useful work. The few who work are interrupted by the many who disturb. Of old, the work was simplified by doing away with too many employés; to-day, it is increased by the complication which is given to the service.* And yet this is not all. There is not an employé who does not consider himself ill-paid; all grumble and cry out for an increase of pay, and the less they do the more they complain.

"To the officials is added the class of hangers-on, who will not pass unprovided in the abuse which has been given to that guarantee which the law reserved to the employé disabled by work or hoary in the service; the amount desired by hangers-on is greater than that destined for the payment of all the employés of the imperial offices. . . . The class of pensioners deserves no less attention; it consumes 1,793,915 milreis.

"Important questions on economic administration occupy the attention of divers commissions, who were entrusted by the Government to study them. We are accustomed to see the results kept among the archives, hardly serviceable to assist by their information (de suas luzes) those who have the curiosity of consulting them. We give our votes that the new studies shall not be of the same kind as the former.

"There are, however, two questions which appear to us cannot be adjourned either by Parliament or the Government." Senhor Carreira then enters into the questions (1) of the withdrawal from circulation and reduction of the claims of the six per cent. and five per cent. apolicies or bonds, and (2) of the Bank of Brazil, which has power to circulate private notes; and demonstrates how much revision and improvement is necessary in these matters.

He concludes his pamphlet thus:-"In ending this work, which is only an essay on the general condition of the estimates, I have brought together. . . . statements for understanding the financial history of the country, giving bases for its study in detail; but I will not terminate without a reflection produced by this study.

"In the fifty-four Budgets liquidated, that is, after knowing all the receipts and expenditure, scarcely ten reveal a balance, and Brazil, with a population under 10,000,000, has 88,000 Government officials!

that so small in relation to the great deficits that it entirely disappears. This speaks so convincingly that he only deceives himself who does not desire to pay attention to it. It cannot, then, be said that this is a prosperous State; and if we are not so selfish as to pretend to rejoice over the resources of the future, with the facts of the present, while continuing extraordinary expenditure, we must rest for a time, busying ourselves to reconstruct our weakened forces. The Chambers and the Government should combine not to create works which depend on fresh expenditure, whether permanent or temporary, and should attend to the necessities of the country, with the necessary criterion of entertaining only the indispensable.

"The spirit of the Brazilian Parliament bears some resemblance to that of France, as to the enthusiasm with which it faces the resources of the country, and voting expenditure while never consulting the true condition. Between France, however, superabounding in industry and commerce, and Brazil, rich in natural gifts, but poor in industry, having its gaze only fixed on a husbandry which is preparing for the sacrifice of a great change by the transformation of its slave-labour, and without great hope of this being solved without a crisis, the difference is extraordinary. Great social and economic problems are not solved by enthusiasm ; they require calmness, prudence, and reflection, which are elements constituting the well-being of nations.

"(Signed)

"Rio, April 26, 1883."

SENATOR CASTRO CARREIRA.

I hardly consider it necessary to apologize for quoting at such length the opinions of another, which are given with the authority of one who really knows the details of the subject. It is a trite saying, that statistics can be so arranged as to prove anything; but it would, I humbly submit, take a clever man to work out the items I have given so as to prove that Brazil is a prosperous country, or even that she is advancing financially, as the yearly increasing receipts are overshadowed by a yet greater expenditure. When one considers the yearly deficits, and how the Government of Brazil meets them-by continual issues of paper money, by bonds, by internal and foreign loans-it does appear a marvel that

the confiding public should advance money for the purpose of paying the ever-increasing deficits of an extravagant and impecunious country. Certainly, Brazil has not as yet repudiated her debts; but the payment of interest is out of capital.

It is considered by many in Brazil that the existence of the empire depends upon the life of one man-the present far-seeing, admirable, intellectual, and scientific Emperor; a man whose personal and domestic relations as husband and father are irreproachable. But at his death the future of the empire is far from being secure. The question, therefore, arises, What is the security of Brazilian stocks? Is the outlook good for investors? The answer from every conscientious Englishman in Brazil is an emphatic no. The present system has been undeniably bolstered up; by whom, does not signify; but I think it sufficient to draw attention to the foregoing pages to prove the truth of this statement. Why are Brazilian stocks so high when she has only a paper currency, while the northern republics, with Uruguay, the Argentine, and Chili, all of which have silver, are not held in such high repute? The whole fabric of Brazilian finance rests upon a very frail foundation, and, should there not soon be a material and radical change in the tactics of that empire, the investors in her stocks may find themselves ere long-though I hope the day may be long deferred-in a sorry plight.

NOTE TO PAGE 287.
Slavery in Ceará.

The Rio News of February 24, 1886, referring to the Fornal do Commercio of February 21, states that "to the infinite shame of " the Province of Ceará, "and to the bitter humiliation of every honest abolitionist, it now appears that a gross deception has been practised, and that Ceará is not entitled to the honours awarded" on the occasion of the enthusiastic reception of the news that Ceará was the first free province of the Empire. "According to the Fornal, the municipality of Milagres then possessed 300 slaves which were not redeemed, and of which 298 are in slavery down to this very day. With this deception before us," even should these slaves be liberated, 66 we shall not be able to free ourselves from the fear that there may still be men there from whom the shackles of servitude have never been stricken." The inhabitants of Ceará have not only "discredited themselves before the world, but they have done a thing which cannot fail to still further discredit the sincerity and trustworthiness of the Brazilian people."

...

chester

Literary & Philosophical)
Society.

THE FINANCIAL CONDITION OF BRAZIL. 313

POSTSCRIPT.

The following are extracts from an article on the “Brazilian Budget," which appeared in the Statist of August 8, 1885.

"The Budget of the Brazilian Minister of Finance, presented to the Chambers in May last, is an elaborate document of over 400 quarto pages, and additional tables, etc., of about equal extent. The mixture of ordinary and extraordinary revenue and expenses, balances from previous budgets, deposits, and extraneous matter in the estimates is most bewildering; but reckoning the ordinary and extraordinary items together, the deficits may be placed at an average of about 26,000,000 milreis for each of the three years ended June 30, 1885. The result for 1883-84 showed a deficit of 23,762,967 milreis. The expected deficit of 1884-85 was 29,824,000 milreis, and the Minister in his explanation, as recently as last month, said he adhered to the estimates of revenue. The estimated excess of expenditure over revenue in 1885-86 was placed at 19,362,000 milreis, and for 1886-87, the forecast is of a deficit of 17,869,000 milreis. The estimates were qualified when made by the supposition that the revenue should not exceed nor the expenses be reduced on the estimates. According to Mr. Sandford's report, referred to in the Statist of April 4 last, between 1873-74 and 1882-83 inclusive, the deficits had amounted to some 288,000,000 milreis, or an average of 28,800,000 milreis, and they had been met by the creation of 71,000,000 milreis in Treasury bills, 129,000,000 milreis in internal loans, 80,000,000 milreis in foreign loans, and 40,000,000 milreis by issues of notes. The more recent deficits have been met by further creation of Treasury bills, and the extension of the note circulation is contemplated. Efforts have lately been made to effect economies in expenditure, but the results are not so great as could be desired.

"The comparison of revenue and expediture for 1881-82, with the estimates of 1885-86 and 1886-87, is as follows :—

"The Senate and deputies have, it is stated, agreed to the bill to authorize the issue of 25,000,000 milreis of notes. The banks,