PHONE NORTE 196€ 742 V._LÉ__tA_.'8 BRAZILIAN RBVIÈW June 6th, 192.Í THE WESTERN TELEGRAPH COMPANY, LIMITED. THE ONLY DIRECT ROUTE WITH SOUTH AMERICA UNDER ONE MANAGEMENT Cable Stations In South Amerloa. Cable Stations WESTERN TELECRAPH COMPANY ___^______H______-___ in Europe and Pará (Travessa Campos Salles, 1). Maranhão: (Avenida Maranhense 17) South Amerlcai Ceará: Eua Floriano Peixoto, .) Pernambuco (P. Qen. Arthur Uscar; EASTERN TELEGRAPH COMPANY Maceió (B. Sá e Albuquerque 95, LONDON: Eleotra Jaraguá) r/ ______¦ ___(____>V*"'S *"u^^__ House, Bahia (E. Conselheiro Dantas, 1) m _,.._._¦T0^Js_!^^5____^!-_i_____'__T?!_y/__%Ly _____ W^MMlkWmMM /\*A«sMy«* \^u Victoria mi nlw *^£ Finsbury pavement, e.c.2. (Eua Pereira Pinto, .) Liverpool: K 13, Exchange Eio de Janeiro (A. Elo Branco, 117) Buildings. Sfto Manchester: 55 Spring Gardens. Paulo (Eua José Bonifácio, 5a) Birmingham: Santog (Largo 128, Colmore Eow. Senador Vergueiro) Bradford: 4, Commercial Santa Catharina (P. 15 de Norem- /bÍ ______^^^9 _Kft \l Street. bro, 10) ¦ ______ ______^^m\ _____St___ l_PIPI____r^?_r* .mwu*»' 1 ¦ Leeds: 72A, Wellington Street. 119 ______ ____¦_¦____./__*-° 11 Glasgows 5, Eoyal Rio Grande do Sul (R. Andrade , 1S^__^P^Í^ • •¦•¦' I Bank Place Neves, 18) W li _ò Newcastle-on-Tyne: K Jáxctiange Buildings, Uruguay: Montevideo (Calle Cerrito II f «gí I iK"' Il Quayside. 449) ?""' Cardiff: 33, Merchants' Exchange, Bute Docks. RIVER PLATE TELECRAPH \m E_í^_ ¦°L,M'»•*•&«• #_____rQÂmÁ'^Jn_t'^fl K'm> $. EES_E?TI, j OIL GALORIC COMPANY Avenida Rodrigues Alves, 437 Rio de Janeiro TELEPHONE NORTE 5297 FUEL OIL STATIONS AT Pará - Pernambuco - Bahia -- Santos Steamers bunkered alongside the quay June 6th, 1923. WILEMAN-S ______REVIEW. ' /*í__l___vw^É^mm^^Êm^L I I ¥ I lffníàl/i ¦ D Ii Via /^_2_^\ Colon SU™ARINE CABLE COMMUNICATIQN Ali America ^J WITH ALL PARTS OF THE WORLD. KIO DE JANEIRO: SÃO JfAULO: Rua 15 de Novembro 26 Cornar Rodriflo Silta and Setembro, s.to -He-- «vasa?*» ma™ vou*, CAB,EGBAMS VIA w „__WB_ ANDrET™A:T a-^.^i.v.s: OR AÍ0UTlTáCm„^E-NAT'0NAL TELE°«APHS IN OTHER G MB'OTIOWS CIT.ES - ¦ im i TRANSMITTED FREE R,"eS- Mr- T* La"^ard the -epresentafave™TJ O 7* de ^e^, m fhe United States of the Associação mercaiof Com- Maich sho^ an increase of 17,904 Santos, informs ns that in accordance tons or 9.9 per cent and that estaWshed with a new Ze by the U.S. Exports Imports Balance Exports THE Imports Balance BALANCE OF TRADE fob- c-if- f.o.b. c.i.f. 1922 1921 (BRAZIL). Jan, ... 6,079 4,441 + 1,638 6,169 2,833 THREE MONTHS, J ANUARY-MARCH, FOREIGN + 3,336 TRADE. Feb' -6,276, 3,457 -.2,819 5,022 Deadweight 3,152 +1,870 in Tons of 1,000 kilos. Ma reli -• 6,706 5,499 + 1,207 5,510 1923 1922 4,197 + 1,313 Balance Total Exports, Imports Balance 19,061 13,397 + 5,664 in favour Exports Imports 16,701 10,182 + 6,519 or against in favour Inc. or Dec Exports or,a_ainst Exports March on Jfin. 179,833 295,180 Feb + 430 -115,347 162,344 187,593 25,249 +2,042 — 1,612 + 488 +1,045 — 557 Feb. feb. ....+ 181,643 202,239 - 20,596 142,733 70,305 027 +1,058 — 431 — 659 — 2,023 March 213,038 +1,364 199,547 343,016 -143,469 150,516 -155.480 305,996 Compareci with the previous month, f.o.b. value of expor!s lotal ... 561,023 increased by £430,000 or 840,435 -279,412 455,593 706,6_7 -251,034 6.8 per cent and c.i.f. imports by Inc, or Dec, £2,042,000 or 59.0 cent; the total per balance in favour of exports' March on consequently, shows shrinkage of £1,612,000 or 57.1 per cent. ...+17,904+140,777 Compareci with the -122,873 + 7,783 - same month last year, f.o.b. value of ex- ^t>. +02,958 85,175 ports m March last -+19>714 +47,886 - 28,122 -11,828+118,403 -130,281 shows increase of £1,196,000 or 21.7 per cent T1 and c.i.f. imports of £1,302,000 °f the 0VeíSeaS tmáe of Brazil for the or 31.0 per cent, tlie balance in Mn,vÍ 1S month of favour of exports, consequently, aS-We antlciPate^ not up to the standard shows a shrinkage of £106,000 vWous sevenf1^ of the pre- or 8.0 cent. months. Although the volume per •now and value of exports Compared mcrease in March as compared with the same period last year, f0..b. value of ex- with the previous two during ÍmP°rtS r°Se t0 ports the first quarter of the current vear a much Sreatei' extent, as ,/e show ex, Prt'l °WSg°f t0 increase. ofi £2,360,000 or 14.1 cent c.i.f/i_a_ ailXÍety °f imPe^ers to clear merchandise from per and i^Cnt'e Oustom ports of £3,215,000 or 31.5 cent; House prior to the increase in duties per the balance in favour of ex- fcOid, collectabkie in ports consequently, shows which came into force in April. a decline of £855,000 or 13.1 per cent lhe decline m the balance of trade represents the extent to which ¦¦'¦-• ¦ ¦~^-.v-;t ¦.;-..;. i: ,;-"!v;v'V:-.m-,í1.-(-vm/.--;.-:; .; ;¦-. y-y rr-yf.- y^-\-,>-, ?¦• 744 WILEMAN'8 BRAZILIAN REVIEW. June 6th, 1923. the balance of foreign payments has inoreased. We fear, how- tance with the previous Country Fair held in 1921, will no doubt ever, that the first balance will decline still further in the months be remembered by many. of April to June, for exports of coffee have been far below the We a.ro also at liberty to pubilsh a feAv names of the M-y monthly average for the last eleven months and there is no hope of gentle- men who have consented ito be Vice Presidents, the others will mucli improvement until the new coffee crop comes down towards follow in a subsequent issue. At the íoremost the tlie end of July. of list stands the Ven. Archdeacon Hancock and the Hon. Mrs. Hancock, Discrimination by Class:— whose interest is so closely connected with the 1923 1922 Inc. or Dec. object of the Country Fair. Then there are Mr. Frank Dodd, the £1,000 £1.000 £1,000 % well known Manager , Animais and their products 1,263 1,094 + 169 15.«1 of the British Bank of South America, Mr. D. D. Keay, a very old II Minerais, ditto 278 150 + 128 85.3 resident in Rio, and one who has always had the interests- of III Vogetablcs, ditto 17,520 15,457 +2,063 13.4 the Church at heart, Mr. Alfred Hutt M. B. E. of the Rio de Janeiro Tramway Light and Poiwer Co. who held a similar po- Tolal 19.061 16,701 +2,360 K.l sition in the 1921 Fair, and aso Mr. C.W. Patrick of the same Of total f.o.b. value corresponding first of exports, to the Company. Then there are Mr. F.W. Perkins C.B.E. the Manager three months of the 'currenl Cass I accounted for 6.6 year, per of the important shipping firm, Messrs. Lamport & Holt, Limi- cent, Class II for 1.5 cent 1TI for cen.t per and Class 91.9 per ted and Mr. A.C.E. Skey of the Western Telegraph Company Compared with tlie same last year, f.o.b. value of ex- period Ltd. who is always ready to lend a helping hand on all such oc- ports of all classes show increase for the first three months of casions. lhe current year, of which Cl69,000 or 15.4 per cent in Class I, We are informed that Mr. E. Cl 28,000 oi' 85.2 per cent in Class IT (manganese), and £2,063,000 D .Truman, C.B.E., Manager oif Messrs Holder Brothers or 13.1 per cent in Class lll'. chiefly in coffee. Limited, who is the Çhairman of the Country Fair, The feature of exports by class and article is the increase has besides others, the foTowing ladies and gentle- men to assist him on the General in shipinonls of rubber (€320.000 or 103.4 per cent), of frozen Committee: Mrs. L.O. Tiplady and meat (£145,000 or 100.7 per ceni), sugar (£196,000 or 31.2 per Mrs. F. W. Abbott toi represent the Womens cent), cocoa (£154,000 or 30.8 per cent), oil fruits Diocesan Association in Nictheroy, and Mrs. Francisco de (£138,000 or 30.4 per cent), manganese (£111,000 Castro and Mrs. C. H. Lloyd in Rio. We believe that there are or 151.1 per cent), lard (£53,000 or 1766.6 per cent), hides already other ladies who have consented to be on the General Commitee and tlieir (£52,000 or 14.0 per cent), maize (£66,000 or 3300.0 per cent), names will be published next week. This coffee (Gl ,476,000 or 12.9 per cent), tobacco (£66,000 or 37.7 also applies toi the gentlemen, but we have a few names already cent),"and por beans, table fruit and timber with smaller amounts. which we herewith make public, Mr. G. H. Craig, the well known Those to show falling off are canned meat, wool, skins, Manager of Messrs. Edward Ashworth & Co., Mr. C. Causer, of jerked beef, cotton, rice, carnaúba wax. mandioca four, herva Messrs Hopkina, Causer & Hopkins whoi did such good work matto and oils, the most rnarked being rice, with shrinkage "Advertising" a of last Fair on the Committee, Mr. Frank Clemet- Cl25.000 oi- 82.7 per cent and raw cotton with £122,000 or 14.3 son, General Manager of the Cia. de Estrada de Ferro per cent. Victoria a Minas, Mr. J. Cüiok, Manager of the Western Telegraph Com- Discrimination of Coffee from "Other" Exports:— pany and Mr. C.H. Lloyd, the well know Broker, who has the happy privilege of being connected with "goiings 1.000 F.O.iB. value in most of the on" £1.000 in Rio. bags Cnffoe % Ot.bei % æ Tnf.v, As time January ... 1,194 4.173 68.6 1,907 31.4 6,079 passes we hope that wé may be allowed to publish further Februaiw ... 1,238 4/168 71.2 1,808 28.8 6,276 details cif the Country Fair, as it is an event to which Míinl1 we shall all look 1,223 4,282 63.8 2,424 36.1 6,706 forward with the greatest of pleasure, so rnarked was the suecess of the previous effort.—(Communicated). Total, 1923 ... 3,655 12.922 67.8 6,139 32.2 19,061 Ditto, 1922 ... 3,475 11,440 68.5 5,255 31.5 16,701 Compared with the Rame period last year, exports of coffee during lhe first quarter of the current year show increase in quantity of 180,000 bags or 5.2 per cent and in sterling f.o.b. Thi GOUROCK value of £1,476,000 or 12.9 per cent and value of other exports ROPEWORK EXPORT CO., LTD. of £884,000 or 16.8 per cent. # RÜA PRIMEIRO DE MARÇO, 119 Coffee accounted for 67.S per cent of total f.o.b. value of RIS DE JANEIRO exports for the first qua.rter oi lhe current year, as against 68.5 (*ÀCTOWBS AT PORT GLASGOW, G RWtNOCR, I.A_IARK per cent for the corresponding period last year, and < ther ex- Bstahllohed 173. ports for 32.2 por cent, as against 31.5 per cent. SOLE SPINNERS, WEAVERS, MAKERS & PATENTEES OF Average Value per ton of total imports and exports, three "BIRKMVRF.S" months, January-March :— Imports Exports Milreis Milreis £ lí,1;* TQ7* 12.4 879S 58.6 CsiutRRÀTitD WATERPROOF & ROTPROOF. lí)2() '161$ 34.0 1:,3S$ 83.5 COTTON l^l : 823$ 34.0 732$ 29.0 & FLAX '1^22 459$ 14.4 1:167$ 36.6 •923 660$ 15.9 1:404$ 34.0 CANVAS ,, "of for Tcnts all descriptions, Tarpaulins Hatch Covers, Waggon Covers, A Country Fair. We are now abe to publish a few de- Cart Covers. tails with regard to the forthcoming Country Fair. As we under- stand it, Mr. Tom G. Cross has undertaken to be the President ROM&S, TWINES, CORDS, STEEí, WIRE ROPHJ8 COTTON NEJTB oif same. We are sure that the Committee could not have wishecl AND TRAWL NETS AL,!, AI QÜAWTY for a more suitable man. Mr. Cross' untiring efforts and assis- June 6th, 1923. WILEMAN'S BRAZILIAN REVIEW. 745 '¦*%&>¦¦ >*fgPORTS ANO MEETINGS OF COMPANIES Iiess, as we did not like + to see our shares above their value on a dividend paymg basis for LONDON AND BRAZILIAN this or any other reason. I do not BANK, LIMITED. tíunk there is anything further that I can usefully say in this connection and The fifty-second I naturally do not give any name, as annual ordinary general meeting of the not be this would shareholders of the judicous, and Iam quite sure that none of London and Brazilian Bank, Ltd., was held me you would ask to do so I can only say further that this at the offices of the Bank, 7 Tokenhouse Yard, E.C, on Tuesday, board will aiwavs consider the best interests of their shareholders lst May, 1923. Mr. W. Douro Hoare, C.B.E., in this, as in everv (the chairman), other question. ¦ presided. The Secretary, J. A. Stark), read the (Mr. notice con- I referred last at vemng the meeting and the year some length to the crises that had report of the auditors. vailed in the pre- The countries where we are established Chairman said: Our report and statement of accounts have These crises continued in their intensity and naturally have been in your hands for some days, and I I mav brought in their • presume trail numerous and large Mures. Such take them as read. You will ali have seen being the case, it is not in the papers the siirprismg that the report tragedy of Colonel Johnston's now before you is unfavourable death from drowning at Budô last not only for have we had to face heavy losses, but we have August, and I know your sympathy will go out to those he leaves in the, pursuance of a conservative had to curtail behind. That a strong swimmer, and experienced waterman, poiicy business in who several places. In fact we have had rowed in the Eton and Oxford done our best to support our o lã eights, and who had done such customers and service in the to lay the foundations of business when activitv gallant war, earning a D.S.O. by an act of gallantry returns. on the battlefield, and who had safety come through innumerable Exchange in aU should lose his countries in which we deal is low • in fact perils, life in such a manner is an inscrutable dis- °n 4tK AprÍ1 tOUched the l0west pensation of Providence, Colonel Johnston's loss is a heavy one —5tlnA?Tan P°int in ** hisW l-4d. Now whilst low exchanges favour their for British interests in Brazil ,and especially to this Bank, of export trade they are, as you are aware, very which he was Deputy Chairman, and his uncle and detrimental to their imports rnd grandfather it is from the duties on imports that before him have been directors since the commencement of the those countries have in the past denyed the greater of their revenue, Bank in 1862. To us, his colleagues, he had endeared himself by part part of the same being Jevied m gold and furnishing therefòre his personal charm, and everyone connected with this Bank will a large contribution towards the service of their foreign long mourn his loss, and we deeply miss his ássistance and ad- debt, etc. Well, the partial cessation of imports of certain manufactures vice, which was always valuable. You can well understand how, has brought about. a great change in Brazil and also Argentina. personally, I have felt the loss of my Deputy Chairman. His Now nearly every class \ ot goods is being manufactured there father, Mr. Reginald Johnston, who died very shortly afterwards, at infinitely ?ess cost than they can be imported, in was a real good friend to this bank, splendid factories with up-to-date equip- * and highly respec^ed in City ment, and circles. . . you only have to see some of them as I have done to wonder To fill the at and admire their efficiency. Brazilian manufactures vacancy we have elected Mr. W .H. Tregoning,"for- a member have just about doubled in value during last of the Board, and I think you will agree we are the ten years, and, ' although the Government is tunate in securing a member of the well known firm of Alfred a loser in revenue from import duties thereby, other taxes have been Boolh & Co., Ltd., and director of several important companies decreed and the amount Io be derrved therefrom will, when who are well known in the trade, especially in the north of Brazil. they are fully operative, more fhan counter-balance that loss, I am sure his knowledge of Brazilian affairs and of business notably in Brazil, where to effect this substitution of revenue, a generally will be of great advantage to the Bank. stage of transition has had to be passed through. According to the Last summer I again paid an extended visit to South America last industrial census, there were 38,129 manufacturing establishments and visited a large number of branehes, and had an opportunity in Brazil paying excise tax of employina 350.000 workmen and the annual confeirring with our managers at the various p7aces I stopped value of production being 3,000,000 contos of reis, at. It was an immense advantage to me to see the business on or at 6d exchange, £75,000,000. An thc spot, and to try to realise some of the many difficulties they undertaking of considerable importance in the S*ate of have S. Paulo is the to face. I cannot say that I went at a prosperous time and recently installed steel works at Ribeirão Preto. This 1 found much all-round depression amongst merchants and plant is owned by the Cia. Electro Metalúrgica Brazileira, an entirely bankers, but I have always found that education under adversity Brazilian company with a capital of 60,000 contos. It is has the distinetion in many Avays preferable to education in prosperity, and I as- of being the first compete steel plant in Bra- sure zil, and is the first you I learnt much that is very useful to me. To know per- step toward supplying the Brazilian market, sona.lly wlneh m 1919 imported the men who are condueting your business abroad has 40,000 tons of merchant bars and sheets and 135,000 tons always appeared to be, if not a necessity, a tremendous advantage. of wire, tin plate, ràils, and pipes. Though times were not in Brazil's prosperous Brazil or the River products are fetching high prices, notably coffee and Plate,! was much impressed by the position our Bank holds in cotton. The coming coffee crop, which starts on lst July, 1923, these Republics, and I am certain when good times return, as is now generally reported to be a large one of about 14,000,000 return they must, we shall get a good share oí the business bags, although many people declare that it may even reach offered. I should like to take this opportunity of expressing 16,000,000, but I notice in to-da|y's Times, Mr. Edward Greene, my special in obligations to the Federal and various State Govern- his able speech at the meeting of the Brazilian Warrant Co., ments for the many kindnesses and the hospitality I received from forecasts a crop even lower than 14,000,000 bags, and owing to them. I was present at the opening of the Brazilian Centenary the favourable statistical position, it is not expected that thewi* Exhibition, a wonderful sight, and as Englsihmen you would have will be any great fali in price. been proud of the show our two magnificent "Hood" ships, the The production of cotton is increasing enormous^. At the and the "Repulse", made, while our British Pavilion was excellent present time Lancashire is consuming more Brazilian cotton than and our of it Brazilian gift to the nation was much appreciated East Indian, and it is the hope and endeaovur of the Brazilian V them. Administration that cotton in the near future should be as im- . Many of will noticed you have paragraphs in the papers re- portant a product as coffee has been. The export of cotton in lating to the amalgamation of this Bank with other institutions, 1921 was 19,600 tons, representing a value of 46,000 contos. For . f m 746 WILEMAN'S BRAZILIAN$&¦ REVIEW. June ôthj.1923.. Even rubber is moving again, tlie value of export having been revival of confidence in business. Exceptionally large exports last year £1,408,000, agáinsl 61,231,000 in 1921, but I very much were effected of the country's main produets, almost ali of which doubt whether ovei- a. period of time Brazilian rubber will again showed figures greatly in excess of 1921, in two instances, i.e., hold itlS own against 1 lio piantation rubber of the East, but from wool and hides, constituting recorda; Noveiih^ess, throughout 1 ara and Manáos tbe shipment of nuts are an increasing and almost the whoüe of the year, a general feeling of nervousness profitable trade, and now in value exceed shipménts of rubber. was evident, and extreme dullness was tho note trade Wheat growing is a'so on the increase in the Southern States prevailing of in. general. The pròtracted crisis in the cattle trade, largely of Kio Grande, Santa Cal ha ri na and Paraná, and in this connéc- the tion direct result of heavy speculation during and immediate^y after I should like to mention that lhe present Minister of Agricul- the war period, has done more than ali.else to retard recovery, ture, Dr. Miguel Calmou de Almeida, is intensely interested in, but with the coming of the new unmistakablè and has deyoted considerable year signs of improve- time in the past to tho study of ment are agricultural beginning to be evident. problema, and it is expected that agriculture will lhe At çommencement of 1922, ,business failures stiT con- gain quite an impotus under tho direction of his ministry. tinued to show lhe extraordinary high figures which had con- The present Federal Government is working hard on the stituted the disagreeable feature of 192Í, but during the second bnlancing of its budget. Expenditure has been cut down in half of the year some improvement was observable and it is to nearly every doparfment, a committee, such as that appointed in be hoped that during the current we shall this country, having been formed speciylly year not again witness to wield the economy a return to the abnormal axe, and comm it ments conditions prevailing in this respect of the late Government, where it was posS- during the iblc ío whole of the year 1921 and the early months of 1922. do so, have been cancelled. Tho leeway it has to make up, The unfavourable circumstances which have however. is very great, and immediate results combined to produce of its policy cannot the unslable situation of commerce be expected. President Bernardes in the country are not yet, has a very difficult position however, at to face, but be an end, and before a definite return to more healthy [s facing it with couragé and ability, and l feel conditions sanguine can confidently be anticipatéd it is that his efforts will ai the end of his first in office possible that show year serioiis losses may still have to be sustained. a very considerable improvement in his next budget. Our 1 shall now refer to the several items on the balance latest advices from Brazi! are of an encouraging nature. sheet. According te the auditors' report, the Trade of late has been showing a decided, depreciation of our capital although small, improve- employed abroad in ment, and it is believed ali countries where we trade amounts to that this will be maintained, and it wants £540,557, only which is fully covered by our carry forward ofcher a small improvement in exchange to make trade really and good, reserves. It is very disappointing that the looked-for as stocks aro almost exbausted, and at improve- present low rate òf ex- meu-, in exchange, in Brazil change buyers only acnuire sufficient particuVly and the Argentine, has for their immedaite re- not yet materialised; The indeed, as regards Brazil, exchange which quirements. year 1922 closed with a balance of trade iu stood on favour 31st January last at 7%d went, as I have already men- of Brazil, exports being £68,578,000 and imports £49,192,000 tioned, as low as 5 l-4d on 4 April, but has since recovered leaving a balance in favour of the to country of £19,386,000' as 5 9-16d. However, this is a aga.nsl a deficit of matter which need not unduly alarm £1,881,000 for the year 1921. us, for, as I stated in Coffee my speech last year, there is, of course, contributed £44.242.000, against £34,694,000 and blht0r of onr caPita1 bei"S required on this side, colton contributed £3,059,000 against 1° .P1"0, . but our £1.556.000. difficulties are naturally much added Aithouffh this figure to by such a low exchange, is admuVedV insuFicient to meet the as our profits made in milreis service of have to be converted into sterling foreisn loans. etc, i.e., tho total balance at a ™ry low of payments rate. As in previous years, for com- "•l>>ch at present requires about £25,000,000 purposes of atinually, it must be parison, our currency figures in Brazil are taken noknowledged that tho result domonstrates at the rate of the recuperative power exchange of 16d, on both sides of the - 748 WíLEMAf.'S BftAZíLÍAÍ. ftÊVÍÈW, June 6th, 1923. of these a grievo(us personal loss,, for with the father I had been connected approval and that when the re-election gentlemen comes during the whole of my business career, and with the son during up later onat this meeting, in accordance with the articles of as- the whole oi' his business career. 1 joined the old firm of1 Edward sociation, you will confirm us in the selections we have made on Joànston and Co. as a clerk in 1891, and went out to Rio the your behalf. same year. From that date until the absortion of the business by BALANCE-SHEET. this company in 1917 I was intimately connected with the firm, and during ali those long years I looked upon Mr. Reginaid And now I should like to go through the balance-sheet with Johnston as my beloved chief. It is not for me to tell yciu what you,item by item,as is our custom. I think you will find it a simp,e a hjgh and honoured positictn he attained in the City of London, and straightforward statement of the position. On the íiabilitv for most of you present here to-day know that already, and it side capital remains the same as in the previous year. The reser.e has been put cm record by others better qualified to do so than fund is £100,000 up owing to the transfer which we have made 1 am. it is more tho personal side of the man of which I am to it out of the profits oi last year, and it now stands at a thinking at this present moment. Mr. Reginaid Johnston had total of £150,000. That we have been able to make this allocation qualities of the heart which endeared him to ali whai carne into is satisíiacíory so far as it goes, but I must remind you that in contact with him; especially his subordinates, and in the great our balance-sheet o_ December 31, 1919, our reserve fund stood at and small troubles of this life he was the wisest counsellor I have £250,000, so there is a good deal of ieeway to be made up yet. ever met. You will remember that during the difficult years of 1920 aud COLONEL JOHNSTON'® DEATH 1921, we had to dip heavily into our reserves in order to make ample provision for the bad knocks we received during those His son inherited great qualities! from the fater, and as a criticai years, Johnston of the third generation in the old firm Colonel Johnston The next item, sundry creditors and credit balances, repre- also attained early age an honoured the at a very position in sents our trade accounts, &c, and the figures are about £300,00;) City, and if his life had been spared he would certainly have down, which shows some restriction in our normal trading opera- gone very far. He applied an austero düigence toi ali his business tions. Bills payable happen to be very nearly the same as in lhe activities, and he carried them through with a very high sense previous year. of mes, it true duty. To however, often seemed that his vocation I will ask you next to look at the asset side of the balance in life have the wuuld been soldiering. In war he made a good sheet, and here you will notice that soime changes, not only in officer, and a gailant one, as the award of the D.S..O. to him for the totais of the various items, but in the form in which we pre- an act of bravery.on the field of battle testifies. Colonel Johnston sent them to you, are worthy of attention. In the case of the San- lost his life in a tragie bathing fataiity on the coast of Gornwall tos premises, land and machinery, and likewise of investments last Algust. He leaves three sons, and we may hope that the in subsidiary and connected companies, we have carried out the family connexion which still happily subsists in the person of totais of what these assets actually cost us and we then show you our esteemed colleague, Mr. F.A. Johnston, will be renewed how they have been reduced by suecessive writings down. We again, perhaps, in thc fourth It will always be well generation think it will be interesting to the shareholders to know how for we for thoiso who have the responsibility of the management of this have gone in that direetion. Santos land and machinery oompany to remember that it is a continuation and amplification premises, now figure in the books, after the writing down referred to, at of the old firm of Joihnston, aud that the traditions of that name, £40,268, and I think that at that figure they always highly esteemed in the City of London and throughout Bra- are written down enough, as the properties would zi 1, are a valuable asset, which it is our duty t0i conserve and probably realize more than that amount in the event of a sale, keep alive as long as possible. even at the present low rate of the Brazilian exchange„ I hoj)o I am not speaking at too great length of these two departed colleagues, but, indeed, their deaths to me mark the end INVESTMENTS of an epoch in the history of our company. I only regret that they did not Hve to be here today, when we are able to to present you Investments in Subsidiary connected accounts which demonsl rates that the business has Successfully and companies, after the writings down, figure in the books at we omerged from the world crisis which ruled with such a heavy £541,225, and although have not specially allocated hand during the years of 1920 and 1921. anything this year to the further writing down of this account, I must tell you that if the Brazilian exchange continues at its present low levei we shall have to NEW DIRECTORS. apply a considerable sum to the further writing down of our lock-up under this heading. Although I call it a To prciceed with my survey, debtors sundry and debit balan- Brazilian Government and the ces are down bankers who issued the Brazilian by a very considerable amount, viz., £840,882, and Cofjeee Security Loan of 1922, Messrs. Barihg; Messrs. Roths- of course, you will understand that if we had not suceeeded in child, and Messrs. Schroder, and to which matter the chairman getting in this money as we did, it wciuld not have been possible íeterred in full in his speech last That work, for us to increase our investments to the year consisting 0f extent we have in the tiie marketing and selling Government of the coffee given as security for the h high-class securities to which I have just referred. loan, kept our organisation occupied to its utmost limits in every The next item, stocks and stores„ is down by £52,288, compa- department; it is still so occupymg it, and will continue te, só red to the previous balance-sheet, which is also do the result of less for some time to come. We the activity in are proud of ccuifidenee which our ordinary trading operation. Office furniture and has been placed in us to carry out ttiis important work,, and I ven- fittings are £4,870 up, represented by the fittings and installat- ture to believe that we have done it t0 the satisf action ions of our new London office, of all ihtci which we moved at the end i those interested. I may add that, of 1921. in my c.pinion. we have thoroughly earned the commissions paid t0 us for work done, Bills receivable, remittances in fon; transit, and cash, taken to- it has been onerous work, and to carry it are little out we have been obíiged gether, a down. The twci auditors' notes, which to abandon you a good deal of our normal trade, I passed ioiu will see on the balance-slieet, explain themselves and in are con- strenuóius months in Brazil last year on what is commonly called formity with what the chairman explained to last you year. a visit of inspection, but which I prefer to call a visit of encoura- gement, and 1 observed then that our staffs in Santos and Rio de THE YEAR'S PROFIT Janeiro were forced to work very long hours in order to cope with the daily movement, and later on they worked under circumstan- You wiil doubtless remembér that in 1919, which ces was our peculiarly trying, for the summer in Brazil was an unusually last good year, we made a gross profit in round figures hot of £198,- one. Our offices in New York and New Orleans have also 000. After that carne the slump in trade and the worid crisis been very fully employed. I should like to say which affected business that in carrying every-where, and our gross proits fe:i out this work our one endeavour to has been not only tQi give satis- £65,000 in 1920. In the following 1921, faction to year. gross profits our principais, but to study the interests of the coffee were ,£105,000, which álthciugh still very showed that trade poor, some as a whole. In accordance with tlie wishes of the London recovery in the business had set in. This as Coffee year, you will see Coimmittee we have done everything we could to avoid from the profit and loss account, the gross profit works crut at upsetting the ordinary distributing channels, and £284,000.. In this connexion every buyer it.'is interesting teu point out that who has himself to us has the presented been treated to a fair and profit is. on the same scaie as in 1919, taking into considerai- square dea]- tion the ratio of proifit to capital employed in the "Defence business. Ia In this great operatiom of the of Coffee", as the 1919 our capital was £1,000,000 and our gross profit £193*000. Brazilian Government rightly describe it, we have had the'honour, In 1922, our capital was £l,500d000 and òur gross profit £284,000 since the change of Government last November, to be associated It looks, therefere, as if we had with Dr. got back, after two black years Numa de Oliveira, the Brazilian Gwernment delegate of crisis, to a earning capacity to the profit equal to that of three years London Coffee Committee, and I take this opportunity of ago. From the referred acknowledging gross profits to there have to be de- the great debt we oiwe to Dr. Numa de Oliveira dueted directors' fees., £1,505,, for his which is a relatively small sum, most valuable assistance and advice. Dr. NUma de Oli-, and this with a full veira year, board, the fees of the directors will be carne to London in February last to confer with the bankers readjusted to the higher figure • and the authorized by the articles of asso- committee, and I do not think I am disclpsing any secret ciation. if I say that the bankers were much struck with his great business abilities and the grasp he displayed of the coffee trade in all its EXPENSES AND bearings. TAXES This, however, is not surprising, for Dr. Numa de Oli- veira is a son of that great coffee-growing State, São Paulo. London office expenses are up by about £2,000, which ls BRAZILIAN GOVERNMENT'®"DEFENCE OF COFFEE". accounted for by the higher rent and increased staff which we had to engage to cope with considerabíy increased requirements Whilst on this subject of coffee, wiil allow me_ of the business. Reserve fotr income-tax perhaps you and corporation profits tet say a few words about the steps which the Brazilian táx together are Govern- owing to the incidence of the three years' average, ment have thought fit to rather take in defence cf coffee, and which less than last year. in certain quarters have been criticizedL In this country we have The Staíf Provident Fund absorbs £880, compared with "key as heard a great deal about industries" and the necessity to £842, the relatively small increase being due tet the lower rate protect them, and if there ever were a "key industry" in any of Brazlian exchange, otherwise this item would country "key have been larger, coffee is a industry" to Brasil. I dot not want to for the number of contributors and enter into participants has very much a controversial discussion here as to whether it is wise increased with our ever-increasing "key staff. or the reversve to protect industries", but I do say this, that After these expenses hatfe been allowed foi1,, there remains a if it is once admitted that it is right and proper to protect "key net profit of £231,321 to the credit of .appropriation account, industries", then the Brazilian Government are overwhelmingly which is dealt with in the manner set forth m that account and justified in defending coffee. How important it is for Brazil to into which I do not think I need go in detail. The outstand- do so is demonstrated by the fact that the "Defence of Coffee" ing facts are that transfer we £100,000 to reserve fund and recom- has been taken out of the hands of the individual coffee-growing mend of certain final dividends payment which bring the distri- States, and is now cared for by the Federal Government as a bution fotr the to the full 7 matter o5 national year per cent. on the Preference importance. It has never been the policy of shares and 7% per cent on the Ordinary shares. This stil] lea- the Government to put prices up to an extreme figure, and no ves us £63,605 to carry forward to new account, as compared with one can maintain that present gold prices are in any way exagge- £42,285 brought in. rated. It is abSolutely vital to the Federal Government that planters should obtain a fair gold prices for their produce, for the REVIEW OF THE YEAR. Government is dependent for 70 per cent, of its remittances on coffee bills, and if the supply of these bills fialls short of Govern- On the whole, I trust will not ment gentlemen, you be disSatisfied requirements by reason of the low gold price of- coffe6 the l|ô- with the results obtàined during 1922. It was indeed a very busy vernment is hard put to it to find the remittances needed for te year for the company, as we had to devote most of our ênergies to service of foreign loans. British .investors in Brazilian bonda the carrying out of the responsible work entrusted to us by the are thus, possibly without realizing i% deeply interested in the ":.¦.;• -'< Z^^ty^^fp^yw-? 7áo WÍLBMAN'S BRAZILIAN REVIEW. June 6th, 1923. price of coffee, although, unfortunately, they drink far too little ward and coffee, picked before middle of May will be of it. Another for the defence is spoilt by justification of coffee that the abundance of unripe bean. Brazilian Government ordinary importing machinery will regulate of most European countries has receipts of new crop at to Santos 35,000 bags, and at Ri0 de Ja broken down with tlie collap.se of their exchanges, and whereas for- neiro to 12,000 bags per day, which represents more or less meriy large stocks of coffee used to be carried in Hamburg, Ant- rage ave- werp, quantities exported monthly for consumption. Balance Havre, Marseilles, Trieste, &c, no stocks of any importanco be carried will forward to 1924-1925 crop, which wül are carried in those ports to-day. Brazil, therefore, was forced nofc be larger than 10 milhou bags for Rio de Janeiro to step in and with lhe help òf London credits, carry stocks and Santos together Henceforth no cause for complaint liersclJ in order to carry over surplus supplies from lhe fat wi'11 exist with regard to restriction entries owing to Brazilian Government , years of large crops to the iéan years of Small crops, and are building thiis stores in the interior so as to eqiíal.ae distribution. ]t is most satisfactory to note that euable plantei* to ship in a fair wav London tor ali, and at tlie same time allow Government bankers are now prepared to advance money as readi.y to keep a strict control of entries, any against warrants issued by weJ 1-accredited warehouse preventing favouritism in the order of public com-- arrival, at destination". panies in Brazil as against warrants issued in the ports of Eu- The rope or the above telegram js of great interest to States, and in my opinion there are very few places the coffee trade where throughout the world, for it contains confirmation coffee can be so safoly warehòused as in Brazil, and cer- of the Go- lainiy vernmenfs programme and also the the markets oí Santos and Rio make the best distributing views about crops of a verv oxpenenced observer. One thing centres for its subsequent sale. I may, add> that ls that ^ Government having decided upon its policy, will carry jt through with an iron will, not LARGE AND SMALL CROPS in the narrow sense of fayouring only the planting .torests, but in the wider and more hopeM sense of «e- \ei suscitatmg the country' a further justification for the defence of coffee is that s finanpesu a very large crop in Sao Paulo is with almost mathematical cer- lainty íofiowed by a small crop, and it would to THE FUTITÜRE -funetion seem be the pro- per of Government to regulate the distribution. There is also the As regards the future of our uncertainty of the climate in the State of Sao particular business about which 11 Paulo.. yon are naturally desirous any oi you had seen, as J saw, lhe effeets of bearing sometàing, the last thing of the great frost t a anyone oi 1916 m that State, when m my position here to-day millions oí trees were açtually killed feires to do is te pro /»¦ tiie frost, and the Pe aPS-' h0W6Verj be produetivity oí miUiou8 of trees more ,.„ vlTi, ? Permitted to tell you that the destroyed ior at least three °Pe,ed f0r us- Ev*ry years, you would not he surprised busy a*8]". ÍnarPÍ°iOUSly department is "at every year when the cold «i ^ t0'd y°U' aUd when season comes round e " • in wS Ve the sPoeial work en June, July, and even in August, the COmi>leted We Sha11 retu™ anxiety in the minds oí busrnesLsts?„i.^ *» «ur normal coilee planters. is extreme. w,th UT*"?he satisfaction r'S of knowing Buyers in the consuming market, of that there ia a plentiW tto are apt to say that Bra.il cries "Wolf!" marketed' an Shippe>i> aud «refere too jv-ord too often and W 2 ,°r Zd' a ondly just about lhe time when °m' multltudi»oos activities, these fro.ís may take ^ r , , with excellent prós- pUo, b» you may take poets, I believe, ef a steady. it that the measure of that demand for the article from the con- "d, meaSUre °f '^ lml W °f the P'™*ers, »1'«io dread . a repetltion ° °°U of the disaster ef 1Wa r trus • inUed exPansio», whieh i8 aided un- il dlubír\doubtedly by Tthe fr°St Ute '"^ ,,Sai"' bUt What '^'happened policy of prohibition of alcoholic liquors ZZZZZ T " tí'""- As regards the future in Brazil J* 'S "ot *° *• »W *s of generally, during the visit 1 T2 T l ,S60°mlC°""""eS whick r hraiready Sl 'Íke til8 U"iteJ «ates hat ~hLye«;_to ref-d> i «CAÍ Eta . P7greSS °f ^ °°UUtry COntinues- » <» *°e that Z few YZ"ld. 8et, " g?a% hamPei'ed èns Iu bUSÍnes* in ma»y diree- oZ' Stiy""gXt ^ H<1UídatÍ0aS ha™ rdatChesreas,ÍUStmTtS^^^ ^dera, uoZYZYYt *¦ soon malJtheLfelves «»• I Wtove, tZYTZ TT f.tlficatloniOT eti^eiu Í! inaP^oved Mustry" SUC" a "tey cotton situation.. Sugar, as eo._eo-gr.ow4 Zd Z Z'"* and r„hl n hetter ° *T *""* "^ ' knowJedg. of the t, -M, «.e^g bT:^pTVemu,;T!jvecoííee 5* -lia,, il^Z °f "" ^ ciop t0 be marketed and sold. Government m he ** Dr Bernarde, iu p |ig ap^JÍtod °"S ^ Dp' Sampaio Vida1' ter ef Fir nee fl^T Y' the,M(nis- mWBAM alread/XTed P°f «^-nemy, and they have llUl0M «fflM SOVERNMENT S ^^ ft'ont 1>EI«AT1_ that the personal experience Ministerxinisrer otof tinZFinance has led a capacity for work unequal-uneaual- ÍUtereStíllg by anyone I know in Brazil nnA i. -n , .Wde^ouit te,6gram *™ Dr. o^ent v/uvtllu> lTZtnZlliae JjraziJiaii ( oví>rnn.__i.+ t._.i j. the poiicy wfht ™ps and supplies-, ^Z' ^'^ SS^ From that tZZ ™„ 7 vernment are determined *bat *he Go' to reguTat ' • T'! «*» to the needs * dUril* «* -tntng of eon , ^ connts on future "* d» months ef-20-30 Zr DIVIDEND RESOLUTION of ^T"? i>"ce actual coffee, which have ^ ^ Z,TrL i ü CertalnT" *° ha™ detai"04yeu. appear quite unwarranted Tn g markets, will noTrrtI T,,30^ so long,.and 1 i» tta *"? r6S0lUtl0n' and after ^t resolution ünited St™t t ZZ I^nT «° has Zn7Z s , T™,g T^ shtllt »•«• *e^eeting, I Ja^^swertany ^^^ mav wi.W 'answer questions which any shareholders "^ -"That the directors' lance- heÍtf„P! report and ba- following tax) final divideijds. (less income- bebe, and™rl areo Yhereby , declared, =2 sss the (payable on the 4th prex.)-On tt t_r:;,:-{'•>»=«-" Seven per Cent. ">'". *°t ***%* Cumulative. Preferenee -hic-h is causing berrie. h™>' shares, 3 % per to fa „„"""« "f ^ ^«^ '* uuseasonable weeds St gIWÍUg 7 % ^ *» and vegetal ion Fnt,l' ^ g en the oÍdnfa re:' 5pei^ °ent- *£ eW*. quantities should "" C,'°P '" aW1'e- divided (makÍnS- -*-ae Ínterim hof C0Unfed^*w dividend, 7 %V7 per cent. for the » good qualities, because 6'Í*0WJ' year) _in rf*tógTÍÜ^g or latest flowering ^ A1?Xand6r J°huston' is very back- ^condingthe motion, ¦Mdsaidlhe the !oTÍSgood report and accounts which the directors had snb- June 6th, 1923; Wimm BRAZI1UN EEVIEW 751 assooiâ«d WM companies am0urit to con,!,ons de.ably 0 overand 2,000,000 tons, exclusive of vessels building or¦ .eary one ,„ of t, s^b- ordinary iii Brazil had not business CaPÍtal a,ld ~s-„ow amonnt shown, tw 7 *° Z arlyfSto ^ent,"'e ««st naturaUy ^^ *he ™mW "?fei'ÍÇ*"eSr aUd ™''8° look fo.™ ^J^T7 BràrindiSiMU and: th!the: Êi P?r s«"iees..to. associate He Would'Iit« Rivei-Pla*e have .been regularly maintained himLlf ve,° s_3 7!_dtrCCeSS-"XX to 'from,.by, man I,ad expressed gratificati°» «* «___, S°U*amPt<»» a"d «T, "D" steamers at"„r:y WrnoolLiveipool. tTThe volumeT' of traffic,, however, continued Io be feeted adversei, by depressed business conditions _ °" %M *he "^^ d%*^ in trade and SOme oomn™'ce TTÍAmf,'1Ca Mr F A T í.V 01 years 8S a gKat P''oduce|- a"d «-POrter of ¦¦ A- Jol^ston, Lord Bessborough Prima™ Ld X Gibbsp.,,?1, and Mr W i. rv materia,s is TO» sensitiye to condi- were unanimousl. reeIeoted M^TdJ^*l*1,ri*'S directors and « 1!1 b0"nd *° SUffCT by a»y failure ot. (Messrs. Bali, Baker Comisb Q« i /. V the au<*itor.s n7„„^ 7the,,rVf purchas- 'he r.e5t.fl£..the worid. When Euiopea» furs,,'°'íMefst™«Wened out, as.we ali. hope may be before long, andnnd the nat.ous of the world settle down to normal activfties rectors were • when the d* _. guuae0od enough«noiiirt, to+„ forgo _i their fees • " Ame,'ÍCa' WÍ" re8aÍU ™d ™r"ass shareholders •"Thp^ y ct„«od i b mornent become aggravated as bills become scarcer and politicg MONEY become involved. Ali sorts of wild rumours are being circulated, mostly with the end in view of demoralising the market. The Offiolaí Exohange Quotations, Gamara 8yn_lo„i »n„ V_Sr_»- immediate future of exchange is, consequently, anything but 90 da?a Sight Sot^i-míriis IVdlare Vales promising and the tendency is for weakness. May 28 5 3-8 5 21-64 49$000 9$721 5$314 Prior to the publication of the estimates for 1924 and of the May 29 5 3-8 5 21-64 49$000 9$725 5$314 Prefect's Message, we were inclined to look at the future with May 30 5 23-64 5 5-16 49$000 9$735 _$_T4 equanimity, but these two documents, depicting a distressing May .'51 Holiday. situation, has somewhat chánged our views and we are not so Juno 1 5 11-32 5 19-64 ² 9$763 5$336 sanguine with regard to exchange rising to 7d by the close of the ² 9$760 June 2 5 11-32 5 19-61 55341 year. As a matter of fact recent events have altered matters so considerably that to predict the future of exchange would be pre- Average 5 23-64 5 5-16 4 9 $000 9i$741 5$3v?t suming too far, and ali we can do is to wait fotr the new crop fiqui valeu 5.312500 t.... 5.259375 coffee, and see what the weight of the bills it produces has on rates. Until the supply of bills is such as to encourage the Monday, 28 May. Tho Bank of Brazil posted 5 3-8d and money held for remittance to test the market, no indication of foreign banks quo THE EXCHANGE MARKET. 2 June, 1923 26 May, 1923 2 June, 1922 jLondon. pence 5 9-32—ft 5-16 519-64—5 21-64 7 3-8—7 9-64 Pio de Janeiro, 6 June, 1923. Paris • • $637— $640 $646— $650 . $662— $'667 Oloaing ratea: fik. Bra_il Other banks Dois N.Y.-Lon Italy $459— $465 Prnice Peiiw $470— $475 $379— $385 Dol* Portugal $460— May 26, 1923 . 5 11-32 $475 $465— $490 $562— $600 5 11-32 0$760 4.62.500 York ... Mune |Ne.w 9$|760—9 $800 9 $750—9SJ800 7$240—7$280 5, 1923 . 5 3-8 5 11-32 9$800 4.62.625 B. Aires, gold 7$850—7$880 8$000—8$030 6$035—6$065 B. Aires, peso. 3$469—3$480 3$540—3$590 2$660—_$665 nise#or Fal] -1-32 B +o$040 -^0.00.125 *Tn Montevidéo 7$830—7$900 future our week will 7$946—7S980 cioso on Tuesdays. Soain 1 $480—1 $505 1$485—1$505 1 $152—1 $160 Norway The exchange 1$620— 1 $590—1 $600 market fluotua'en but shghtly during the past Sweden 2$610—2$650 2$610—2$650 ume days, the extremes being 5 ró-òá and 5 21-64d. Japan 4$830— The market opened on 4$780—4$835 Monday, 28 Mav, steady, with ali Belgium banks quoting 5 3-&d, which rato $555— $561 $612— $616 was maintained until Friday Holland when foreign .... 3$835—3$870 3$820—3$850 banks lowerod their rate to 5 ll-32d and again on Saturday Denmark ... 1$810— 1$820— to 5 21-64d, when it closed steady, but with little doing. On Hamburg ... $000.15—$000.25 Monday last foreign banks raised tlieir rate to $000.20—$000.35 5 ll-32d the Roumania ... ¦ m Bank of Brazil still quoting 5 3_8d. Yesterday $052— $060 (Tuesday,' 6th Canada 9$600— inst.) these rates were maintained., the 9$600— market' ensino with an Value advance cf l-32d of £ sterling in the Bank of Brazil'* rate from close on Sat- nrday, at sight rate ... 44$651—44$912 44$651—45$175 26 May, but unchanged in that of other banks. Value of 1 sovereign Bills continue very scarce, but takers as were not active the buyers 48$500 market was able to maintain rates 48$500 round about the present leveis Discounts, -esterday, however, London .... 2 15-16°/ % 2 7-16% takers showed more activity and exchange h Do, Bank of England O' 0/ weakened, closing with a downward . 3 /o 3 % /O tendency, which may at aiiv Do, New York 4% O/ •* ' O/' IO 4% % % i ^.'- June 6th, 1923. WIÜÈMN^ BRAZILIA1Í R^IÉIW. ² ., 7'*3 APPROXIMATE VALÜÉOF tH.-,tEÈN LÍAÜ.HC ^O-ftí, R,b mD No. of days. coffee SANTOS. ,N ..,.„.,. Mangue áw *»*» Bean. • Cotto» Ria> Bide. Av. pei ^ j^. Total Total IS months, Í918 18,039 2,046 8,230 diem 967 1,641 Monthly average, Í9Í8 1,^03 171 j^j, 237 1,350 81 187 i;òoo 1,131 20,641 Weekly average 1918. 347 89 62 20 112 63 ei 19 32 94 2;470 81 ^tal 12 months, 1919 67,880 oST^TlSS 5 26 19 21 1,299" 1,Í97~ 570 81 Monthly average, 1919 5,657 78 '268 1,924 525 1,501 108 100 2;i98 778 81,â?4 Weekly average, 1919 1,305 18 60 160 44 195 928 25 28 188 85 8,781 fotnl 87 10 298 12 months, 192Õ~5XÕ37 í^n 1857 29 42 16 1,565 Monthly >average 1^207 556~ 3,004 ... 4,253 164 238 3,858 1,116 432 Weekly 100 46 362 66,892 average 935 37 6g 250 821 93 182 28 11 *7 80 5,532 58 74 22 183 8 7 1,277 1921. 183 "''Lariry' 2.49* 230 ,„ 28 February 8 9 2Us m 17 76 72 " '877 11 7 8,091 98 1'8fl0 m 3 1 30 29 f? 1 14 52 3,343 119 ÍJ ».!*> 12» 878 1 26 fl 31 ipnlMa.v 18 6 2,127 68 1,780 60 _ 4 8 65 15 80 , 4 2,756 92 Jim* 2,312 10 _ 88 64 44 *0 1,946 53 63 1 6 2,441 lst 6 months 1921.... 13,033 659 81 1231 86 Monthly average ... 2,172 110 205 37 111 14 261 141 84 15,644 Weekly average 86 502 25 48 3 18 23 14 1 2,606 86 4 10 5 3 31 Ju]y 601 86 2,852 96 41 31 August 2,395 33 39 8 68 02 87 l 5 3,136 101 30 September 3,645 75 12 13 70 22 81 2 2 2,662 8« 31 (Mober 3,291 64 2 70 52 33 45 27 1 3,998 138 30 November 3,320 35 17 8& 3 20 00 16 12 3,042 114 31 I>ecember 48 1 3;099 A m 12 9 6 3,462 2 125 115 g"^ m<>"ths, lÍfri8,60Í 1 59 13 353 186^ 276 3 3,419 iio 354 195 208 Total 12 months, ÍSTãí^ãs" 66 26 20,219 1^12 ]~367~ Ü62~ Tio Monthly average 1921 391 306 469 2,637 84 114 30 207 110 35,864 98 Weekly average 1921 33 26 89 607 20 26 7 17 9 2,989 96 7 6 9 4 2 690 98 1922. 31 January r4,190~ _ ¦February 28 3,188 21 ___ 71 10 31 1 3 4,374 141 March 3,582 li 67 9 32 1 8 3,254 116 APril 3,782 87 5 1 18 R30 4 4 3,674 119 May 2,372 72 4 44 3 16 f1 7 25 3,963 120 June 2,471 HO 58 68 2 30 I80 10 3 2.558 83 Jn,y 129 2 43 ff1 2,545 no 77 24 1 2,825 94 69 5 26 3M2 96 87 44 11 2,867 93 sS«TSV 55 7 38 3'625 44 258 51 1 3,770 íào Sdlfo?""f^mber October 53 4 5,174 28 2 33 9 2 4,079 186 49 96 §30 November, 3,824 34 153 48 39 3 31 136 5,439 17o §31 December, 1922 .. 3,620 18 113 54 33 15 4,280 142 59 65 31 16 3 3,925 127 1923 §31 January 3,939 32 3fí 1 17 §28 February 4,i82 5Q u 44 3 4 4,128 133 1 1 Week ended 7 March 1,240 27 74 22 8 10 4,302 154 68 Week ended 14 March 671 1 1 2 3 1,415 202 3 6 19 Week ended 21 March 900 12 _ 13 2 720 103 1 2 1 Week ended 28 March 659 17 45 i 917 131 1 1 75 1 §81 March 3,955 61 120 7 806 115 6 1 149 2 29 Week ended 4 April ... 571 _____ 3 24 5 4,352 140 1 4 20 Week ended 11 April . 843 15 28 8 607 89 1 Week ended 18 April 7 1'6 1 911 130 . 596 13 73 16 Week ended 2 10 15 25 April . 220 ² 17 726 104'& 2 16 9 Week ended 2 May ..456 ² 44 I 264 74 2 3 1 to 30 April 2,178 40 152 4 4 587 84 — 94 7 60 Week ended 9 May .... 556 26 21 51 4 2,617 8'7 — 8 1 20 Week èhded 16 May ... 240 $ ' 32 6'65 95 , 19 Week ended 23-May..,, 549 ² 31 2 Mo §9 "Week — 77 9 16 ended 30 May.... 709 ' 5 691 99 17 47 45 5 1 1 to 30 May 2,060 '32 121 824 118 — 133 15 43 89 2,4Í9 81 Mubmct .to.altir*tíoa. •Biwdrj m. L comprise Cocoa , Iobaooo, Cottoíxseeâ fcnd Mi__±_d_oe* WéÀl *-Revised and eorrected. 754 WILEMAN'8 BRAZILIAN REVIEW. June 6th. 1923. AVERAGE SIGHT RATES OF EXCHANGE AT RIO DE JANEIRO U.S.A. France Italy Hambg. Argentine Uruguay Spain Belgium Denmark Dollar Franc Lire Mark paper—peso—gold peso peseta franc kroner 1922. *6$198 5$860 1$197 $623 1$601 January 7$913 $648 $349 $044 2 $726 February 7$543 ¦ $655 $368 $038 2$774 6$309 6$074 1$187 $626 ' 1$567 March 7$289 $657 $375 $028 2$690 6$073 5$961 1$147 $617 1$551 April 7$335 $677 $401 $026 2$641 5$984 5$841 1$147 $628 1$565 May 7$252 $663 $384 $026 2$665 6$04'5 5$887 1$146 $608 1$594 June 7$257 $640 $364 $025 2$644 5$989 5$957 1 $146 $602 1$592 July 7 $34 $609 $342 $016 2$682 6$098 6$088 1$151 $579 1$609 August 7$459 $596 $346 $008 2$723 6$235 6$108 1$165 $567 1$616 September R$055 $617 $346 $006 2$905 6$572 6$301 1$236 $582 1$696 October 8$779 $618 $360 $003.7 3 $202 7$255 6$910 1$347 $605 1$769 November 8$285 $570 $378 $001.6 3£036 6$S98 6$770 1$277 $533 1$690 December 8$369 $606 $421 $001.4 3$196 7$263 7$168 1$321 $560 1$738 ' Average 7$740 $632 $370~ "$018.6 2$824 6$408 6$244 1$206 $594 1$632 T 1923. January R$764 $588 $431 $000.92 3$308 7$547 7$510 1$381 $537 1$754 Februarj' R$691 $537 $122 $000.35 3$264 7$411 7$315 1$372 $475 1$675 March R$070 $566 $136 $000.45 3$353 , 7$628 7$659 1$396 $493 1$734 . April 9$3n6 $625 $466 $000.42 3$455 7$850 7$921 1$4.42 $541 1$779 Mav 9$648 $643 $470 $000.24 3$498 7$941 7$871 1$475 $554 1$788 Movement of Rio Exchange Banks, 30 April, 1923. Gold Reserves (Guarantee of Currency Fund) in deposit at shoots inolncling branohes in Brazil.) the Caixa de Amortisação and National Treasury on (Balance "Reis. Tn Contos of 31 st Majy, 1923::— .Caixa de Amortisação: Piso-un is Slcht Fíxer! Por Cent 1,004 ,,, and Dctvmits Pe- of r.-!sli to bars of 22,236,394,5 grams n/>«í.i uiljlit dr'-S . fine gold 27,267:357$944 Bank nf Brazil 148,3751.174,471 1.120.029 178.172 13.2 Gold coin 58.833:702$353 86.101 :060$297 Ttalo-Bolee . 2-2.0(57 27.079 30.259 1,050 75.0 TTollanclisoli v. Z. A... 5.894 22.070 7,905 8.592 71,6 Received during the month of May • Brasilianische fur Dd. 19.868 01.838 17.736 31,651 112.0 18 bars of 364,843 grs. fine gold 439:156$131 l)il. UhftrPeeisohe 27.346 49.545 24,819 11,248 110.2 G°W coin 124:688$112 563:844$243 Por. íoni."/, do Brasil 27.321 65.491 70 556 19.381 38.7 Française et Italienne . 91.361 201,380 180.993 61.342 48.8 86.664 :904$510 Toíãl ~ 343.135 1.001.833 1.458.297 311.436 23.6 Treasury: (Balance sboots for Bin Citv onlv.) Gold coin London tY Bra/.ilian ... 1 1.001 25.491 30.508 2.988 35.7 35:701$118 G'olc] bars 18'5:425$137 BrUisli of S. America. 1^ 019 25.007 37.264 7,384 48.3 "R. Convertible notes London lV Blafo .... 26.13-1 28.335 32.400 15,529 80.7 gold 4.653:411 $060 4.874 :537$31õ Bov d of Canada 16 3^3 36.591 40 885 1.131 40.0 Received during the Canadian of Comniorco . 20 051 13.743 17.051 11,8fi5 117.0 month oí May:' Gold coin National Citv 18.122 12.217 50.975 1.6Q6 35.6 116:667$723 '] 18 bars of 360,313 Ksoandinavo Brasilo. 839 6.905 .934 79 43.4 grs. fine gold 433 :643$403 Convertible 1 ck ilin ma Sneoie 1.612 178 1.192 802 135.2 gold notes 874 :989$360 1.425 :300$486 Dd. Sudanierikanische 9. !3^ 28.821 39.889 14,123 23.7 Nao, TTl(ramarino 11.375 28.590 42,888 6.465 26.5 6.299:837$80l " Remitted to Caixa de Amortisação :— Total 'ZZ. 136.011 236.178 303,986 62,052 44,7 ncrea.se or Decrease, AnrH 18 bars ou March :— of 364,843grs. fine gold 439:156$l31 (Including: Brinehes.) Gold coin 124:688$112 Bank of Brazil +11.094 —7,555 Difference +57,111 +73 925 in fineness 36$888 563:881$131 1 tnlo-Bolíre I- 760 + 658 —2 837. ² 99 Tlollnndisolie v. Z. A.. 623 -2.650 +4,044 ² 860 5.735 :956$670 BrnsiHanisch fur Dd. ....+ 091 + 3.199 — 844 +4,^32 Dd. überseeisehe -;- 919 f 4.364 +2.381 —3,411 Financial Agents in London : Portuinies do Brasil ... + 2.633 -3.151 —4,101 Balance + 201 brought forward 1.350 :281$1U Française ot Italienne .-..7.102 -16,421 — 728 +3.778 Total ~ r-8,582~+75T952~T71.740" —3,714 Reoapitulation:— Caixa (Bio City only.) de Amortisação: London Gold bars iv. Brazilian ...—1.2.242 +1.999 1.097 + 17S 27.706 :514$0'75 Gokl C01" British of S. America,—1,825 1.477 6.420 —2.562 58.958 :390$465 86.664:904$540 London lV, B. Plate ....— 1.221 +1.343 4.174 ² 372 Royal of Treasury Canada —4,310 +4.459 1,119 + 87 Canadian Gold bars • of Commerce .—5.849 +5,610 +2 214 —5,489 179:912$409 National Gold coin City —2.979 —2,820 +2.947 ² 51 ••• 27:643$841 Escandinavo convertibleQ .... Brasilo. ...— 587 114 599 gold notes ¦-; 5.528. :400$420 5.735:956$670 Yokohama Specie — 322 + 57 96 ² 21 Sd. Sudamerikanische Financial Agents .— 728 6,641 +2 241 ² 380 in Lohdoh, £151,906 12s. 6d. 1.350:281$1H Nac. Ultramarino ...... + 215 1 + 471 + 173 «Total .—32,848 +2,415 —5,563 -8,437 93.751:142$321 SmMmSm.. june oti, Í923. WiLÈMAN'S BRAZILIAN RÈVIfíW. 755 Official Average Exchange, Rio on London, in Pence. 1920- —1921 1922 _, Optlona 1- Rio Santas Sight 90 days Sight 90 days Sight 90 New York days July July Sept.Sept. Jü]y «er>t Jan. 17 9-16 17 11-16 ,r n July Sept. 9 5-8 7 27-64 7 35-64 May 26, 1923. 28,360 22$150 2C$050 9 Feb. 18 3-6-4 18 11-64 9 95c 8 91' 21 32 9 25 32 7% 1 o S June 2, 1923. 27$650 21$750 19$750 9.75c 8.74c March 17 11-32 17 15-32 9 5-16 9 7-16 7 45-64 7 53-64 1 æ April' 16 11-64 16 19-64 8 7-16 8 9-16 7 39-64 Fal1 ...... 7 47-64 $600 $400 $300 0.20c 0.17c May 16 7-32 16 11-32 8 1-4 S 3-8 7 9-16 Ditto, o í 7 1.1-16 2.0 1.5 2.0 1.9c June 14 55-64 14 63-64 7% 7-8 7 35-64 7 43-64 Rio quotations per 15 kilos Santos 6 mos. 16 45-64 16 53-64 7 13-16 15-16 j pei 10 khos und New 7 9-16 7 11-16 York per pound. July 14 14 1-8 ¦ 7 7-64 11-32 7 7-16 7 9-16 August 13 17-32 13 21-32 7-8 8 7 5-16 7 7-16 The Markets. The local market was more Sept. 12 23-64 12 31-64 5-32 9-32 7-8 7 active during tlie past week, though as we write demand has dropped 9 mos. 15 33-64 15 41-64 8 7-16 8 9-16 29-64 7 37-64 off and tlie market weakened. Prices fell and closed October 12 3-64 12 11-64 8 3-64 on Saturday last with a 8 11-64 6 1-4 6 3-8 d.ohne oi 500 reis or 1.5 Nov. 1.1 15-32 11 19-32 per cent in 7s from the pre.ious Sata* 7 25-32 7 29-32 6 35-64 6 43 61 day s close and of 600 reis or 2.1 per cent in July options Dec. 10 23-64 10 31-64 19-32 23-32 6 7-32 11-32 and shipments Entries (embarques) were small, but legitimate 12 mos. 14 15-32 14. 19-32 9-32 13-32 7 5-32 9-32 w*B spasmodic. business The tendency seems to be for further Ágio % 86.60 85.01 226.04 221.19 276.16 271.03 weakness 'Q 1 rospects at both Rio and Santos are far the Deprtn 46.41 45.95 69.33 ¦ present levei 68.67-- 73.49 73.03 oi prices, seeing that the limitation —1921 -1922- of entries wiil prevent mar- 1923 kets from being oversupplied. Jan. 9 5-8 Wahtever the crop may turn out' 9% 7 27-64 7 35-64 5 7-8 6 o be, it is certain that entries at Santos will not exceed 11 000 000 Feb. 9 21-32 9 25-32 7% 7 5-8 5 7-8 6 bags during the coming crop. As a matter of fact, March 9 5-16 9 7-16 45-64 judging by '7-16 7 7 53-64 5 11-16 5 13 16 tne damage done to the crop being April 8 8 9-16 picked, next season's S. Paulo 7 39-64 7 47-64 5 33-64 5 41-64 crop may not exceed 12,000,000 bags. May 8 1-4 Present prices, possibly- 8 3-8 7 9-16 7 11-16 5 25-64 5 33-64 higher, may be looked for. ò With the establishment of the new warehouses in the interior oi b. laulo, which ai$ to be worked by the railway companies, limitation of entries will be made easy, even did the crop turn out to be a bumper—which does not seem at ali likely ünder Kaiiway ews he circumstances, it wili be interesting to know what attitude the Government will take with THE LEOPOLDINA regard to valorisation. It seems RAILWAY COMPANY. to us that with the estabUshment of these warehouses and Agucutiral the Credit Bank further Government buying is umieces- P-STÍMATED WEEKLY TRAFFIC RECEIPTS sary, for coffee planters and the trade in general will be *r a Ileceii.fes position to take care of themselves for Week TOTAL .Anyhow, it would not do Year Week Knried from any harm did the Government experiment Gurrenoy. and let valorisation Exchange Sfcerling lat Januan alone foi- a while. The trouble is that it may be pressed íor ' credit and 1923 have to recourse to a foreign loan, and seeing that May 26th 880:000$ 5 11/32 £ 19,594 £ 464 602 foreign financiers have been spoiled 1922 by such guarantees as coííee May 27th 709:OOO# 7 15/32 £ 22,064 stocks, £ 547 C92 which represent a gold reserve, it will, we think, be difri- cult to negotiate another loan without some similar in Increase., guarantee, 171:000$ which case the Government will have to buy. It seems to us that Deorenee . a new Federal loan is a necessity, 2 1/8 £ 2.470 £ 82.490 so that another valorisation loan—for a short period—is not improbable. The Santos . future market was quiet throughout the week, THE S. PAULO RAILWAY COMPANY. with slightly lower prices, the fali compared with last Saturday being June 150 reis, July 400 reis, August 425 reis and Sept. ESTIMATED WEEKLY TRAFFIC RECEIPTS. 300 reis. On 28th ult. May was dropped and August taken up hi accordance with the new law. Receipts for Week TOTAL The Santos market Year Week Ended from closed on Saturday last steady. wilin a Currency Exchange •Sterling decline of IstJanuary 300 reis or 1.3 per cent in 4s, of 400 reis or 2.0 per cent in July and 300 reis or 1.5 per cent in Sept. options. 1923 May 27th 1.003:8445900 5 23/64 £ 22.416-11-9 £549 269- 9-10 "28th 1922 May 1.021:6161500 1 15/32 £ 31.792-9-10 £565.661- -T- 1 Limitation oí Entries. The Minister of Finance, at the request of the Associação Commercial of Santos, has lunited entries of coffee Increase., at Santos to 35,000 bags per diem for the coming.crop. This means Decrease, : that Santos entries during the next crop will not exceed eleven 17..''. 7:1 $600 2. 7/64, . £ 9.375-18-1 £ 16.391-12- 3 million bags, no matter what the crop turns out to be. COFFEE Companhia Registradora e Caixa de Liquidação do Rio de Janeiro. Quotations for the week ended 2 June, 1923. ¦ Rio de Janeiro, % June, 1923. Per 15 kiioa. •— Cisf.iíig Qi.otAtio_._i Highest Lowest. i? «D»«»— Ne* York. Sellers . Buyers Sellers JBuyers Rio Santos Rio 8*ntos June 31$300 31$200 ¦ 30 $550 30$5Ü0 7a 4s 7b 8 7e Juljy 28$500 æ 28$400 27$500 27$450 May 26, 1923 ... 33$000 23$400 ll%c 14%c 12%c August 26$500 26$400 25$500 25$40Q June 2, 1923 .... 32$500 23$100 11 %c 14%c 12%c September 25$500 25$350 24$500 24$400 October 24$500 24$300 23$600 23$350 Rise or Fali —$500 —$300 + %c ² — November 24$000 23$500 23$000 22$ 100 Ditto. % 1.5 1.3 4.4 ² — Total sales of futures during the week amounted to 317,000 bags.' 756 m_ílMAÍi!S BÉ4#WiIAN REVÍE^ 4nne 6th, 1923. OOFFEE PRICE OURNENT. Entries at the two porls—Rio, and Santos—during the week During the week ended 31st May, 1923. ended 31 May amounted to 55,162 bags, being a decrease of 8 438 —7—T" r-—7~T-. bags or 13.2 per cent as compared Avith the previous week' of May. May May. May. May. May. Ave- which 4,743 bags or 20.1 per cent at Rio and 3,695 bags 30 Bi rage or9.2 25 26 2-í 29 per cent at Santos. U IO—milreis Compared with the same week last year, entries at the two por 10 kilos Holiday ports show decrease of 87,234 bags or 61. 2per Var|r«» N. 6 10 ka. 22.470 23-014 23.151 23.014 22.892 cent, 0f which 3 795 22.810 bags or 16.8 per cent at Rio and 83,439 bags or 69.7 per cent at N. 7. 22.129 W 470 22 674 22.810 22.674 22 551 Santos. M. 8. the 21.789 22.129 22.334 22.470 22.394 22.211 For crop Io 31 May, entries at lhe two ports amounted . to 8,883,306 bags, of which 2,419,553 "Futurei,N. 21.448 21.789 21 993 22.129 21.993 21.810 bags or 27.2 per cent at lü kilos Rio and 6,463,753 bags or 72.8 cent at Santos. May... '.. 21.800 21 825 21 812 per 20 Compared with lhe cr0p, June 875 21.050 21.100 21 100 20.775 20.980 previous entries at the two ports Jniy.. 19.G75 19 225 19.075 19.125 18.725 19 045 for tlie crop to 31 May show shrinkage of 2,506,019 August 17.775 17.875 17.775 •17.725 17.350 17.700 bags or'22.0 Sept 17.050. 17-125 17-180 17.050 16-675 17.006 per cent, of which 1,068,127 bags or 30.6 per cent at R;o and October 16.275 1G 37õ 16.400 16 150 16.000 16.240 1,437,892 bags or 18.2 cent at Sales—bags., 10S.000 41.000 76.000 66.000 45.000 67.200 per Santos. SANTOS-niUríia Clearances per 10 kilos. Overseas at the two ports for the vveek ended 8pot No. Unquoi.-d May 23.400 23.400 23.200 23.100 23.275 were larger and amounted to 214,221 bags, against 165,711 Spot No. 7 bags for the week 10 ks.. 21.100 21.100 21.000 20.900 21.025 previous and 129,981 bags for the. correspond- "Futures. ing week last 10 kilos year. May ; Compared 23.200 23.200 23.200 with the previous week, clearances overseas at the June 22.925 22.950 22.700 22.750 22.700 22.805 two ports show. increase of 48,510 bags or July 22 025 22.150 21 850 21.800 29.1 per cent, of which August. 21 550 21 875 21075 21.125 20.825 20.475 14,223 bags at Rio and 34,287 bags Sept 20.800 20.860 at Santos. 20.000 20.051 19.825 19.675 19.425 19.795 Sales Of, total clearances overseas 73.000 45-000 74.000 36.000 72.OCO 60.000 at the two ports for the week of 214,221 bags, N YORK, conts 32,306 bags or 14.9 per cent were cleared from Rio lb. and,181,915 bags ¦^pot per or 85.1 per cent from Santos, 153,493 bags or.* Hio No. 8... U 7/8 11 7/8 12 3/8. 12 3/8 12 13/8 12 3/8 12 1/4 71.7 per cent going to the United States,, 32,086 bags ar, 15.0 No. per 11 3/8 11 3/8 11 7.8, 11 7 8 '11 11 3/4 cent to Germany, 10,838 bags or 7/8 11 7/8 5.7 per cent to the Plate ,8,341 spot San Los No. 4.. bags or 3.9 cent to Sweden, D;l/2 14 1 2 14 1 2. 14 1/2 14 1/2 14 1/2 14 1/2 per 2,739 bags or 1.3 per cent to French Possessions, 2,500 bags or 1.2 No. 7.. 12 3/4 12 3 4 per cent to Greece, 2,250 bags or 12 3/4 12 3,4 12 3/4 12 3/4 12 3/4 1.0 cent to Options — per Holland, 1,060 bags or 0.5-per cent to France, 500 bags or 0.2 per cent to Finland, 300 bags or 0.1 per cent to Malta, 1 July » 9 8J 9.95 9.82; 9.85 Holiday 9.56] 9.80 104 bags to Portugal and 10 bags to Spain. Sept..... > 8 83 8 8!) >» Dec » 8.80 8.83 b.55 8.78 For lhe crop to 31 May, clearances • 8.38 8.47 8.35 B.3ó 8.12 8.3B overseas at the two ports Mãrch... » 8.33 8.42 8.30 amounted Sales 8.28 8.05! 8.28 to 10,787,857 bags, of which 3,061,207 bags 00.000 25.000 25.000 10.000 25.000 or 28.3 29.000 per cent were cleared from Rio UAVRlfi — 5U Kilos and 7,726,650 bags or .71::7 per francs cent from Santos. July 197.25 199 197.80 198.-25 . 199-50 199.50 Compared with the same Sept 184 198 n0 period last crop, clearances over- 184.50 183.25' 185 186 185.25 181.75 seas Dec. 172 25j at the two ports for the crop to Máfch. .' ,72 :72.2o 172 50 174.25 173.75 172.25 31 May show decrease of 166.5ÜI |6fj 25 166.50 167 J68.75 í167 88,619 bags or 0.8 cent, Sales 12.500. i 168 per as against ditto of 172,859 bags or 7 000 7.000 15.000 10.000 5.000! 9.333 1.6 per cent up to lhe LONDON -percwl previous week. Clearances coastwise «hillings and pence:- at the two ports for the crop to 31 May Op1 ions : show increase of 49,059 bags or 45.8 per cent compared with the •same last Jnlv. 59/- lolio.i) period crop. Sept. 59/- 59/- 59,6 59/6 59/2 Clearances 57 6 58'- 58- overseas from Rio and Dec. 57/- 158/- 5976 57/8 Santos by Flag for the week 57,3 57/- 57/9 57/3 ended 57/3 31 May, 1923, and Crop t0 same date. Week ended -Crop to 31 May 31 May LOWEST TEMPER ATURES in S p .,. . . rTO BaSs Bags %, Bags districts :-- principal Paulo Coffee Bntish to U.S. . 1,085,920 60.7 — To Europe 458,876.. 25.6. 1250 28tb 29tb 30tli 3lst lst 2nd Sui)dry 244,692 13.7 3*562 S- Pi,,1l0 Q.õ 11.7 10.8 1.1.2 10.0 10.5 Santos 20.0 17.6 15.0 16.0 17.0 16.0 Tptal 'guape i3<6 British 1,789,488, 16.6, 4,812 18.0 16.8 15.8 15.4 15.6 Campinas Other Flags—American «... 6.1 8.0 8.0 12.5 3,011,6*4 27.9 110,13) Ribeirão 11.0 13.0 Brazilian .Preto, ... 5.4 10.1 10.8 1,039,158 9.6... 788 S. 12.7 13.0 10.5 1Ah'ãn Carlos 5.4 5.1 7.4 1,030,682 9.6 12,532 Taubaté' 8.0 8.2. 9.4 Scandinavian g,5 14.3 18.5 11.8 1,340,574 12.4 68,567 Piracicaba 14,2 13.0 ... 861,330 7.9 7,949. g.O 18.0 9.6 11.6 Agudos 6.8 12,0 ^Bnfx1Tut'Gl1- 5.0 6.0 793,917 7.4 -r Hio Qlarp 11.3 8.0 — 466,499 4.3 — Brotas 10.5 12.0 12.0 ^ipanese _ 11.4. ^efman 310,988 2.9 9,433 Bragança *elSlan 6.0 8.0 14.0 12.0 12.0 13.0 100,736 0.9 - Franca • 5.3 0.6 12.4 11.0 12.0 12.0 ^lllsll. 42,854 0.4 10 A vare lortuguese 7 0 10.1. 10.8 IT.ff 6.2 8j437 01 „ Tatuhy Fmnish 1,550 - 6,2 12.0 13.2 10.6 10.0 . íguarapava 4.0 — 13.0 ² 14.0 T°tal Itu 8.4. 11.6 16.0 ² ² 13.8 10,787,857 100.0 214,221. Faxina F.O B. Value for the "week 8.0 7.0 9.0 8.0 7,0 two.ppr.ts for the ended 31 May Itararé 3.0 aTair«i1 °9 6.8 8.0 8.8 — 8.8 ' pevM%> as aSai?l^ £3-311 for the previous week S. José Rio Pardo 7,0 8.3 COFFEE CLEARED pROM THE PORTS OF -Total Crop- RIO ANO SANTOS. -Crop to 31 1920-21 1921-22 May Week United States 1921-22 1922-23 ending 5,585,407 5,081,535 Inc. or Dec. France 4,793,434 5,568,792 % 31 May 1,206,586 1.363,796 + 775,358 16.2 French. Possessions 1,258,003 1,371,885 153,493 62,082 144,748 + 113,882 9.1 Italy 136,969. 128,529 1,060 .. ,,. . ••••• 496,845 8,440 6.2 UnitedrT , Ivingdom 67 902,299 871,333 2,739 292 938,877 + 67,544 7.8 British Possessions 519,543 519,416 (ex discriminated)) 13,851 9,116 510,300 98.2 Canada 26,567 25,632 24,785 36,644 + 11,012. 43.0 11,950 11,950. 300 Cuba. 17,960 + 6,010 50.3 5,200 b South Af rica 266 257 225,288 189,558 190,039 bZZZZZZZZZZZZ. 2S.S7B 54,300 + 481 0.3 SE1? 54,300- • 80,539 W&m 419,228 361,679 + 26,239 48.3 327,647 290,182 Holland 897,89* 1,091,689 37,465 11.4 . Denmark 166,7U 1^022,006 744,348 106,696 277,658 27.2 2,250 Norway, 21486 138,505 34,263 Sweden 468,602 44,306 -- 412,545 358,679 Spain and Colonies 359,690 49 745 9,269 8,894 8,341 Portugal, and Islands 9*201 12,228 + 3,334 37.5 10,761 9,401 10 Plate and Pacific 390 12,595 + 3,194 34.0 882 362,859 332,606 10i' Japan and East 391,016 + 58,410 17.6 2,600 2,518 2,518 10,838 Finland 2,997 + 479 19.0 105,153 151,820 143,095 Switzerland. 107,422 35,673 24.9 i 1,000 1,000 500 Greece and. Crete 1,000 100.0 19.875 19,877 18,377 Roumania 23,600 + 5,223 28.4 2,625 2,000 2,000 2,500 Bulgária^ 3,500 + 1,500 75.0 626 625 1,875 Turkey •. 17,246 + 1,250 200.0 14,928 14,828 33,868 Dantaig, Port of + 19,040 128.4 Germany 6,800 + 6,800 100.0 963,903 684,283 664,282 272-;544 391,738 59.0 Total 77 11,132,696 "10,787,857" 32,086 11,542,977 10,876,476 — Coastwi»e 88,619 0.8" 214,221 54,758 125,463 107,171 156,230 ttrand Total .7777 '11,668,440" "l(},983,647 + 49,059 2,698 'Total 11,187,454 45.8 "216,919" for Seandinavia. Duriug ^^^^^^ *.. ,„st. erop olearanc to Deu»^ No^Xt^edeu" were not.diicriminated week by week. Coffee Loaded 'week t (embarques) at the .two. ports for the United Statea Stocks, Deliveries and Visible,Süpply, ended 31 May were larger, and amounted to 222,530 bags, as «n l.QOOJbag, Brawl .Sorts Only, against 101 ,-734 bags for the previous week and 176,647 bags for tire same Hteekc V.Biip, week last year3 and their f.o.b. value £736,352, £336,841 Stock» V.Sap and £637,872 respectively. 1923 1922, Jan. 9 . 731 Sales (declared) at the two ports for the week were smaFer, 158 1,079 1,058 217 1,315 70,535 bags,- Jan. 16 652 149 as against 88,172 bags for the previous week; and 1,255 971 134 1,139 168,802 Jan. 23 652 156 bags for the corresponding week last year. 1,200- 948 139 1.384 Jan. 30 . 641 ¦ Stocks at the two ports—Rio and Santos—on 31st May show . 149; 1*255,. 941 140 1,368 Feb. 6 decrease of 160,217 bag-s,, as compared with the. week, 624 155 1,255 941 140 1,368 previous Feb. 13 of which 24,310 bags at Rio and 135,907 bags at Santos, total Bra- 746 128 1,443. 1,026 106 1,385 Feb. 20 672 zilian stocks on the same date being distributed as follows, in bags 123 1,413., 971 83 1,354 Jan. 24 of sixty kilos :— 742 160 1,626: 1,027 66 1,348 March 6 Hio de Janeiro (including Nictheroy and afloat) 875,224 803 141 1,496 Í6S 104 1,258 March 13 916 Santos 1,216.499 167 1,511 1,000 168 1,237 March 20 917 a 9,952 172 l,350i 898 164 1;126 March 27 840 142 T,420 1,027 134 1,348 April" 3 874 224 Total stocks, three ports, on 31 May, 1923 2,101,67o 1,267 751 118 1,223 April 10 816 Ditto, 24 May, 1923* 2,262,300 222 l,12ô 683 117 1,249 April 17 ' Ditto, 1 June, 1922 4,334,118 671 164 1,028 623 137 1,183 April 24 701 132 926 761 164 1,306 May 3 618 162 781 652 127 1,282 May 8 THE TEA & COFFEE TRADE 515 163 697 702 62 1,254 JOURNAL May 15 452 149 569 820 161 1,199 May 22 406- Thè International 86 5931' 810 175 1,081 Organ of the Tea and Coffee. Trade. May 29 387' 67 590^ 725 139 1,053 ; June 5 404' 54 458- 793 Published monthly on- the lOth, at'79 'Wall Street,. New York;. 82; 1,002 Havre Stocks:— By, Subscription, $3.50wper annum. Brasil Other Total Brasil Other TotaJ Advertising Rates on- application.. 1923' 1922 6 Jan. 306 152 458 340 230 570 13 Jan. 282 Subscriptions and Advertising • received-.. by >—«¦- 158 440 294 249 543 20 Jan. 256 158 414 284 251 535 BRAZILIÃN WILEMANS REVIEW, 27 Jan. 256 160 416 284 251 535 for (Agents Brazil.);, 3 Feb. 266 152 418 300 255 555 ftua Camerino, 55-57, Caixa Postal 809, Í0 (P.O.B.) Feb: 266 150 416 321* 258- 579 R4o.de Janeiro., 17' Feb. 243 149 392 375 250 625 758 WILEMAN'S BRAZILIAN REVIEW. Jurie 6th, Í9_}3. 27 Jan. 234 153 387 374 250 624 The Santos Society of Vehicle Drivers lias Iikewise requested 3 Marcb 218 142 360 375 246 621 the cooperation of lhe Associação for an increasè of 50 per cent 10 March 237 143 380 370 255 625 in wages. The Associação, however, lias refused to intervene in 17 Marcli 249 185 384 372 250 622 this case owing to the exaggerated demand and other unaccept- 24 March 261 139 400 249 135 384 able claims. It wrould seem as if Santos has labour troub'e be- 31 Marcli 274 137 411 365 283 648 fore it, which will further retard entry of the new crop. 7 April 264 139 403 352 237 589 11 April 263 149 412 352 237 589 Visible Supply of the World (From M. Laneuville'. "Ue Café."} 21 April 238 148 386 349 248 597 (In 1,000 bags of sixty kilos each). 28 April 241 157 398 322 255 577 Increasè or ]>ecreas« 5 May 254 163 417 339 263 602 May 1 April 1 May 1 May, 1923 on 12 May 272 168 440 333 281 014. 1923 1923 1922 Apl,'23 May,'22 li1 May 298 181 479 312 287 599 England 638 634 678 + 4 ² 40 26 May 314 J85 499 295 285 580 Hamburg 92 107 136 15 __, 44 G Juno 296 .189 485 296 305 601 Holland 241 236 312 + 5 —- 71 Antwerp 75 80 125 5 ² * 50 Qií»*?i:__<:na i Havre 510 469 645 + 41 ² 135 üipo; Reai fc.e £._._». Bordeaux 24 26 37 2 ² 13 -trxk. Mu. 7 Hicj Options Na. t Go_t> CAI 45 Htorn N. T. Marseilles 66 63 + 21 3 Pene© Cents Cent- Rg. Cents Cents Copenhagen 75 75 75 1923. Genoa 126 138 169 12 43 (t) Feb. 3 . 6 1-32 i*2'; 11.42 30 .$800 12.15 12.40 Trieste , 51 28 39 + 23 + 12 íi) Feb. 10 . 6 12 7-8 12.12 31$800 12.45 1.2,70 (L) Feb. 17 . 5 31-3*2 13 1-4 12.29 32$400 12.60 12.85 Brazil sorts 1,304 .1,293 1,385 11 ² 81 ft) Feb. 23 . 5 7-8 18 1-1 11.90 31$800 12.20 12.45 Other sorts 594 545 894 49 ² 300 (f) March 3 5 29-32 12 7-8 11.32 32$700 12.60 12.85 (I) Mar. 10 5 25-32 13 1-8 11.70 34$200 12.85 13.10 Total Europe .... 1,898 1,838 2,279 60 •— 381 (t) Mar. 17 5 25-32 13 11.35 34$000 12.80 13.05 Afloat Braz-Euijp 521 63(1 531 ² 109 ² 10 (t) Mar. 24 5 23-32 12% 10.80 33$300 12.40 12.65 (t) Mar. 31 5 39-64 12Y 10.68 33$000 12.10 12.35 . V. Supply, Europe 2,419 2,468 2,810 49 ² 391 (I) April 7 5 17-32 1 ¦ -i 9.62 33$600 11.90 12.15 r.y (L) April 14 0/4 1.1 1-1 9.10 34$500 12.90 13.15 Stocks, U.S.:— (1.)April 21 5 41-64 11 1-8 9.95 34$000 12.50 12.75 Brazil sorts 618 874 652 — 256 — 34 (I) April 28 5 19-32 11 3-8 9.99 33$700 12.15 12.40 Other sorts 415 334 368 + 81 + 47 ¦>7_ d) May 5 . 5 9-16 IU. 82$500 11.80 12.05 (t) May 12 . 5 15-32 11% 9.18 30$300 10.85 11.10 Total 1,033 1,208 1,020 __ 175 + 13 (p) May \U 5 29-64 11% 9.35 3G$500 10.90 U.30 Afloat, Br az.-U.S. 164 393 630 — 229 — 466 (p) Ma\ 26 . 5 13-32 .11 3-8 9.95 33$0u0 11.70 12.10 • (p' June 2 . 5 3-8 11 7-8 9.70 32$500 11.45 11.85 V. Supply, U.S.. 1,197 1,601 1,650 — 404 ² 453 ,j) I'reight 80 centB per bag in fuli. Stocks: Rio 936 1,056 1,716 120 ² 780 freight (ii) 70 cents per bag of coffee. Santos 1,535 1,828 2,598 293 —1,063 ***" (p) Freight 50 cents per bag in full. Bahia 17 12 15 + 5 + 2 .4. iTeigut 40 cenLh |,.r u.ig in tull. vi) Freight 55 cents per bag in full. Total Brazil 2,488 2,896 4,329 408 —1,811 (s) Freight 30 cents per bag in full. (t) Freight 35 cents per bag in full. Visible Supply of the AVorld:— In l.UOU bags of U0 kilos eacb Brazil sorts .'..... 5,095 6,086 7,527 — 991 —2,432 Other sorts 1,009 879 1,262 + 130 — 253 WorícPs Visible Supply (Duuring and Zoon), in 1,000 bag-. V. Supply, World 6,104 6,965 8,789 861 —2,085 31 .May 30 Apl 31 May May, 1923 on . i[m 1923 1922 Apl,'23 May/22 Stocks,c 9n Europ.,, The world's visible supply on Ist May shows decrease of ports 2,018 1,900 2,596 + 118 _ Ailoat, Braz.-Europe 578 861,000 bags compared with 1 April, 1923 and of 2,685,000 bags . 302 533 381 — 231 — Do, East-Europe <) 79 with May, 1922. 14 4- 4. The world's visible supply on 1 May amounted to 6,104,000 V. Supply, bags, against 8,789,000 in 1922 Europe 2.829 2,438 2,991 ² 109 662 and 8,539,000 in 1921. Stocks, World's U.S S2õ 1,033 1,149 ² 208 324 production in April was as follows, in bags Ailoat, Braz.-U.S Brazil Total 234 164 348 70 114 Other Stocks: + 1923 Rio «33 936 1,640 ² 103 305,000 622,000 927,000 Santos 807 1922 i?256 1.535 2,755 ² 279 -1,499 863,000 760,000 1,623,000 Bahia 1921 1,109,000 694,000 1,803,000 _L(j 17 19 ² 7 9 For the crop, production was as follows:— V. Supply, World .. 5,487 6,123 8,902 - 636 --~3,i~j.õ Brazil Othe. Total 1922-23 9,315,000 4,608,000 13,923,000 Santos service prj.es. The 1921-22 11,554,000 5,469,000 17,023,000 Santo. i„voicing pri.e fol. b for export will be raised from 1920-21 12,369,000 4,462,000 16,831,000. , 2$400 to 3$200 per bag as from Ist July next. World's deliveries for the month of April were as follows, in 1.000 bags:— The Associação Commercial, Europe U.S $ Othei Total in conjunctioii with the Labour Association 1923 ,., 764 954 70 1,788 of Santos, is to suggest an increasè of 20 cn per cent 1922 1.015 885 57 1,957 actua; wages paid to Sant -s coffee lal ourérs 1921 761 1,093 96 1,950 June 6th, 1923. WILEMAN'S BRAZILIAN REVIEW. 759. For the Crop, v?orld's deliveries (destinations) were as foi- *ALUI OF OOFFEE lows, in 1,000 bags :— CLEARED FOR FOREIGN POMT8 During the week ended E^Pe 31st May, 1923. Ü-S-A- 0ther Total BAGS 10091922"23 9*' 7,426 B IN OF 60 KILOS 8,455 " 531 10 412 1921-22 ...... 8,009 . , 8,138 609 lôVõÔ May 31 May 24 May 31 May drop 1923 24 to May 31/1923 1920-21 ....:.... 6,065 7,950 978 14^993 1923 iy23 Deliveries (origin) for the crop, were made up as follows Bap-s £ «ao-» in bags :— ' i\o, 18.083 32.306 96.515 51.970 3-061-207 9.224-350 Brazil Santo».. Other Total .181.915 147 628 612-284 496.798 7 726.650 29J48.498 1922'23 ••• 11,209,000 Total 1922/23 214.221 5,203,000 16,412,000 165.711 703 799 548.768J10.787.8Õ7 38.572.848 1921~22 v- H,018,000 5,738,000 16,756,000 do 1921/22 .. 129.981 171.918 469.307 (348 263; 10.876.476 1920"21 10,274,000 4,719,000 14,993,000 36.295.627 OOFFEE SAILED. During the week ended 31st May, 1923. Coffee Statistics tht follawing riantlna tiot.it IN BAGS OF 60 KTTjOH SNTRIE1. Ktnioru a ONIT1C1) ItlVKK TOTAI, PORTS MEDITEI»- t:OAST OTH Kl! BTATSS H«3l,l»22 63.153 54 807 3.402 w w jga' 10.721 1.300 133.383 10.983 647 C»utral and Leopoldina*22^88 a I7^95 2lf* iZmi:::::. 2.246.774 s.ne.™ OUR Coíl8twi8e,.dischargêá:: OWN STOCK. _____95l 1.601 411 tl'.285 172.$! IN BAGS OF 60 KILOS RIO v cfc on May24 1923 ,8,8d6 KntriHg iurltig wnslr nn,1n. 816.294 ThuSS&dftimBÜto 23"589 22'128 2-355.638 3.376.880 May 31* 1923. .".'.'.' V 18.846 NÍCfch0r°y = = = 4_°L782 82.596 ",:,"»>«rori«e). MANIFESTS OOFFEE LOADED (EMBARQUES). OF OOFFEE. RIO Dl J AN EI RO During the week ended 31 st May, 1923. IN BAGS OF 60 KILOS During the week ended 31 st May, 1923. DUUING WBKK KNDBSD FOR THE CHOF TO 28—SIRIS—Havre Arthur Ed. Levv . 500 Ditto— Hamburg F. Soares & Cia 750 1923 1923 1922 1923 1922 May 31 May 24 June 1 May 31 June I 1.250 23—H. PIPER—Montevideo • Grace & Co 500 Hio Ditto Hermano Barcellos & Co. 400- 50.307 34.378 52.509 3.179 603 8:. 788.136 Ditto Theodor Nictheroy. ª Wille & Oou 300 111 transit... |#> 79.232 157-454 Ditto McKinlay & Co 200 Ditto—Buenos Aires Alfred Sinner 300 Total Rio Including " & Co Niotheroy Ditto McKinlav 190 „ & transit 50.307 ª & Co <...... r°tal 34.378 5Í.109 3-258 835 2.942.590 Ditto Theodor Wille & Co 150 Santos.... 172.223, 67.356 124.138 7.748-832 8.013.680 Ditto E. Johnston & Co 100 Total Rio ii Santos 222.530!.. 101.734 176.647 11.007.667 10.96^.470 2.140 i H BRAZIIj.AN REVIEW. I | 760 WILEMAN'S June 6th, 1923. >> 25—DUPLEIX—Rosário Alfred Sinner tfc Co. 700 Ditto Basanta Coffee, Ltd " >> 500 Ditto Mc Kinlay tfc Co. .. 500 Ditto E. Struckmeyer & » tt Òo.m 500 Ditto Ornstein & Co 400 Ditto Franco Soares " a & Co...... 250 Ditto Norton Me_aw tfc Co. 250 Ditto S. A. Casa Picone a ...... 250 Ditto American Warrant Co "" Ditto—Consumption 250 1.850 J- iS. Edge 1 ¦& 25—BAEPENDY— LerxÕei Pinto Co 100 39.828 26—MENDOZA—MarSeiHe ... Lage Irmãos ...... 375 23—TAPAJOZ—Montevidéu ... Cia. C. Exportadora 100 Ditto Oscar Marcines cfc Co. 125 Ditto—Salonica Cia. Amfranco S. A. . 2 500 24—11. DMTALIA—B. Aires „. Cia. C. Exportadora Ditto—Phelippevillc .... Ornstein 75 500 cfc Co Ditto Cia. Leme, Ferreira 288 Diito—Malta Ornstein & Co 300 Ditto—Boné Ornstein tfc Co 62 788 9n -DESEADO- -B. Aires Barbosa & Co., 3.137 400 Ditto Naumann, Gepp 29— CURITYBA—New Orleans^ Johnston A- Co.... 10.000 & Co.... 142 " Ditto Leon Israel tfc Co. , Ditto Theodor Wille & Co 1.000 134 Ditto tt Pinto cfc Co 375 676 -ARGENTINA— Rotterdam Theodor Wille 11.375 & Co". 2.250 Ditto— Hamburg Theodor Wille 30—PACIFIC Gothembnr E Johnston cfc Co 500 & Co 3.615 tt Ditto Raphael Ditto Theodor Wille Co 125 Sampaio & Co... 250 & Ditto ª Andrade Junqueira Ditto—Stockholm Theodor Wille tfc Co_ . 500 cfc Co- 250 Ditto " Ditto ª Martins;Wright & Co.... 250 TC. Johnston cfc Co .. 250 Ditto Ditto—Gefle Theodor Nossack t% Co 220 " Wille cfc Co. 1.000 Ditto 10. Johnston cfc Co 250 Ditto—Hernoiesand Theodor Wille, cfc Co 250 6.835 Ditto—Helsingfors Theodor Wille cfc Co ... 12;" 26- CURITYBA—New Orlea nsE.i Johnston & Co 12.790 Ditrn—vc+nr] !Z Jnhnston ..fc Co...... 125 Ditto Martins, Wright & Co.... 4,625 Ditto Ditto—gundsvall TC. Johnston «fc Co...... 250 Lima, Nogueira & Co. ... 3.150 D;tto—Lulen F. Johnston cfc ... 250 Ditto .... Cia. Paulista de Export.. 2.927 Co Ditto "" Ditto—Ornskoldsvik Mc.KíhIhv cfc Co.... 125 Hard, Rand & Cia 2,837 Ditto " Cerquinho, Rinaldi tfc Co. 1.250 Ditto '.'.'.... Cia, 3.750 Brasileira de Café .'. 1.250 30—GTTAPTJJA'—Marseil Ditto " Raphael Sampaio Castro Silva cfc Co. 00 Ditto " cfc Co.... 1.000 Ditto—Oran Franco Soares & Rocha F»Tia ,.fc Ce.. 875 Ditto » Co_ . 750 Ditto 8*n-ar;m. r Theodor Wille & Co 720 " Fernandes cfc Co. 689 Ditto » Ditto A. Ferreira cfc Co.. ..'."" » Cia. C Franco Brasileiro 1°5 689 Ditto Oiifioin. cfc Ditto—Algiers Oo 125 Cia. C. Franco Br«s:.Vira 438 Ditto " 26- -DELAMíBRE—B 31.988 Fncven TJrhnn Kfc Co 250 Aires Franco Soares Ditto " Ditto >> & Co. 200 Pas Total overseas 28—PAOTFIC -Gothembu 21.919 32.306 rer Cia. Prado 589 Ditto Chaves E. Johnston 500 8ANT08 Ditto a 762 WILEMANS BRAZILIAN ;$J_OTEW. Jm^,w-!L S. A. Caça Malta 10.378 10.37.Q. o,h|.r íT Fine Tasto Coffee Exp. Co. 1.162 1.162 MEAT Theodor Wific & Co 20,725 8 822 29,54.7 Clearances Toledo, Assumpção & Co. 1.000 1.500 overseas of- Frozen and Chilled Meat, Pork and 250 Qffal during.the twoVeeks ended 23 and 30 May were Viyajq.ua irmãos & Co„ 250 ', as follows' ' in tons of 1,000 AVhitjdcer, Brotero &. Cn... 1.807 . 1,807. kilos:— . .,' .' ''"".['*: . BElíF.—From.Rio: Zerrenner Bnllow & Co.... 132 132 May. 26, Mendoza, Genoa, Brazilian Meai Co., 206.tons; May 24, Sundry 1.721 1.370 3,001 Ronnm Star, Dunkerque, Brazilian Meat Co., 568 tons-; Hamburg, Brazilian Meat Co., 418 "at tons; total Rio' 1,192 tons, valued £28,248. ' Tota1) 144.494 516,194 660,688 From Santos (frozen except. where otherwise stated) :—-Mav -Products 20, Indiana, .Genoa., Continental Co.,' 26 tons- Cap Polônio, ALL ABOUT COFFEE Hamburg, Continental Products Co., 30 tons; May 22 Ctéwino, Havre, Cia Armour do Brasil, 1,250 tons; May 29 Andes London, 37 , tons May 30, Mosella, BY WILLrAM H. ÜKERS, M.A. (chilled); Bordeaux Cia! Armour do Brasil, 502 tons; total Santos, 1,845 tons, valued at Editor oi' "Tho Tea aud Coffee Trade Journal." £43,723. . OFF AL.—From Rio:—May 24, Romai: Star, Hamburg, Bra- The Fruit of 20 Years' Experience and Study in the Field. zilian Meat Co., 17 tons, valued at £564. •HROÜGH A sumpfuous volume oi 860 royal octavo pages, containing 36 LACK OF SPACE WE ARE FORCED TO HOLD chapters aud 115,000 words; 777 illustrations, including 17 pages OVER THE PERNAMBUCO LETTER AND OTHER in colour aud 102 portraiis; 29 maps and diagrams; a coffee PRODUDCE. thesaurus; a coffee chrouology, giving 492 important dates in coffee history; a coffee bibliography of 1,348 titles; and an index with more than 10,000 references COCOA. Published by Clearances overseas of cocoa from the THE TEA & COFFEE TRADE JOURNAL COMPANY; port of Bahia during tho two weeks ended 23 and 30 May foFow 70 Wall Street, New York. were as . kilos:—May 18, Louisiana, Copenhagen, 1,000 bags; May 17, Ipanema, Genoa, 150 bags; Naples, 200 bags; Sarthe, Antwerp, Priec $15.00 net, plus carriage. 200 hags; Havre, 1,782 bags; Rotterdam, 300 bags; Hamburg.. 100 hags, May 19, Agents for Brn/.il : — Leighton, Boston, 11,964 bags; New York, 3.850 bags; Linois, Antwerp, 1,100 bags; May WILEMANS BRAZILIAN REVIEW, 23, Burmese Prime, New York, 190 bags; May 24 .Lalande, Boston, 500 bags; May 25, Arlanza, Montevideo, 250 bags; Buenos Aires, 500 bags; EUA CAMERINO 55-Õ7, CAIXA POSTAL (P.O.B.) 809, total Rio, 21,906 bags, valued at £47,137, RIO DE JANEIRO SHIP PINO —Royal Mail.—Almanzora, leaves Southampton 8 June for South America; Andes, due Lisbon R ü B B E R "June;13 June for Southampton; Arlanza, arrived Buenos Aires 1 Avon, due Rio 11 June Qebl* fcnHard Pino, for Santos and Çuoinfusns London p*r lb. and P«r» p«r bU®: Plate; Darro. left Rio 31 May for Lisbon and Ij©í>_(»71 Par» Liverpool; Demèrara, due Rio 20 June for Santos and Plate; «. d Deseado, due Pio 13 June for Lisbon and Liverpool; Deseado, Jnnuary 7tli, 1922 ]% nominal leaves B. Aires 8 June, due Rio 13 June for Lisbon and Liverpool; Desna, Fehruary 4th, 1022 11'/í 2$200 due Rio 7 June for Santos and Plate ; Highland Glen, ar- rived Rio March 4Mi. 1022 0 11% 2 $200 5 June for Plate; Highland Laddie, left Rio 8 May April lst, 1922 Q li 2«mn for Plate; Highland Piper, left Rio 23 May for Plate ; Navasota May 6th, 1992 11 2$150 lefl Rio 28 Mav for Plate; Oropesa due Rio 26 June for Straits route: Sabor, Juno Srd, 1022 10% 2 $000 left Bahia 29 April for' Eúròpe; Sambre, leaves July 1, 1022 2 10% 2$100 London 7 June for Europe; Sarthe, left Bahia 17 May for Europe; • August 5th, 1922 10% . 2$200 Severn, left Swansea 23 May for Brazil; Silarus left Rio 31 May Soptemboer lst, 1022 ... 10% $250 for Sanios and Rio Grande; Siris, left Bahia 30 May for Pernam- October 7th, 1022 11 2$700 buco and Europe ; Somme, arrived Santos 28 May for Rio, etc. November 4th, ,1022 IV 3$500 December 2nd, 1022 ...... 9 3$400 \tm^^l&al^^^mBmmasmr^mr^^^ ª t-—nr-mnr æ æ L —n ¦ January 6th, 1023 ....;.... ].% $700 = STRAVS SOUTH February 3rd, 1023 ...:.... 5%i 4$800 AMERICA LIN Regular service March 3rd, 1023 L 43/ ¦ ¦ 58000 of steamers and motorships between March LOth, 1923 4% 4$800 ¦ U-S.A. Brazil, River Plate and vice-versa. March 24th, 1023 4% Nominal March 31st,-1023'l023 13% 4$700 For cargo and further particulars, apply:- April 7th, 3% $700 April 14l.ii, 1923 3% 4$700 STRAY, ENCELHART April 21st, 19:23 3% 4$400 & GO., LTD. April 28th, 1923 3% 4$400 General Agents for Brazil May 5th, 1923 O 3% 4$400 CABLE ADDR: "STRAYLINE" May 12th, 1923 9% 4$400 May 19th, 1923 *2% 4$300 RIO DE JANEIRO SANTOS May 26th, 1923 2% 4$400 Rua S. Pedro 9 RUA 15 DE NOV. 172 ¦ Juno 2mif 1923 9.3/ TEL. NORTE 6178 & 4449 4 $500 TEL. CENTRAL 943 m ¦ ¦$ runev6.th, 1923. im^^ê^^Mm REVIEW. mm **¦ 763 York 23 May Ao^y^rfW 7 June, for Plate; New due Vertri., leaves New Ym-k 6 Tfune due vS.íí^S^aig^^^.j,^ 21 June for Plate;.; Vanílyc^ avw^s;à^s<«#^#t-si«<^.ia..-;.ív gio leaves New Ya»% 30-June' ílul VV/Ha^w Ao 14 Jj* ** Platef d*5* S Tasáí^ea.e. B. Aires Qffle^S ,1*; y H( ,T,me tor Tnnidacl, Ba,»*: and Now York; Tintoretto from arrived1 Bio fve,poo, 31 May, leavos Rio 7 June; BrotaüT Portugal 23 Mav, due |tt Bio 9 June for Santos; WinMett hverpool 2 June, due Rio 23 June for Sa„tos and Rio «i-ancle • y"Z'y:. left Liverpool 26 May, due Rio 6 June for Plate; Ihe^ ::sè ikXy^0%: ¦HwSS&SSisis leavosJogarth L.verpoo 16 June, due Rio 7 July for Santos; Rossetti l?aves Liverpool 30 June, due Rio 20 July for Santo m*y Bruyore, auá^ 0»Dde; left London 17 May, due Rio and 7 June fòr Plate; Strabo, left London 2 June, Cantos due Rio 23 Jime or Santos and Plate; Holbein, leaves B. Aires 7 June, due o 13 June for Livo^ool; Enolid for London, leaves Rosário 15 J, „ -coals Santos; Delambre WÊ ¦ -j for London, leaves Plate y 'Tí° mid June. Bos-' 6,J™6for tantos «* VWe; O Swinburne, left N v O euns 25 May due Santos 18 June for Plate; Lassell kf Monte Sant,°S' Pai'a' BahÍa' B°st™> Tt°e,l" f P f ™* New Yo c imd ^ *"*' ""*" M°«° ZZ:y 10 June! SHIPANDSAIL -PHr.çe Line (Hould.r Brothers * Co.. Ao«„fW P ON FAST-NEW-CLEAN Indian Pnnce leaves Rio for Boston, New 'Jme; York and Philadelph à 7 African Pnnoe, loads for S.S. American Legion New York and Philadelph,^ end June; Saxon Prmce, left S.S. Pan America Newport News 19 May f0r Rio- yv guese Prince loading ' Porta : New York for Brazil and Plate. SS, Western World .™™„f ltrTíineBrazi'Line-operatiD^ Vait°á «•*« gov. S.S. Southern Gross h os. & Co., Ageutsj-Susquehanna U. 8. Government Ships leaves Rio 18 June for San Operated by V"^V. «4 San Francisco; President Hay" ikl t ôímS_fS? 3 rancisco 2o May SealtJe.21southbound, due Rio 26 June; West MUNSON STEAMSHIP S; ^ Jl'"e; West J—> •* *- LINE Sota Line («a. Sveatlanta do Brasil, Buenos Aires. S \ ^t]tÍiJ0UrthntS\^m'fh°™d' ^merÍoai] dUe Santos and Ei° H mbitf »* June for YOUR TRIP to New York will be vastly more enjoy h°—ã* able if book ™* J»«e; Uranienborg left Aalbon. you passage on any one of these big clean 17 mX? e ships, designed and and,P1*^ Christiansborg, left Aalborg equipped for your conifort and I ,v te If? £ convenience. ' mcl Hate; Jel,ínS> leaTC* •JuneTe Z. v IXS Denmark mid YOUR FREIGHT tor Rio and Santos. will reach its destination quicker and -Rio Cape Line, Ltd. in better condition if you ship via these fast, new (Mr. Cumming Young Agent)- ships which Kanagawa Maru, loads early sail on schedule. Double loading masts July for the Cape ' f.-.i -extra large hatchways—modern equipment make their DanÍPSW,,S-SeIskab speed possible. \-cimDet ^ra,te m* m PC7 f #¦ ¦ *>. •*. %» .«% 764 WTLÈMÁN'S BRAZILIAN REVIEW. Juíí|t6th, 1923 "FOLHAS AS VANTAGENS DO SYSTEMA AVULSAS" (Loose Leaf System) A C-UtiU-fiJ-tX tevco*'oivcTe5''firviN«rtJ«V6Te 7 «gte.lfrtli ¦ ._,,. • ¦;..•*.'.•*"••'¦' -í'1- INÍERTION O.F HINOI «U»T«/ V"*!*1"""»"»©*. , ' •<*.»¦...¦: ,¦•¦>,.• ' kuiHu»i 0* i>auiLru..U|l.o s"oTVcY»{,jr-«otcu ______ÍÍ-_SB-!§S-__S______ __«r««fl__^______ __^^«¦ .^mmm* ' <->*—-—i i" **¦~^v.._____gj*^__ B__fc^____^^ eovimTncmnMrtller __"^______. ^_____Z_____S____H ______¦______. _«______ ______r__H ______ ^^^_fc—_fc-^— ¦¦ ¦¦¦ ² —v _^-L^H ^^P^^| NRlVH__to-_^_r^Pr **«»•- «OA«0 FILI.CK if^j^^^^^^B^^^^^fcJ^^B^BwWBWp^^^^B|^BB_BE|B^^ in covcwa- .* i ~" HÉStó/-!. I hI Hn___r - .^^*7t^- !_?ÇJ_«'_^ís^''V.'''-,7r'-»â__i__l P r»o»-v I æ W/K.'"- ;.7^^__1 l____l_,*fíí^^©:t-! Tjl |C_____" -1 EJB ____w___P'^'':"-)- 7^n^ii_^_^_^_Htii-aEWw--ft-w-K^ HI..-.C....,,_,,_ La______W____H Ks _H_v______T'' L -7./7S- ^«BB^^iír31*^ B_y. ^^^aB-_-Ki----t-aÉiMi^-^-B-l _^^^&^^^-^_,—~ aur —¦ æ _n__l;% B92?nm i -«ir < rirm t si»-o ^^BK^__K«^__%:'. ' '^______í».Bwií_i 1-BriMTi ' ' w__^__ra ¦___¦ \*Kya______._Üa____g > *• ^«^vS-^íHM^^¦_ifir.'A.'* ¦'-;i ¦___nifSlH_®B^___ ';-*á_?_JraK>J___J .¦'¦"^^HBBw^s^Kwí"fr _39^_____. * "CT--.« ^^^j^jffirjOara i'Wçm áSmmm"_"*c" c ' \,M ^BHbÍ^HÍ; tàgl .7.7;;' ^$ffiS!Ê9§BÍ^ ^SfiSS ¦_¦______âl ' fíi-i**-11 xí)__Hl^_n_%4'____H^^ "Mestre" O livro meio encadernado, mostrando a molla em que a capa é presa no lombo de aço. yt • * u*£áàis.„ t * L,>* r,,;4^%^^^fe> %:;¦ #mm.WtiP* Livro aberto mostrando a facilidade com que as folhas podem ser insertas e retiradas. . . ....?•'-".. ,£». i__- D ... 7-3L ¦•# We have just received a large consignment of English Loose-Leaf Metals and can supply Ledgers or Transfers ot any dimension promptly. A representative will call on receipt of card or 'phone call. IMPRENSA INGLEZA .''¦'é^y RÜA CAMERINO 55-57 Telephoae, Norte 1966 . "Rio Caixa Postal, 809 1 de Janeiro * **¦