¦>•¦'.* _¦*;'.*',•%¦>'¦''¦

•'/:V >¦.'.*_ .:.' ..'

Anno XV Rio de Jaln-^to, April 5, 1879 No. 7

dhr gtMíljjipkit fflratali';!'*... íí.JvJXíi »' ) '. !í!.'i .':*¦:!./! :..'.. i.iv, !..^'U...,,.^.',.. ,..r. , ,. .] •'¦, ¦", • , ,

' ,<!lU:!f.fl _ !./ ,1 ¦¦¦>, 11 .'>•.. Mil'!. ..M-.í •....__•_..•._: T.l _..I.__._- ui. 71POLITICAL, LITERARY, AND COMMERCIAL

''Of i .!.''.'Hi''ji.!: '0 idí.q lo OJÍ.

üi-i .)'Hf. ;.í! ... .iHiu. .-..í'.n:*:íi

ED1T0RS AND PROPRIETORS, WILLÍAM SGÜLLY M JAMES SGÓBttCOMMERCIAL BANK OF RIO DB JANEIRO

CaPltal Rs. 12,000:000J000Shares unissued >, 8,000:000$000

Reserve fund Ra. 561:2940516Net proflts not divided 929:000$124

«... . Rs. I,490:294jü640This bank draws onThe London & Gounty Bank London

The Bank of Portugal, payable in Lis-bon and in London Lisbon

The Branch Bank of Portugal, payablein Oporto and in London Oporto

TheComptoir d'Escompte...... parisDiscounts Treasury, Bank and Coramercial Bills; re-

ceives noney at interest in fwount-qurrent, and on Billsat fixed terra; and transact$ every other descriptioa ofBanking business. \

AUGUSTO F. DE OLIVEIRA k Co.PERNAMBUCO

F. d-Oliveira & C., rua do Commercio n. 42, under-takes to execute orders for |he shipment of produce,and ali other kinds of commission business, bothcrauioercial and banking.

Discounts bills and receives deposits at interest,buys Bills of exchange and draws at sight or time,at the will ofthe taker, on the following Foreignand Brazilian exchanges:

L»»á«ii.-ün the Union Bank of London, on theLondon and Hanseatic Bank Limited and on variousFirst Class Houses.

P«rl«.—On Messrs. A. & M. Heine (successors ofFould & Co.) and on Marcuard André & O

H«mkur*.--On Messrs. John Shuback& Sons.I.i»b«n, Op«rto, ««d «II iiwmi nnd depen-

««neles mt th» Kln»d«m «f I»#rt«««l.-Onthe Banco de Portugal, on the Banco União do Porto,andou their Branches and Agencies; on Messrs.Fonsecas, Santos & Vianna, and Joaquim Finto daFonseca, Esqre.

Pará-On the Banco Commereial do Paia, andMessrs. Francisco Gaudencio da Costa & Filhos.

M*rnaká«—On Messrs. Josó Ferreira da SilvaJtunorfe Co. and on the Banco Commereial do Ma-ranhao.

Ce*rú.-On Messrs. Joaquim da Cunha Freire &Irm&o.

¦**•¦••.—On Messrs. Marinhos & Co. and on theBanco Mercantil da Bahia.

RI» 4e«I«aelr«.—On the Banco Industrial eMercantil do Rio de Janeiro, and on the Banco Com-mercial do Rio de Janeiro.

BANCO DO COMMERCIO77 RUA PRIMEIRO DE MARÇO 77

)J...oe. r.

íifítíi

The New London and Brazilian Bank,

Lata !*¦«•¦ an* Brasília» ¦•¦k, Limite*INCORPORATED BY IMPERIAL DECREES OF

OCTOBER 2nd 1862 AND lst AUGUST 1872Capital £, 1,000,000»Capital subscribed. . . . £. 900,000 »Capital paid up £. 450,000 »Reserve Fund ...... £. 25,000 »Depreciation of capital fund £. 40,000»

Treasury Bills, Commereial Bills and signed Accountsdiscounted or advanced upon.

Loans effected for fixed periods on approved securities.Money received on deposit, at interest, for fixed periods,

by Bills, or receipts subject to notice for withdrawal.Letters of credit and circular notes issued.

Bills of Exchange bought and sold.The Bank issues Bills of Exchange, payable on demand

or at 3 to 90 days sight, onLondon. . . onMessrs: Glyn, Mills, Currie& Co.

» . . -on Tlie Head Office ofthe Bank.Paris. . . . on Messrs. Mallet Frères & Co.Hamburg . . on Messrs. J. Henry Schroder & Co.

Lisbon & Oporto on Branches of the iank there esta-blished 1Also: ;.:fi;;.;;

on Peraamfcuee BmMi,William J. Haynes Manager;

on Um*** Br«Nefc, -$. & l$tQn. -.r-..%v-*^;:../Màiia|è^;' #»*: tâèi&ià

on Rt« Grande ém Sul Braneh,James Darcy. ....... Manager;

on Pará Branrh,James A. Davis Manager;

M«ntevl4é«Mr. Jones Manager.

COHRESPONDENTS. . Messrs. Laurindo de Oliveira & Co.• » Fabbri & Chauncey.BIO DE JANEIRO

RUA D'ALFANDEG A 8John Gordon, Manager

HEAD OFFICE.—LONDONNo. 2, Old Broad Street,

John Beaton, Manager.

IMPERIAL FIRE INSURANCE COMPANYLOMDON

ESTABLISHED {1830Subscribed and Invested Capital, and

tteserved Fund t. 3.000,000Fire Insuratices granted on every descriptiou of

properly at moderam rates.Agents in Rio de Janeiro

LeCocq Oliveira & Co., Ag.*ntsNo. 12 Rua dos Pescadores No. 12

lü.!

'..;.'.!¦; if!

Rojai Mail Steam Packet Company—«»—

MaranhamNew-York.

8

ROYAL INSURANCE COMPANYOP LONDON AND LIVERPOOL

CAPITAL

17,780:000^000OR

TWO MILLIONS STERMNGWIT THE AUTHORIZATION OF THE GOVERNMENTInsures, against tlie risk of flre. houses, goodsand merchan-dise of every kind.

JOHIV MOORE A Ce.AGENTS POR LLOYD'S,

RUA DA ALFÂNDEGA No. 3

Under conlncls witli tlie Itritish and Brazilian Governmentsfor the conveyance of miils

The Steam Packet

will sail for SOUTHANPTON and HAVRE, eallin«f{J^k' PKRNAMBüeO, St. VINCENT andLISBON, on tho 9lh of April, at 10 A. É,

The Steam Packet

mlê mC\»JMjiãjnktm\j\expecled from EUROPE about the middle of Ihisoioiith, «fill sail for SANTOS, after the iiocossaiyslay at this port, and will sail hence for SOUTH-AMPTON and ANTWERP. callins at BAHIA. MA-CEIO, PERNAMBUCO and MSBON, on ihe 24lhApril, at 10 A. M. '

-iJL&*^8taMMi.|M^0f each month will call at Chcrbourg on the outwardvoyage.

Through lickots lo Paris, single journey andreturn, issued by ali homeward bound steamers.

For further particular apply to the Agency.49 RUA PRIMEIRO DE MARÇO 49

Superintendem.

Liverpool, Brazil, and River PlateMail Steamers

USDER CONTRACT WITH THE IIKI.GIAN ASO BRAZILI\NOOVEIINMENTS

ForBakU. R|« de Janeiro, «mbIm, Montrvldc». BueiioaAyrcs

and Haaarla

From LIVERPOOL via lisbonon the 5th, lOtli. 15th, 20th, 25th aud 3Òtli of eachmonth.

From LONDON : via Antwbrp and Havreon the 6th, 16th, and 26th of each montli.

The Coasting Mail Pachts belongring- to the sameCompany, run in connexion with the above named

steamers,leaving- RIO DK JANEIRO

on the 3rd, 17th and 25th forParanaguá', Santa Catharina and Rio Grande

no Sul

Homewards :The íitlgian Mail Sttamm leaveBuenos-Ayres on the lst, llth and 21 st,and 7 days later from Rio m Janeiro, forSouthampton (for London ) Àntwerp and

LlVEHPOOL.

Other steamers sail monthly for Europeand U. S.of America, as por special advertisements

Excellent accomodations for PassengersApply to :

Lamport k Holt21 WATER STREET, LIVERPOOL,or Arthur Holland k Co.

19 Le«deMhMllSlre«l,LONDON

Agents in Rio de.IniielromiiTON9 MEGAW & YOVLE

RUA DO VISCONDE DE INHAÚMA NO. 20

Rio de Janeiro, Àpril 5, 1879

Financial considerations possess this resource, and we feel sure that even I Bank, or rather the Government, to nothing but

Whatever errors the late Minister of Finance,Mr. Gaspar Silveira Martins, may have committedduring his administration of the National Treasury,there can be no doubt that he has done one greatbeneflt, to his country; he lias given the alarm inregard to the financial position of the country andhas áhowo, in glaring but true coiors, the ruinousstate of public affairs.

To overcorae the enormous difficulties he encoun-tered, to reestablish order and to restore to Brazila solid financiai organization, he was sadly unfit.Some months longer in power and his schemingand changeable mind would most likely havebrought on irreparable damage to public credit andwealth.

When Mr. Gaspar Silveira Martins left the oíflcehe had entered only a year ago under the anxiousand hopeful welcome of many of his countrymen,a burden was taken from almost everybody'sheart, for it was generally admitted that thoremedy had been worse than the diaease.

And, as always happens on such ocea sions, publicopinion, freed from deep apprehonsions and ira-minent danger, haying got rid of a dangerous man,greeted with double hopes the fortunate suecessor,and now expects that Mr. Affonso Celso's accessionto the public purse will transform decay intoproaperity, disorder into order, want into plenti-fulness.

Such expectations, however, may become hurtfulnot only to those who entertain them, but also tohim on whom they are bestowed, and it may there-fore not be out of place to wam in time againstutopianism and illusions.

These reflections have been forced upon us bywhat we have observed these latter days.

The new Minister of Finance, like the Saviour,is going to do nothing but good, ali that is agreeable;he is going to avoid ali that might be distasteful toeverybody'sfeelingsandintereats. He will neitherabsorb any, more floating capital nor. issue anymore paper money, he will abstain from disturbing

the remaining 20,000 contos of paper money andalso the balance of the sale of 40,000 Apólices will.not carry him over the difficulties of the presentyear.

New and large credit operations are necessary tomeet ordinary and extraordinary expences. Theeconomies proposed in the Chamber are insufficientand will at the besfc only act tardily; a new taxationcan but come into operation in following years andthe proceeda are uncertain. A foreign loan would,under present circumstances, be very onerous,and an internai loan, or the issue of apólices,cannot be contracted before the expiration of thecurrent year and would, at any rate, influenceperniciously the money market and the developmentof industry, already to day in want of capital.Lastly, an increase of the floating dâbr, is liardlyfeasible, for the same reasons; it might even bringabout a severe financial disaster.

Far from believing, therefore, that the presentMinister of Finance will not recur to an issue of more

paper money, we fear that he may finally thinkhimself obliged to make use of the same resource,notwithstanding his bonâ fide repugnance to do so.The lessons Brazilian financial history has taughtus in this respeçt authorise our fears.

There is one way, however, which, at least forsome time, may avoid and delay such disastrousoperations; it is the sale ofthe D. Pedro II railwayand of the City waterworks. Such means, exactedby the present circumstances and by sound reasons,imply, it cannot be denied, a degree of abnegationand a sacrifice of national « amour propre » which isnot easily to be encountered.

It is said to be the intention of Mr. Affonso Celsoto put a stop to the extraordinary fluetuations offoreign exchanges aud that he is not only treatingfor such purpose with the Bank of Brazil, but thathe ia also jneditating the introduetion of goldpayments of import and export duties.

There existe a very comraon belief, that exchangefluetuations are generally the result of wicked spe-culators, who, for their own sordid interest, drive

the foreign exchanges and will, on the contrary, by | tation8 up and down acCording to their tastesandclever operations steady, once for ali, their positiou.

Weare afraid thatin ali this too great impertanceis shown to the influence of the individual andtoo little consideration to the circumstances, whichas well influence the Minister himself as the com-munity at large.

From what we have learnt from our own invest-igations, from the late Minister's report and frandiscussions in both the legislativo chambers, thepresent difficulties are but the resulc of consecutivo,large deficits of many years, always patched up byali kinds of credit operations, mortgaging thefuture of the country to such an extent that thisreckless system could not but create at last themost intense apprehensions.

The time of prudence has come at last, but,unhappily, a state is not administered like a family,in which the chief, the father, rules supreine andcutsexpenses despotically down according to hisreduced income. The state is a slowly movingmachiue, and before theevil consequences ofbadadmiuistratiou are felt, before a reforining law canbe proposed, discussed, executed and act benefi-cially time has passed on.

Thus one dare not expect that from one momentto another the heavy deficits should disappear whichhave so thoroughly disorganized Brazilian finance.We must be prepared that, besides the presentlyexisting deficits, new deficits will for years to comepresent theraselves which will have to be coveredby extraordinary credit operations, burdening withstill larger liabilities the public treasury,

The present Minister of Finance will have to faceduring the present year a tremendous expence,uncovered on account of a deficient revenue.

Some believe, and the Minister himself appearsto believe, that he will not avail himself of whatremains to be issued on account of the 60,000 contospaper money authorized by decree of April 16th1878.

requirements, and that, if such speculation did notexist, exchanges would remain steady and run assmoothly as a pieasant brook.

In this instance, aa in many others, effects nremistaken for the cause; it is overlooked that specu-lators and speculations are nothing but the resultof the instability of exchanges and the very naturalconsequence of inconvertibility and superabundanceof the existing circulating médium, the paper money.As long as a fixed standard is not reestablished andas long as convertibility does not act as a check toprevènt fluetuations over a certain and naturaldegree, speculation will exist and speculators willtake advantage of any momentary circumstancethat may foster their interest and wishes.

Nobody exists, not even the Treasury, the Stateitself, capable of regulatiug exchange for any lengthof time, when the system of inonetarj circulation isout of joint and finds itself without a basis, By thevery fact of the State's entry into the exchangemarket, for whatever real or platonic purpose it maybe, the very State is transformed into a speculator,that will necessarily be exposed to the same vicissi-tudes to which any other speculator has to submit,with the sole difference, however, that its powerfuliuterference will only act the more perniciously.

Iftheinterference of the Treasury or ofthe Bankof Brazil takes place for the purpose of maintainingthe foreign exchange, it will begin, of course, whena drooping tendeucy shows itself, when speculatorswould begin operations by exaggerating tlie saidtendeucy. This means that the interference wouldact by selling when prices are cheap and by buyingwhen prices are dear, because it is far from likelythat the European credits, on which such interferenceand exchange operations would be founded, wouldbe unlimited regarding time and covering.

This cannot be contested, and such operations,therefore, counteracting a tendency, cannot produce

useless sacrifice.The present Minister of Finance is also said to

contemplate the introduetion of gold payments ofali custom duties, in order to establish the indepen-dence of the Treasury from the exchange market andto ptevent the. sudden and pernicious fluetuationswhich are now caused by tho unforeseen and over-whelmiug competition of the Government as pur-chaser of exchanges.

We fear the Minister is sadly mistaken if he pre-stimes that such measure would prevent fluetuationsand we firmlv believe that violent convnlsions, aswe have already so ofteu experienced, will onlybecome tlie more severe.

Gold is in Brazil not any more an important par*of the circulating médium; it has become a simplemercliandise and is as such subject to the laws ofoffer and demand.

Should gold be declared by law the only means ofpayment of duties, ita demand, and therefore itsprice, would be enhanced considerably; its valuein relation to paper money would sufter a still moreimportant elevaiion. And this relative elevation ofvalue would only be the more extensive if Gov-ernment would use tlie metal obtained as remittancesto Europe. Such defalcation of its amount in themarket, it being constantly wanted for new pay-ments of duties, would creale the most violent oscil-lations, provoke the wildest speculations and bringon exactly that state of things which was to beavoided.

It is very sure that bills of exchange would inmost instances be cheaper than the exportation ofgold, and we feel fully convinced that the Govern-ment, after a few evil experiences, would renew itsformer competition on the exchange market andthat the exchange fluetuations, so severely criticisedat present, would reappear.

These fluetuations are unavoidablé under thepresent inconvertibility of paper money; they canonly cease with the reeatablishmènt of the formergòld standard or with the establishment of anew one.'- '•': ""H ¦¦-

Many Brazilian stntesmen have, in order to explainor excuse grave economical errors, raaintained thatcertain fundamental principies of politicaleconomycould not be appli-d to Brazil, th tt the Empireconstituted a country «sui generis », governei byspecial economical laws. Such pretensions, certainlynot excelling by any excess of modésty, have, wefeel sure, created already a great deal of evil, as theyhave prevented prudence and foresight, whichmight have spared the country a great many saddeceptions

Wilson.Rio de Janeiro, March 21,1879.

Financial

We think that he will be only too glad tojany good, they will, on the contrary, expose the present depression.

THE CURRENCY.—THE EXCHANGE.

It must have been extremely grateful not only tothose whose interests are so closely allied with thefuture of the currency of this country, but to everyfriend of Brazil to witness the emphatic position, inreference to further issues of paper money, assumedby the etniuent and able Minister of Finance, iu hisaddress to the Chamber of Deputies on the ISthinst.

But, while the Minister'a position is so perfectlysound, as to the itnpolicy of any further issues, wewere sorry to discover, from the general tendencyof his remarks, that he does not seem to realize theevils resultiug from tho present large actual excessof our currency. He seems to think Rs. 250,000:0000of circulation níay not be excessive for this country,while in our article ofthe llth4inst., which appearedin the last issue of this paper, we have sought todemonstrate that, on the basis of legitimate prices,Rs. 125,000:0000 is the limit of our necessities for amédium of Exchange.

The Minister seeraed to think that other causes,foreign to the volume of the currency, greatly in-fluence the course of our Exchange, and that anexcessive currency is not the principal cause of its

«

*J dè Janeiro, April 5, 1879In support of this view heeited three occasions

upOn which the course of the Exchange did notapparehtly conform to important changes in thevolume òf the currency.

The Minister alsò prèsehted a view of the 44balanceof payraents" in the foreign trade relations of thecòüntry, which, if we could àccept it, as a reliableexposition of the condition òf those relations, wouldCertainly exptain inpart the présent low rate ofExchan&e; but itis our purpose, in this paper, tooflfer somèconsiderations which we think may leaveè serious doubt as to thè réliábility of the statementofthetràde relations of the country, as presenteeiby the Minister, although presented by him, un-questionably, in thè ütniost good íaith; and weshall also seek tòèxplain thò reasons why, upon thethree several occasions, rejferred to by the Minister,the course of Exchange did not indicate the impor-tant changes in thè volume ofthe currency.

ÍJefore proceeding, however, with this investiga-tíòn, we think it proper to remark that we do not,by any means, ignore the fact that 4lthe balance ofpayments" in the foreign trade of a country is animportant factor in determining the rate of Ex-change, and the varying phases of this factor may•hd do operate more widely in the présence of sucha currency as ours, than they would dó under ametalüc currency, or one even of paper which wasrestricted, in amount, to the actual requirements ofthe country.

As evidence of the importance, under our systemof currency, of the varying phases of the "balanceof payments" in the foreign trade òf the country,we have ifroquently seen the Exchange* withoutany alteration in the volume of the currency, íiuc-tuate as much as 4 pence within a year—this arisingfrom the greater or less abundance of the produclsof the country, or the greater or less activity oftransactions in them;

The Minister states that in 1859-60, althoughthe volume of the currency had risen from Rs.51,000:0001 to Rs. 90,000:0001, the Exchange âdvan-ced from 231/4 to 271/4 pence.

This istrue, but why? TheExchange éértainiydid npt advance to 27 1/4 because thé curróucy hádincreased from Rs. 51,000:0000 to Rs. 90,000:000$.

The Exchange of271/4f>ènce Was due tothére-covery in the prices of our produce from the greatdepression induced by the criais of 1857. Itwasacommercial Exchange—ignòring, under a favorablephasé òf the4,baiance of payments", the excessivovolume Òf thè éürròhcy.for ín the year 1859 the Ex-change had been as low as 23 1/4, but even this ratedidnòt fairly raàrk the depreciation of the currencyfrom rèdündàhcy; and when the bulk of our cropshad been shipped, the excess of currency again ma-nifestfcd itself, and in 1860 the Exchange fluetuatedbetween tíie extremes of 24 1/2 and 27 1/2.

The Minister, in the next place, refers to thephenomenon that when, in 1875, thè governmentissued some 25,000:000$ in relief of certain banks,the Exchange was at 25 to 26d and actuaUy rose, asthe issue proceeded, to 28 to 28 3/8, falling agáin to24d, when the issue was withdrawn.

Now this phenomenon is susceptible of a verysimple and satisfactory explanation.

Owing partly to a temporary dislocation of thecurrency, and partly to hoarding, a great panicarose, and the effects of this panic were not fullydeveloped until after the issue had been made bythè government, aud this obliged those who wereforced to seil Exchange to accept the best terms theycoUld get from a small number of unwilling buyers—hence the Exchange was pushed up to 28 to 28 3/4,So, on the other hand, the effects ofthe issue werenot immediately felt, but when felt produced a res-toration of confidence, and, in connection with thehigh rate of Exchange, induced a rèturn of currencytò its ordinary channels, and when the governmentretired;its issue there was still leftasuperabundantamount of médium—the law of supply and demand,as affecting Exchange, carne again into free actionand hence the decline of the Exchange to 24d.

The Minister next cites the apparent fact that theExchange was not sensibly affected by the large

issue of Rs. 40,000:000$, made hy the government these remarks are made inriòspirit oferiticism:last year.

He states that in January of that year, before theissue, the Exchange was 23 3/4—245/8; in February23 7/8-24 5/8; in March 221/4-241/4; in April, themonth of the issue, there was a slight decline,but which lasted for a short time, the fluetuationsbeing between 22 1/4 and 23 1/4; that, after theissue, in May, June and July, the extremes were 23and24d.

Now, it must be borne in raind that, for sometime before the issue was made, it was the generalconviction in commercial circles that it certainlywould be made. Hence merchants and others usedevery effort to anticipate and hasten their remit-tances.

These anticipated remittances not only led to adecline of the Exchange, in advance ofthe issue,but also, as will readily be conceived, prevented sogreat a decline as would otherwise have oceurred,upon the occasion ofthe issue. The subsequentdecline of the Exchange, to the neighborhood of 20pence, was due principally to the inevitable in-fluence of the issue; although the manifestation ofthis influence was somewhat deferred, through thecause above stated.

It is possible that the progressivo depression ofour principal article of export may have Côtttributèdsomewhat, but in a very small dègreè, tò the de-cline of Exchange.

Finally, the Minister refers to the 44baíancè ofpayments" in the foreign intercourse of the country,and seems to think herein may be found an explan-ation of the présent low rate of Exchange.

He states that the Exporta Of the country showan excess, in value, over the Imports, for the threefiscal years 1875-1878, of Rs. 82,000:000$, òr aboutRs. 27,000:000$ per annura; but, on the other handíthe Treasury is obliged to remit ànhually abroad,to meet interest on the foreigu debt, the diplomaticand consular service, and for material, the sum ofRs. 25,000.000$ to, . . . .. ; , Rs. 30^000:000$He estimates the amount of iucome

remitted annually to residentsabroad at. . . . . . . . ,

And Interest on foreign capital in-vested in Banks, companies, etc,ai . . é . . . .....

» 20,000:000$

» 10,000:000$Rs. GÓ,000;ÕÕoÍ

» [27,000:000$

From which thé favorable tradô ba-lance béing dedneted. . , . .

there would remain an apparent44balance of payments" against thecountry of ....... . Rs. 33,000:000$Now, the estimates of exports are doubtless based

upon the official valuations, as returned from theCustoni houses, and it may hence be assumed thatiis the official valuation of Exports does not embracethe duty, and shipping expenses attending the ex-port of produce, we may add nearly if not quite20 '/• to the official valuation, to arrive at the actualvalue of our produce in exchange with thè foreign-er, and assuming the sum of our exports in roUndnumbers (not having before us the official tables) tobe Rs. 200,000:000$, we should here have at once

but are simply meant as an humble ehdeavour toarrive at and présent the trué condition òf our cur-rency and of our trade íelations, a corréct apprecia-tion, espécially of the condition of our currency,being all-important to anytíiing like a pèrmanent,or progressivo prosperity of thè country.

Aud, in closing this papèr, we must be permittedto say that, if we have sueceeded in presehtingreasonable grounds for the positions we have as-sumed, it must be conceded that two illusive factorshave been présent in the value óf our currency —one the phenòmenal and false rèlation to gòld whichwe have claimed a paper currency may hold, whenissued from a source offèring a reasonable guaranteeof redemption, and the other, a favorable 4.balànceof payments."

With these two factor.- présent, and in actiòn, toblind the judgraent as to the true degree of thedepreciation in our currency, and yet án Exchangedown to the neighborhood of 20 pence, or more than25 per centura below pai\ who will hesitate in pro-nouncing our curreticy gréâtly excéssive; nnd,although not claiming exact precision for òur es-timate of Rs. 125,Ó00:0(k)$ as the mèásure of theprésent requirements òf this country for a médiumof exchange, upon the basis of lègitimátè prices, weare the more and more persuaded lhat it is not verywide of thè mark.

ROBERT ClJNTON WRIGHT.Rio, 24th March 1879.

The I-egislatnreTHE DEPÜTIKS

DANK OP RR AZ II.

On the 22d of March, in answer to Sr. GavífioPeixotò's motiòn for an iutérpellatioh, the Aihisterof Finance said that he hod arrahgèd with theBauk of Brazil tò fürnish exchange to the govern-ment, sò és to obviate the iieed of buyiiig in adepreSsed market, as the bank, havih_; a largèbalance in London, còuld èhòse its own time forRemittances and thus prévèht violeht flrictuàtions.The jgovernmeht, however, would merely pay acommission to the bank and wóúld incur no rèspohs-ibility for it. He proposed to dò away with thèco8tíy Galxa da Amortização, tranâferritíg thè sérv-,ice of thèipaper money tò thè TreaSüry and that ofthe public debt to thé bank, which was rèady toundertake the service for a moderaté cóminiàsion.He had agreed with the Bank to òpeil with it áiiaccount-current, which would relieve the Treasuryof much work, and be beneficiai to both the Stateand the bank. Bóing òpposed to paper money hehad no intention to increase the présent amountof government money, still less to allow the baukto aúgment its issue. He would be glad to returnto convertibility if it were possible, and as a stepthereto had asked the committee to restore paymentin gold of part ofthe import dúties. The orrànge-ments made with the bank ènabled him to renewtreasury bills at 12 months whenever it was notconvenient to meet them.

ESTIMATES OF THE MINISTRY OP FINANCE

The committee reported the Finance estimates foi-Rs. 40,000:000», or 7,000:0091 in excess of the un- .g™ ^ "

. r"mlKe™™™lm

favorable ..balance of navments".««tim.t*,. hv ¥Zr* ™°g0™mmM l,roPOS!l1 nsked !<"favorable 4tbalance of payments", as estimated bythe Minister.

Again, it is very questionable whether the weeklyvaluation for the assessment of the duty is, not, asa rule, somewhat below the market value òf ourproduce, and we may add, on this score, probably,one or two per cent, to the sum of our exports, say:4,000:000$ more.

Then there is, in ali probability, an importantvalue in the precious stones, and in specie exported,of which no return ismade tocustom houses —avalue we may set down as, at least Rs. 5 000:000$.

So that we thus have a probable sum of, more orless, Rs. 50,000:000$ to go against thé estimatedadverse 44balance of payments", of Rs. 33,000:000$,figuring in the Minister's statement, and thus es-tablisbing a 44balance of payments" in favor of thecountry of some Rs. 17,000:000$.

Now, we wish it to be distinctly underetood that

56,878:664$, 7,804:335$ more than the sum votedby the last legislature and it had been necessary tf»add to the budget estimate. By some economiesand by the reduetión of the item for redemption ofpaper money to 2,400:0000, as only 40,000:000$ ofthé 60,000:000$ had or would be issued, the totalincrease was only 1,300:000$, ínaking the proposedvote 58,178:664$000.

EXTKAOMMNAUY CUEOITS FOU 1878—79

On the 24th credits of 180:000$ for the penal isíandof Fernando de Noronha and 400:000# for the erectionof lighthouses were asked by the respective rain-isters.

AMAZON STEAM NAVIGATION

The bill approving of the contract with theAmazon Stenm Navigation Company passed tlie 2dreading with an amendment requiring a gratuitouscall at Urahv. in the Ica.

4 Bio de Janeiro, April 5, 1879BAILWAYS AND TELEOBAPHS BANK BILL. RAILWAY

COMPANIES BILLA special committee was appointed to report on

the above bills, introduced by Dr. Ferreira Viannain the preceding legislature.

ESTIMATES OF AGRICULTURE 1878—79The debate on the 2d reading continued on the

26th and 27th without incident.LAND FORCES 1878—79

The bill passed with a verbal amendinent, arts. 3to 15 being separated to form another bill.

COMPANIES BILLThe substitutory bill of the committees on Justice

and Finance was taken up, at the 2d reading andthe debate was continued on the 27th.

AQUARIUM, MUSEUMV^TC.On the 31st the committee reported a bill granting

to Morris N. Kohn 20 years' concession for erectingbuildings for public recreation on the Passeio Pu-blico terrace in Rio.

SUPPLEMENTABY CRÉDIT FOR 1878—79The Minister of Foreign Affairs asked for a

supplementary crédit of I:076f000.PBOTESTANT MARRIAGES ETC.

Sr. Saldanha Marinho presented a petition ofprotestant clergymen of Rio that registration ofmarriages etc. shall be permitted under the oldlaw until the deadlock respecting the new one i.sremoved, as for over a year it has been impossibleto duly register prote3tant marriages, births anddeaths in Rio.

PUNISHMENT OF SLAVE CRIMESSr. Martim Francisco presented a petition of

S. Paulo planters in favor of changing the penaltyof galleys to one more deterrent of crimes againstowners and overseers.

COMPANIES BILLThe lst article was approved, but different

substitutions to the 2d were moved by the Ministerof Justice and Sr. Olegario.

ESTIMATES OF AGRICULTUREThe Président of the Council explained then and

April lst the estimates of his ministry and thecauses of the apparent increase, one really nominaland due to desire to avoid supplementary creditsand to the abolition of the faculty of makingtransfere, thereby rendering it necessary to estimatethe different items strictly. He looked to the PauloAffouso railway as the future of the S. Franciscovalley, as no product ofthe valley could bear thecost of nearly 400 miles of railway. He believedthat the true interest ofthe provinces lay in shortrailways from various ports and not in long linesdirected far into the uncultivated interior. Asregardedimmigration, he thought European shouldbe directed to upland prairies where ploughs couldwork, while native colonists preferred the wood-lands, to which they were accustoined. The questionof Brazilian coffee lay in obtaining labor, as other-wise coffee could not compete favorably with othercountries better off as regarded cheap labor. As tosugar, he cousidered central sugar factories wouldafford the solutiou required.

COMPANIES BILL

On the lst of April the Minister of Justice'*substitutory clause to the 2d article was approved.ESTIMATES OF AGRICULTURE FOR 1879-80

Ou the 2d the 7th article, as amended in committee,was voted with two amendments, one increasingthe Bahiana Navigation Company'* subsidy to120:0000000.

CONPANIES BILL

On the 3d the bill was advauced to the 7th article.ESTIMATES OF FINANCE

The debate continued, in whose course the Minis-ter of Finance defended the Bank of Brazil fromcharges made against it.

THE SENATENATIONAL GUABD AND BAHIA AFFAIRS

! March 26th Sr. Junqueira criticised the procedureofthe government in regard to the organization ofthe nationalgunrd ani iu relation to the disturban*ceaatChiqde-Chique and Macahubas, in Bahia, andasked for papers on the latter.

SENATORIAL ELECTIONSThe addition to art. 16 of the Senate Regulation

passed with the amendment of Sr. Nunes Gonçalves,and on the 31st was finally adopted.

COUNCIL OF STATE REPORTSOn the 27th Sr. Silveira da Motta brought in a

bill to order the publication of ali reports not con-taining State secrets. In his speeeh he explained thecause ofthe falling through ofthe lease of his islandfor a depot of the British South American squadronand took the opportunity to retort in kind to someallusions of the ex-minister of Finance.

PARA AFFAIRSOn the 29th Sr. Leitão da Cunha and some other

senators discussed the causes of the disagreementbetween the civil and the ecclesiastical authoritiesin the valley ofthe Amazon, the first arguing thatthe causes were not political, the others taking theopposite view.

On the 31st the same senator made requisitions forinformation ia regard to the Bragança light, and tothe amount expended in Pará in relief of Cearáimigrants.

bAhia affAibsApril 2 Sr. Fernandes da Cunha also spoke on Ba-

hia local squabbles and asked for papers.GAS LIGHTING OF RIO

Sr. Junqueira asked for information thereon.The Président of the Council said negotiations for

a renewal of the contract were in progress but notyet concluded. When so the contract would comebefore the Senate for appro vai or rejection.

THE ANGLO-BRAZILIAN TIMESA great curse of Brazil is the unscrupulous

virulence of partizan spirit, which stops short atnoexpedient or calumny to overthrowa politicalopponent.

In 1877 we had a striking exaraple of this-aneminent conservative minister, then virtually thepremier, pilloried by partizan spite and tactics as acontrabandist; in, 1879 we see the venerable chiefof the liberal party.made the retaliatory victitn ofsimilar partizan tactics- and of private revenge.And meantime how many other public charactershave undergone defamation in public and private,to " deinorálize " a political opponent!

When, it may be asked, is this unscrupulousand double-edged system of Brazilian parties tocease? When will this suicidai course be abandonedby which Brazilian parties are destroying ali faithat home in public men and are spreading abroadbelief in a profound corruption of Brazilian so-ciety ?

upright and unswerving character, which, if it kepthim poor while concemporaries of suppler tempera-ment and less ngi l intégrity advaaced in wealth,permitted him to leave to his family a name lie hadrendered synonymous with honourand to beprized.Therefore, it was that numorousfriends attended hisfuneral in respect co Uis munory and that ali thenative press of Rio, without exception, have ren-dereda warm and sorrowfnl testimony to his meritsas a citizen and a friend. Li Imperial recognition ofthese merits Captain César Ramos was decoratedwith the Order of the A viz at time when the rarityof its bestowal had not yet diminished the valueofthe honor.

Dr. Caetano Furquim de Almeida died upon the21st of March, at Caxambú, Minas Geraes, whitherhe had gone to séek remady in its mine.-al watersfor the ailtnents that were dragging him to thegrave. Dr. Furquim de Almeida was long one ofthe leading native merchants of Rio and was Vice-Président of the Commercial Association, besidesholding decorations of the Orders of Christ and theRose for services to the State.

lliver Plate ItemsThe Argentine government has delivered over to

Paraguay Villa Ocidental and its district, in accor-dance with the award of the Président of the UnitedStates adjudging to Paraguay that disputed part ofthe Chaco, for whose Paraguayan ownership Braz-iliau diplomacy, bicked by Brazilian warlike pre-parations, strtiggled so long and resolutely agi instthe Argentine resolve to hold it. Having, however,consented to arbitration, the Argentine governmenthas carried out the award loyally and even gener-ously, having waiyed the Argentine right to becompensated for the public buildings erected duringthe Argentine possession.

In this month the two strong expeditions fittingout are to start to complete the expulsion of theindians from the newly annexed territory north ofthe Nanqnem and Rio Negro.

Dr. Benjamin Figueroa has been appointed Ar-gentine envoy to Bolívia.

The Buenos Aires provincial elections of half ofthe Chambers went off quietly April lst, resultingin triumph of tlie conciliationists, that is of theunited Mitristas and autonomista, and of GovernorTejedor.

The United States MailAs the third reading of the United States mail

subsidy bill has yet to be made there is still timefor the Seuate to reconsider its course aud save thecountry from the discredit which must ensue to itby the repudiation of a solemn government contractin faith of which John Roach & C. were induced toexpend a large sum in the construetion and runningof the three magnificent steamers specially built tocarry out that contract. Whatever the Senators andDeputies may think who voted theMaranham call,it is not a question of merely exacting an additionalservice from a too trusting contractor, but one of thecontracted service being carried out any longer, forthe size of the vessels required by the governmeutcontract render it impossible to call at Maranhamand the service will stop from sheer impossibility tocarry it on upon the new and utterly unfair condi-tion now sought to be imposed by legislative assassins of the crédit of the country, among whom,strange te say, are to be found the liberal senatorsOctaviano, Abaeté, Dias Carvalho and Nunes Car-valho!

ObituaryCaptain Antônio Cesab Ramos died on the 26th

oí March at theadvancedage of 81 years. Connectedwith the Rio press for a long course of years in aresponsible though unpreteutious position, he was

I generally known and as generally esteemed for his

Summiry of IVewsThe case ofthe B.tuco Nacional fail ure carne uplast Tuesday for decision and, though this decision

is not yet published, it is known that the Relação,by a vote of two to one, has decided on altering to"culpable" the qu üification of "casual" given tothe failure of the B mk.

As Conselheiro áinimbú, tlie Président of theCouncil, was chai-man of the Bank for a time,having entered tlííi directory eight months beforeits suspeusiou during the Bank crisis of 1875, andthe decision ofthe Relação isone thatinvolves aliadministrators in respcmsibility to the law, the pre-mier cousidered it his duty to renew the petitionhe had made at tlie outset of this case to be relievedof offlce, but His Imperial Majesty has refused topermit of his resignation.

It has, in fact, ali along been known that theexcessive rigor displlyed in the case of this bankone of three that suspeuded at the same time, j wassolely due lo the fact of the Presidout of the Councilhaving taken part in its administration and thusoffordtng a target for partizan warfare and privatemalicem its judies. The greatest sympathy is feltfor the venerable Président ofthe Council. and thispersecutionof him under tiie mask of the law iswarmly detiouueed by ali respectable conservative*.

The Committe on Rstimaves reported on Ways andMeans. By the reduetions proposed and beingadopted the whole expenditure of 1879-80 will bereduced to about 132,000,000$, including 15,000 ofextraordinary expenditure for railways etc. Theexisting taxes and sources of revenue are calculatedto produce 104,601:000$ and the new taxation11,.300:000$ to 12,000,000$, thus raising the revenueof 1879-80 to about 116,000,000$, leaving only 16to 17 millions to be met by borrowing.

Itio de Janeiro, April 5, 1879

Among1 the proposed new taxation is aa incometax, whic, however, is not to fali upon the interestof the Public Debt, and the tax on dividends ofcompanies is to be raised to 5 •/'<>. The duty on ma-nufactured tobacco is to be doubled. A sumraary ofthe new taxing measures will be found on page of.

The Minister of Finance has opened an nccouut-current with the Bank of Brazil and has arrangedwith this bank to furnish exchange to the gov-ernment. He also proposes to transfer to it the ser-vice of the Internai Debt and to abolish the Caixada Amortisaçao.

Heavy and general rains iu the northeast pro-vinces seem to indicate that the drought has effec-tually passed and great ani ma tion provails in them.

A telegram announces that Peru had joiued Boli-via «gaiust Chile and that the allies had declareiwar. x'XXj

Notiee to subseribersWe prono3e to issue a supplementary sheet on the

8th. for the packet Ntta.

Items— The Rio Instituto of Advocates have come to

the decision, in the case of the Banco Nacional, thatany proceedings against directors must be institutedby the shareholders. at to them alone are directorsresponsible in such cases.

South Pacific item*Telegrams from Valparaiso dated 22d March state

that. a few days before, the Chiliau forces had oceu-pied Cobija, Tocopilla and Calaina. thus, with An-tofogasta, Mexillones and Caracoles, practically! jtltchenuséannexing tüe whole of the Boli vim. const. Calatnais said to be have considerable importance as a stra-tegical point.

The Chilian government alleged that it was forcedto these further acts of aggression by the decreeissued March Ist by the President of Bolívia, order-ing ali Chilians to leave Bolívia within 10 days.with only papers and wearing apparel, and embar-going ali Chilian property, threatening, besides, toentirely confiscate it .in case of further hostilo actsby Chile. Previously the Bolivian government hadcancelled ali concessions to Chilians and taken pos-session of the works carried on under those conces-8Íons at Corocora and Chinchin. In retali-uion theChilian government is said to have decided on con-flseating ali Bolivian property in Chile.

Telegrams from Bolívia to March 17th state thatthe President had called upon the Boliviana to arm,to drive the Chilians from Bolivian territory, andthat the civic guards were already marching to therallying point. The Minister ofthe Interior had

fone to Lima, with the object of inducing the

eruvian government to declare openly for Bolívia,which the press and people urged the governmentto do.

Balmaceda was commissioned as Chilian envoy tothe Argentino Republic and Brazil, with instruc-tions, U was said, to obtain some war vessels in thelatter and to remonstrate against the remittals ofarms and ammunition from the Argentine territoryto Bolívia.

Lavalle's mission to Chile to offer Peruvian me-diation had failed, the Chilian government requiringthat Bolívia should first replace the Chilians in alitheir rights. A Chilian mou. moreover, had brokenthe windows of the Peruvian legation and consulate.Tho' the Chilian government gave iinmediate satis-factiou to Lavalle, this envoy was said to be greatlyexasperated aud to have decided on leaving on the23d or 24th foi Peru.

The Peruvian fleet is composed of three turretironclads Atahualpa, Manescapac and Callao, carryingeach three heavy riiies, the ironclad frigate Inde-pendência, 16 heavy cannon, turret ironclad lluascar,4 heavv cannon, irouclad Apumirac 36 guns, sloopVnmn Í6 guns, three gunboats, with 4 guns each,4 transports, and 2 ironclads on foreign serviee.Total 16 vessels.

The Chilians had sent up from the south, to joi;:the ironclads Almirante Cochrane and Btanco Entaladaand corvette O' Higgins, the ironclads Chncabuco,Esmeralda and Magalhanes.

The government had also asked leave of Congressto raise the army to 20,000 men and to issue a warloan of five millions pesos.

The forts at Valparaiso, Coquemboand Talcahuanowere being placed on a war footing.

Telegrams from Buenos Aires, dated April 2, sayPeru had joined Bolívia aud both had declared war«gM2_l£_i_l_i_^_^_^_^_^_^_^-_^_^_^_-_^_^_^

little disposition to draw freely, whilst private billsare in demand at 20 5/8 to 20 li/16.

On Paris the closing rates are 465 to 467 reisBank.

MONEY, STOCKS AND SHARES

Discounts.—Our Discount Market very weak at3 °/o per ann. for short dates

4to5*/0 » » 2 to 3 months6to7«/. »• » 4 to 8 »

Stocks and Shares are more active, at generallyupward prices.

6 •/„ Apólices Geraes (Currency) ruled at 1,050$to 1,0600000.

6 •/• Provincial (Rio de Janeiro) were purchasedat 1,025$ and higher prices are now demanded.

6 •/. Gold Bonds.—We quote 1,190$ to 1,200$ exdividend paid Ist April 1879.

Shares.—Bank of Brazil shares are heavy at 267$to265$000.

Rurais: 246$ and in fair demand.English Bank 110$000.Banco do Commercio 79$ to 80$. A call of 20$ has

been made, payable ou the 8th and Oth April.Other shares unaltered since our last report of

22d March.Gold ruled at ll$650 to U$710 per sovereign.

. Coffee in the United States advanced to 13 3/4cents and in Europe to 54/s for good iloating cargoes.

Bank of England rate 21/2 •/..Ale and Porter.—Bass Ale, bottled by lhlers &

Bell, is worth 8$200 to 8$400 and Guinness'* Porter6$800 to 7$003.

American Ale has hitherto not obtained payingprices here, thotigh liked by those who have triedit, as retailers are uuwillingto ventureon unknownbrnnds. The small sales made have been at 6$500to7$perdozen.

Buttek.—Demaguy kegs are dull at 1$300 per lb,and tins at 2$400 to 20600 per kilogram.

Some small lots of American have appeared on themarket, but have had to be sold at lower rates thanthe Europeun article and cannot be quotedat morethan 640 to 760 reis per lb, being bought chiefly for

March 14 A. D. Itonner 89.797 „ „ 90 ,„ 29 Shetiand 80,301 „ „ 91 ,'.„ „ John Sherwood. .... 171,927 ,, „ 100 „

divided amougst the following iinporters:A. C. Nathan & Co 565,602 feet.W. H. Forbes 91,252 »Phipps Bros & Co 89,797 »G. N. Rodrigues & Co 80,201 »A. Moss&Co 55,253 »

Rice.—índia is worth 10$600 to 11$ per sack.Rosm.-Arrivals250 barreis. Price 8$ to 9$000.Salt.—We quote 1$ to 1$050 per 40 litres.TEA.-Hyson 30500 to 4$500, Black 2$500 to 3$800

per kilo.Coffee.— Demand has continued active, and

112,219 bags have changed hands since our lastissue of22d ulto.

Prices, in concert with the general enquiry thatprevailed, advauced 100 to 200 reis per arroba, inthe various qualities.

Within the last few days, however, a slight mo-dification has been observable in the better qualitieswhilist médium and lower grades have fully sus-tained their value as noted in accompauying quota-tions, at which figures we report a steady market.

Receipts since our last have averaged 8,700 bags

{lerdiem, and wc compute existing* Stock in ali

íands at about 60,000 bags.March 22 to April 3, inclusive.

Sales 112,219 bags, viz:Northof Europe jMediterranean i •••«••Cape of Good Hope......United StatesVarious ports. , . , . . . ,Quotations: arroba

Washed ..... nominalFine superior. . . . 9$000toIst good 80400 toIst ordinarv .... 70400 toRegular. . . . . . 6$400to2dgood 50300 to2d ordinary . . . , 4$300 to

STEAMBRS '.

Antwerp 50/London 50/Liverpool 50/Hamburg 40/Havre , fs. 50Bordeaux. , . . , . . » 70Marseilles. . . . . . . » 70New York. 50 cents

49,0313,872

56,2823,031

kilogram :

90400-612 to 64080500-571 to 57870600—503 to 5176$800-435 to 46350000-360 to 38141600-285 to 313

Freiohts.— The non-existence of small süitiableCandles.—Composition are worth 380 to 400 reis vessels for Europe is still sensibly felt; still as the

per packet. demand has fallen off freight must be looked uponCement.—Hamburg 6$500 to 6$800, English 7$200 as flatter.

to 7$500.Coals.- Arrivals 3,400 tons Cardiff and Swansea

for account.We quote:

Cardiff. . . 19$000Newcastle. . 19$000Smithy. . . 18$000 to 19$900Other kinds . 14$000 » )8$000

Flour.— The arrivals during the month havingbeen more than twice as large as last month, ourmarket has again become very quiet.

Prices, however, are not lower, those of St. Louisshowing even someadvance, thequalityofthe samegiving much satisfaction.

The total arrieal* since 8th ult. have been 24,880barreis, ali American.

The Sales amount to 19,880 barreis, or 19,380 bar-reis American and 500 Trieste.

Stock in first hands consists of 51,000 barreis,or 7,000 Gallego. 5,600 Haxall, 2500 Dunlop, 1,200Mc Cance, 30,000 Baltimore and 4,800 Western.

We quote Richmond 18$000-2l$000, Baltimore160000-180000, St. Louis 19$000 to 20$000.

Keròsene.— Stocks are large and the market isdull. We quote Devoe's 7$800 and other brands 7$to 7$500.

Lard.- Arrivals 3,500 Kegs, 500 of them of MacFarlane's brand. which has been liked and brings345 to 350 reis per lb. Jenkins is worth 345 to 350reis and George's 350 to 360 reis.

Lumber. — During the Ist quarter ot 1879 themarket for Pitch Pine opened firm, with a good de-inand, and the first cargo which arrived, January7th, was sold at 44$. The two following had pre-viously been sold to arrive at 41$ and 42$, and onlith February another sale was effected at 43$.After that date there arrived advices of heavy ship-ment* from the United States and prices have sincebeen constantly falling, sales being made at 41$,39$, 37$500 and 37$, at which last quotatiou themarket closes Hat.

The arrivals have been 2,596,217 feet, viz:428.257 fl. sold at 44J00O

sailino vessels:Channel f.o...... 37/6 to 42/6Lisbon f. 42/6 to 50/Gibraltarf.o 42/6 to 50/United States, North . 20/ to 25/

» » South . . 20/ to 25/Salllnjt «f-rtvnl»

MARCH 22•Cimpanero», Walker, llour aud lard, Phipps

Aiichcson, coal, Norton Megaw

220,155205,440 „224,497 .,:W3.I74 „

i 280,2:»3 ..24 ,243 „.1S1.G0O „209.552 ,. sold

•i

»»

on order.

4I#00042J-J0O434000414000.194 KIO:»|500

374000

COMMERCIALMarch 24 to April 4

Exchange opened on March 24th at 20 7/8 Bankand 21 1/16 and 21 1/8 private paper. These ratessuffered no alteration until the 28th. when the Banksretired aud commercial bills were negotiatedat20 7/8.

On the 31st the banks adopted 20 5/8 and on thefollowing day 201/2, at which rate they have shown

Jau. 27 New Itopubiic.„ ., Trèláwny .... 220,155 „ „ to arrive,, {* M MeKcc . .

Feb. II Mary Frost. .„ 23 Valero ....

Marcli 14 K. M. Gregory,, ., Tarpeian. . .„ 29 Hello ....

„ Jessica. . . .divided among the following importers:Wencesláo Guimarães & Co . . . . 939,047 feetA. C. Nathan & Co 759,969 »Chaves Fonseca & Co 381,600 »Wright & Co 295,446 »Hamann&Co 220,155 »

For American While Pine the market opened flatand overstipplied by previous heavy steamer ship-ments and sales were effected in January and Fe-bruary at 90 and 85 reis per foot. By the end of Fe-bruary the stocks had again become light and onthe 20th of that month a sale was effected at 97 reis,the market closing, at the end of March, firm at100 reis.

The arrivals have been 882,105 feet, viz:Jan.Feb.

i»

4 Estrella} 130,362 feet sold at 90 reis.22 Albt-marle 01.252 .. 85 „

(lleiiMiünox 103.09? ., 90 „W. W.Thomasi 159,610 „ 90

20 A. tteaton ... 6 ... . 55,253 „ 97

Baltimore—Am. Bk.Bros.

Newcastle—Br. Sch. «BlackpooU,A Co.

Montevidéo—Port Sch. «Timbre», domes. beeí. A. Wagner.I*ut back—S\v. Bk. ¦ Júpiter», ItciUtvrg, foríabasco, .Sécktiess.

23Richmond—Cer. Bk. «Anna von Klein*, Husack, llour, 1'hipps üros.Cardilt—Br. Bk. «Vcntis». Daniel, iron, D. I>. II. railway.Iiiverpool—Sor. Bk. «Cuba», Itéiíiértsciii sund., I. ãt I. Peake.Porto—Port. Bk. •Margarida*, Silva Júnior, wiiie ele.

24Marseille-fier. llk. «Wilhelm llaack». Fretwourst, sund., 11. N.

Droyfus.» —Sw. Bk. «Axel», Svensson, sund., K. Sauvven y Co.

CardifT— Br. Sh. «St. Janiüs*. Ilomoiid. coal, Wilson, Soas A: Co.Swansea—Br. Sch.«1'opaz*. Ilorri», tiòãlj Hartwij? Wollumsen & Co.Puysaudú-Sp. Sob. «Uloiias dei'iòCardiff—Rr. Bk. «Mary Fry», York.coal.Jorscv—Br. Scb. «Ileaper», llenouf, coil, P. S. Nicólsoii jf.Go.

20London—Sw. Scb. «Pátria», llojçstronn. rice, Câmara & Gomes.CardifT—Br. ílf. «Golden PloÀer», Field, coal, A. Wagner.Terceira—Br. Bk. «Iniogeuc», Boüu, passenger», B«ynett Wright &

tia Castro.37

Trapani—Sw. Bk. «Amarantli», Vilsson, salt, M. Leone.Boston—Am. Bk. "Sbelluiul''. Ilasliell. sumi.. Wright & Co.Porto—Port. Bk. "Clotidu".lacheco, salt. etc. M. bcoue.Setúbal—Sor. Bk. "S. A. II. Krutidzou, IVterson. salt.Sew York—Am. Scb. "John Sherwood", Mankiu, sund., A. C.

Nathan & Co.29

Brunswick—Br. Sch. «Betle», llarbaty, pine, Chaves 4 Co.Pensacola—Hr. Sch. «Jessica*. Prarce. pine, À. C. Natli.ni & Co.Santos—Nor. Sch. «Kleb», Larseu, bal.

april IMarseille-Ger. Bk. «Fidos*, Oíilíad, sund., II. N. Drcytus.Fanning Island—Fr. Bk. «Océan». Uuchciue, guano for Hamburg.Paysandíi—Iler. Sch. «Clara», lisling, beel', Souzu <St Kociia.Buenos-Ayres—Ger. Sch. Guslaf» Siclsen, bei/, M. Azevedo & Co4

Baltimore—Am. Bk. «Adelaide», Itailey, llour, Phipps Bros .Jersey—Br. Bg. «Canada», Garrai, cod.Buenes-Aires—Sp. Bg. «Salvador», Horta, beef, J. Romagiicro.

Buenos-Aires.—St. Bk. «Verônica Madre,» Moratorio, sund. lorAntwerp.

Sftllftnt»MARCH 22

Havre—Fr. Bk. «Franciscopolis», Biouet, sund.Lisbon f. o.-Br. Sch. «Mary Frost», Hnsband, coffee.Bahia—Br. Bk. «Santib», MausUeld.siiud.

**JSombrero—Br. Bg. «Antogonist», Winter, bai.(In. States -Am. Bk. «W. w. Tliotnas». Drisco, sund.Aracatvf. o.—Itu. Bk. «tniou», llamstron, sund.

25Baltimore—Am. Bk. «Amazon*, Myrick,coffee.Sandj Hook.—Br. Sb. «Robert L. Laue», Vouoc, bal-

6 Rio de Janeiro, April 5, 187926

Ceará—Am. Scb. «Bogotá», Johnson, sand.27

Barbadoes—Am. Sch. «Rocky Glen»,Hig&ins,bal.Tarasco—Sw. Bk. «Júpiter», Hedberg.bal.

28Pensaeola—Br. Bk. «Lúcio Marie». Olivier, bal.Gaspe—Br. Bg. «Cornucopia», Renouf, bal.

29HamptonRoads—Am. Bk. «Niphon», Royer, bal.íensacola—Fr. Bk. «Rive Neuve», Pierre, bal.Lisbon—Dan. Sch. «C. C. Hornung», Andersen. coffee.Rio Grande do Sul—Port. Sch. «Mario», Carvalho, sund.

30St. Thomas—Nov. Sch. «Pacific», Grunssen, bal.

31North Ports—Fr. Bk. «Alexandre», Sion,bal.

april 1Baltimore—Am. Sch. «A. Heaton», Roger. coffee.Sait Island—Port. Sh. «NovaGoa», Oliveira.bal.

2Gibraltar-Br. Bg. «Criccieth Castle», Morris, coffee.West Indies-Br. Scb. «Agnes Wilson", Dayke, bal.Rio Grande—Port. Sch. "Novo S. Lourenço, coal.

Arichat—Br. Scb. Reaper, Renaud, bal.St. Thomas-Br. Bg. «Valero,• Smit, bal.

The Banco Nacional

On the lst of April the judgment ofthe BancoNacional bankruptcy cama up for decision, it havingbeen decided not to apply the decree of Novemberlast to this case, which was pending at that time. Theacting président, conselheiro Castro Menezes, presided.Desembargador Brito refused to act, upon the groundthat, owing to the active part be had taken in thediscussions, his vote would bo considered a biassedone, no matter what it was. Desembargador Carneirode Campos was then drawn and the Relator, Sr.Tristáo de Alencar Araripe, read his report.

As bases for the qualification of the bankruptcy,the report said that the bank oWnèd at its suspension1,061:4409 in public funds and held 10,153:000$in shares and public funds hypothecated to it, and atits bankruptcy owned 1,260:360$ of various sharesand held about 3.000:000$ more in hypothec ; thatali these large stockjobbing transactions were effectedwith a paid up capital Of only 2,996:100$ ; that someof the above shares were at a discountof over 50 •/;•that duriog liquidation under the moratória the pub-lie, funds were sold at a loss of over 36:000$ andthat lhe loss on sii debtors accounts cautioned withshares was 1,308:963$, so that nearly half ofthecapital was absorbed in those losses, besides the de-preciation of the shares taken over by the bank.That, thus, the failure, as well as the suspension, wasdue to dealing with shares. That the liabilities of th*

bank were 31,000:000$, or more than doublo thecapital. That during the liquidation the bank receiv-ed its own debts, then at a discount, in payment ofdebts to it, thereby injuring the interests ofthe realcreditors. That in the books and balance» the de-preciated shares were put down at their nominal value,and that thereby and by the system followed of writing7,003:900$ of unpaid-up capital as «capital to realise», the assets were swollen to over 18,000:000$, ormore than double the real assets, leading the depo-siting public into error.

That, relativo to the responsibility, thé bank wentinto operation on the 15th of February 1872 with adirectory composed of Visconde de Prados, Themisto-cies Petrocochino and Manoel Teixeira do Valle; thatBaron de Prados left the directory and that Sr. Si-nimbúentered it October 13, 1874; that Sr. Valle wasreplaced February 18th 1876 by João Teixeira deAbreu, and Sr. Petrocochino March lOth 1877 byAgostinho Maria Corrêa do Sá, who, however, didnot act and resigned March lOth, 1877, Sr. Petroco-chino being thereon called and acting in his place.On the 5th of January 1878 Sr. Sinimbú resigned,having accepted oflice. Ofthe directors the only onefiguringin the list òf debtors given iu the report isSr. Petrocochino.

declare the par ofexehange applicable to the nwiieythe Cnrangola Riilwiy Company wishes to raise inEngland, liiilòss; as tlie State is miroly the warrantorof the provincial gmrantee, the province of Rio deJaneiro expressly a^unes tlie responsibility of parpayments ofthe capita! Obtained abroad.

Items

Hail Item*

At the middle of March the supplying of foodto the laborers on the Baturite railway prolonga tion,in Ceará, required 400 horses and mules. (

The February gross receipts ofthe Recife and lhe Pope and isin grave straits, he being indebted,

Decree 2,827 puts into execution the law passedthis session on Locatio.i of Services, reguhting con-tracts of hire for service on farms and undertakings•onnected with agriculture. The engagemems may befor 6 years in the case of natives and 5 years Ín thecaso of fureigners, bat if no term is expressed it willbe considered to be for three farming years. However,a renewal will be presumed nnless one or other partygive notice a month before termination. Though animprovement on the law of 1834 it is likely to affordplenty of opportunities to enterprising consuls andenergetic diplomalic agents to surround themselveswith a patriotic halo as protectors of their couutrymen.

Dr. Emmanuel Liais, the Astronomer-lmperial,has calculated, from the observations of the passageof Mercury on the «th of May 1878, that the diam-éter of the sun is 109 1/2 times that of the earth andits volume 1.316,000 times that of lhe earth;and tbat the diameter of Mercury is 0.34 that of theearth and its volume 0.04 tbat of the earth.

In the United States the Roman catholic Arch-ishop Purchell ofCincinnali has been suspended by

S. Francisco railway were 99,561$, the workingexpenses 57:320$, leaving 42:241$ towards tbeguaranteed interest.

—The inauguration of work on the Limoeiro,Pernambuco railway took place March 25th.

In S. Pauto the provincial assembly passed o»erthe presidenfs veto, the act conceding to the PaulistaCompany to make a branch. from Porto Ferreirato Belém do Descalvado.

The gross receipts oftheS. Paulo and Rio delaneiro railway in the second half of 1878 were549:212$, the expenses 278:82 $ and the netreceipts 270:384$. 98,622 passengers were trans-ported.

The province of Minas Geraes is claiming fromthe Leopoldina railway the sum of 1,235:1831 asrepaymcnt of provincial outlays for the railway.

Tbe Ministry of Agriculture has declined to

ijuntgo no caiwxxraaacxa77 HTJ A. FRX££BXXlO DE A&AJEIÇO 77

Balance oí March, 1870ASSETS

Shares of lst series unissued 2.229:600$000Shares of 2d series to issue 6.000:000$000Shareholders, calls to realize 4,882:400$000

discounted 2.327:8979444Bills cautionedBills receivableImprovements of premisesAccounts-currentCommercial securíties in guaranteeInstallation expenses and Statio-nery

FurnitureSundry accountsSecuríties in liquidationLeopoldina railway debentures....Bdhds of tbe Public debtBonds of the Public Debt caution-

ed to the Comptoir d'Escompte,in accordance with art. 2 § 14of the Statutes

562:969$280359:857$03021:660$000416:139$790

2.381;178$381

10:52l$0004:000$000

421:647$02745:503$16658;080$000119:483$000

207:328$! 40fosh 214:809$342

17.263:073$600

LIABILITIES

Capital, nominal value of 60,000shares 12.000:000$000

Reserve Fund 223:284$000Special Reserve 43:197$I13

Deposits :By bills and ac-

counts-currentwith time

By accounts-cur-rentofmovement

By accounts-cur-rent without in-terest

947:737$880

956:864$2I0

15:500$0001.920:102$990

Drafts to pay 302:325$953Caution» 2.381:178$38lDividends: Bal. of lst to 7th 5:767$500Sundries : balances 297:313$333Proíit and Loss 89:905^220

17.263:073$600

£. or 0. E. Rio de Janeiro, April 3, 1879.Manoel José Soares,

Vice-President of tbe BankCariou Torgo,Aecountant.

to the large amount of four millions of dollars. topersons who intrusted their savings to him for safekeeping. lt does not appear that the archhishop hadappropriated any of lhe money, but his inexperieneeled him to tnvest it badly. An attempt was made torun a lottery bill through the Ohi-> legislature. toenable the déficit to he made up, but it Was immedia-tely opposcd as forbidden by the constitutiou.

-The Universal Postal Tr*aty went itito operationhere on th* lst of April. Fjreign letters if prépaidare reducid lo 200 reis per 15 grammes, or half ounce,and newspapers to 50 reis per 50 granamos, paid inadvance.

Tho 25th of March, boing the anniversary ofthe Swearing to lh» Constitution was, as usual, ageneral holiday, with a Itvee at the Palace andsalutes.

The Quissarnan central sugar factory compnnyhas obtained leav« to issue debentures for the1,000:000$ ofguaiv.nteed additional capital.

The Supremo Tribunal of Justice judged groun-dless, March 22d. the denunciation of Baron deHomem de Mello f »r acts during his presidency ofBahia.

A negotiation for .in important land bank underthe guarantee law of 1875 is said to be on the pointof completion between the government and a numberof capitalists.

On the 15th and !6ihof April there isto be aburningof 9,137:000$ of cancelled notes.

On the 30th March a decree was signed annullingthe custom house contract with the D. Pedro IIDocks Company, The warehouses of tlie docks, how-ever, are to serve as deposits for heavy articles andfabries and for free goods in general, whenover therejs no room in the custom house; and coffee ami otherproduce are to be shipped at lhe dock wharves,without pn judice of government wharves. The Tra-piche da Ordem contract U also passed over to thocompany. The annulment w<s by mutual consent.

A Rio cooperativo society has been autborizedby decree 7,155. It is denominated the EmpórioCommercial. Tbe capitai is in 5 series of 200:000$and the founder exacts 10 -j. of ali paid up capital,in paid up shares, the post of foreign purchase for10 years and the right to appoint at 12:000$ a yearthe resident manager for the same time.

Rio de Janeiro, April 5, 1879

-Th. MinUter of Finance h.s .ulhorW thel Mr. Ro.y h»,l .rrueí aml w.» going notth to begin

7

increase of the Rio custom house ••despachantes" to

one hundred.— A commission has been appointed, ou petition

of Conselheiro C«|ianema, to eiamine the raodus oper-

his studies for danos etc.At the city of Pacatubas the small pox epidemic

carried off over 4,000 persons.— At Macáo, Rio Grande do Norte, the Italian

ofüonseineirouaponemo,iu«jMii»iiicu»u.Mv«— «r*. .

,„di of the FormiciJ. ...d *«w up eíí.r instructions b„k D.n» •» wreoked .n th. port.anui oi mo «*u __ ln neaHy a|l the province of parahyba rain had

fallen.for its use.The protest of Sr. João Raymundo Duarte

against the patent granted by the Minislry of Agri-culture to the Jablochkoff electric light has beenforwarded to the Chamber of Deputies for consider-ation when the decree comes up for approval.

Dr. Charles F. Hargreaves is seeking a patentfor wiregauze resting on discs of gum-elastic andforming elastic cylinders for coffee hulling and pol-ishing.

Francisco de Paula Rocha has in an application

for an air motor.The King of Holland has conferred a medal and

diploma of honor on the slave Izidro who, October

3lst 1878, saved a Dutch seaman from drowning inthe port of Rio Grande do Sul.

Edison has gone to England with a new tele-

phone receiver, dispensing with the magnet. From a

slight account in the « New York Herald » it seems

to consist of a large mica diaphragm to whose centre

an iron bar is fastened perpendicularly. Bya handle

a cylinder of cbalk, rubbing against the rod, is revolv-ed in the proper direction to draw the diaphragminto a state of tension, which relaxes, allowing thediaphragm to vibrate, whenever a receiving current

passes through the rod to the chalk, which is madea conductor by a suilable impregn-dion. As in thisinstrument the diaphragm can be mucb largcr than in

the ordinary telepbone it is claimed lhat the weakwssand defects of the ordinary one are completelyobviated.

Decree 7,133 approves of some changes in thesUtutes of the Villa Izabel Tramway Company.

Guilherme Kopp aud others have obtained sixmontbs longer to effeet explorations for coal in themunicipalüies of Porto Alegre and S. Leopoldo, RioGrande do Sul.

Prince D. Luiz has protested to the Chamber ofDeputies against the cessation of the pension formerly

paid to him.

Provincial

_ In Pernambuco 15,000 coffee plants have beenraised at the Santa Izabel colony from Liberian seedand are reported doing well.

— At Maceió. Alagoas, a small native vessel arri-ved last month after having been 86 days out fromllio and with food and water nearly exhausted.

Increase of custom house storage to froin 1/2 7,to2°/„a monlh.

Rio custom house dock due on native craít oí

600 reis per metro of quay occupied on working

days, 300 reis on other days* and of 100 reis and

50 reis respoctively if not alongside lho quay.Wharf rate of 40 reis per package of not over

50 kilograms, with 20 reis for each unil or fraclion

of 10 kilograms over. Baggage exempt.Anchorage due of 300 reis per metrical ton on

native or foreign vessels enlering from abroad.Abulition of Lighlhouse tax.Abulition of the Hospital and lhe Municipal

-At.roeeting.tCampin.».S.P.ulo.77 8.P«uloChi>tnbw taxes, seamen to be no longer treatcd

planters declared their adhesion to the resolulions ofFebruary t6th, and to soliciting from the governmentand legislature measures for the protection of plan-ting.

— According to a correspondem of the Cruzeiro,a ttussion wdow had died at Paranaguá of yellowfever and eight other Russions were sick of the samedisease iu the latter part ofMarch. The captain ofthe ttella Mudge was also down and a seaman of theSpanish brigantine Panchita Rot had died.

Kstimates ot 1879-80

On the 30th March the Commiltee on Eslimatesreported on Ways and Means, to the followingelTect:

The commitlee reductions, already passed thesecond reading in the Deputies, for the budgeteslimates of the Ordinary Expenditure summed3,568:000». In the Extraordinary Expenditure thecommitlee proposed cuts of 8,900:0009. Withthese reductions the Eslimates of 1879—80 wouldbe:

Ordinary . .Extraordinary.

117,551:593»14,983:000»

132,534:593»

The Manáos priest who caused the arrest of the

protestant and Israelite for not kneeling when theHost was passing, wrote insolent letters to the Pres-ident of Manáos, who had remonstrated with him. TheBishop of Para* sharply reprimanded the priest, bothfor his langaige towards the président and for his un*authorised course in regard to tbe two dissentingforeigners, whose taking off their hats the Bishopconsidera was an ample courtesy.

The nut crops of the Curuá and Trombetas are re-

ported very scanty, but the cacáo crops are said to bemagnificent.

The debt of Amazonas was only a funded one of55:600| at the end of February and the provincialtreasury had then 153:000» in coffer after payment ofali accounts due.

Both in Maranbam and Piauhy rains had occur-red.

A letter, dated March 15tb, from the présidentof Ceará to the premier, says that in the valley of theCariry it had rained abundantly from February 13th,and that from the 23d to date of letter heavy rainsbad fallen generally with little stoppage; that thechief watercourses, the Jaguaribe and tbe Acarahú,were running their whole lengtb and many of thelakes and dams were full. Tbis had animated the

people in planling. He had sent seed in ali directionsand was sending back the migrants. The sanitarycondition of lhe province had also greatly improved, j

Totalsay 132,600:000»000.

To meet the above expenditure the budget esti-mate of lhe revenue was 101,000:000», but thecommittes believed that the ostimate should be in-creased 3,600:000», namely: 500:000», morefrom the D. Pedro II railway, 700:000» from thesale oí old copper coin, 600:000» from lhe sale ofState propertios, aud 1,800:000» front Deposits. The government

gratuilously in tho Santa Casa hospitais.Doubling of the duly on impòrled manufactured

tobacco.Doubling of certain slamp duties, imposilion of

stamp ou diplomas oí voters and electors.Water rate oí 2 9|„ on rent value of Rio pre-

mises.Abulition of excmption of unlet housesfrom

house tax.Tax of 20 °|t on the subsidies of the Senators and

Deputies.Income-tax of 10 °|. on salaries oí public em-

ployees, imperial, provincial and municipal, ro-ceiviug 10:000» a year or upwards; of 5 *|. whennot under 1,000», in the case of imperial employees,or 400» in the case of provincial and municipalones; andof2 *|a when under the lalter sums.

Tax of 5 °|o on ineome* of persons not paying theabovo income-taxes or the trades and professionstax. Excluding thurefrom incomes under 400&000a year and those derived from bonds of the PublicDebt.

Equalization of the tax on slaves and raising itto 20», theexcess to be ordinary revenue.

Increase of tho taxes on lolteries to 30 i\0 lhecapital and 20 ,f on lhe large prizes.

Increase oflhe 11|2 *\9 tax on dividends to 5.j\

Tax upon unbuilt-on lands in Rio and its neigh-borhood, of 10 réis per square metre, if withinformer limils, or of 5 réis íf oulside the limils. Incase of ditticulty a tax of 2» and 1», respeclivcly,lhe running metre may be substituted.

adopt measures lo

Adding lhereto 11,968:800», as the product of

the proposed additional taxation, the actual revenue

would be 116,568:800», say 116,000:000», teav-

ing a déficit, to cover by borrowing, of only

16,000:000» to 17,000:000», of which abuut

15,000:000» would be for the extraordinary ex-

pendilures. namely : 4,300:000» for prolongatiousoflhe Bahia, Pernambuco, Baturilé aud D. Pedro

11 railway, 4,600:000» for lhe Uruguayana, So-

bral aud Paulo Affonso railways, 1,600:000» for

enable the legislature to tax nncullivaled landsalong roads, railways and navigablo ri vers.

Tax of 200» on tobacconists in Rio and of 100»in provincial capitais, in addition to other taxes.

Tlie cominiltee does not con tem plato any increaseof the export duties, believing Ihal they should beabolished as rapidly as possible.

Publications received

guarautees of provincial railways, and 3,500:000»La uenteria na infância, rheumatismo chronico

and small pox had almost disappeared.

for the llio waterworks.

NEW TAXATION

The commitlee calculates that lhe additional taxa-

tion will yield 11,968:800», from:

Custom houses • 1.000:000»

Anchorage % 500:000»

StampsandFees. .... 3,120:000»

Lolteries 600:000»

Ineome taxes and divideuds. . 5,098:800»

House taxes • 950-0009

Slaves. ....... 500:0009

Tobaconists • 200:000»

The addilional taxtng clauses proposed by the

I commitlee are*.

NODOSO NA INFÂNCIA. BY DU. MONCORVO.

Dr. Moncorvo is a specialisl in the diseases oíchildrcn and in the first of the above works hehe treats, wilh his usual ieen insighl, of themanifotd cansei and the cure oí lhat infanlilediarrhea which is lhe terror of parents and lhedespair oflhe physician, and is due, it would seem,in most cases, to an unsuspecled dyspepsia, inwarm climates frequently arising, both in childrenand adults, from excessive perspiralion. In lhelalter work ho reports a remarkable case, troatedsuccessfully by himself, of knobby chronic rheu-matism, iu a little girl, and then goes largely iulo

general considerations of the disease and ils

treatment.

8 Rio de Janeiro, April 5, 1879O NOVO MUNDO FOR MARCH.

The March number, íirrived from New-York bylhe "Cily ofPará," has for illuslratioris: lhe lowerofBelém, in Portugal; the Luray Cave in lhe reeentlydiscovered underground region in Virgínia; a view TTní _¦____ (__«_¦_.«

'_? t> -i a a t •

in the Whito Moa.lii-1 of the Umlèd Slilé-i a Unlted StateS & BraZl1 S- S- Llne

ROACHS

scene from Wagner-s Gollerdammeruug; anEgyplian Daoceress; Skaling; President Grévy; thoWoodm'an's Daughter; and Fashion plates.

Among the articles of nole are th. Chinese Ques-tion, Kinder-garleii; lhe Negro in Polilics; DopulyFalher Feijó's demonslralion of lhe liecèssily of lheuboliliou of prieslly celehacy in Brazil, preseuled toIho Chamber of Deputies in 1828, and many othersof considerable interest, making, wilh the íiveilluslratioris, a very agreeable und proíitablcnumber.

REVISTA INDUSTRIAI.

The March number of Sr. J. C. Rodrigues's in-dustrial periodical in Pórtuguese is a very goodand useful one. Besides cotton gins it contains apriot of a uotable §horthorn heifer and anotherof the Cheviots whose multou is so doar to gas-tronomisls. That of plonghing with elephants willsurely suggest to some sharp "Fagundes" Mor Gal-dino " the idóa of imporling tho sagucious andpowerful ludian pachyderm, in whose case Chorewill be no question of treaties, consular protectiou,repalriatioos or deterioration ofrace to embarrassgovernment and planters, and perhaps they couldbe taught to pick coffee without steuliog it audselling it to the venda-keoper. Ou the whole, weadvise lhe government to imporl elephants and letalone lhe coolies, who are likely to prove elephantsof another color—while one_.

The new and magnificent American packetCITY OF RIO DE JANEIRO

3,500 Tonswill leave for

new yo:r_b:calling at

Bahia, Pernambuco, Pará andS. Thomas,April 5th,at \% M.

For parcels and passage. apply at the Agency£í -Praça das Marinhas â

A. M. LAGE & SON(ESTABUIsnED 182o)

COAL CONIKAiJTOBS AM TOW-HOAT PROPItlETORSítlli DIS EWAOAS

OFFICE liN THE CUV, RIJA PMME.KO DE MARÇO 75RIO ODE JANEIRO

ünH' hf' LlgÔ & Son ^PP^ CoaI uu,ltír «ontracts toand have arrangementa with the following men ofNvar,viz: those oftho United .States navydo. » French »do. » Brazilian »and to the steamships ol the following lines :

Js2l" ¦UT>rl & Holt's UverP^ Uueofsteamer.Messagenes Mantimes Co. .Bniilian Steam Navigation Co.National Steam pucket Co.Espirito Santo & Campos Steamship Co.Bonded Warohouse on the island.

termsf°eS °1,aigeJ quick,y aud oa roa^nable

PASSAGES1ST CLASS:To New York $175 goldw Jíahla 800000 currencv» Pernambuco 1000000 »

2300000 >jFor cargo, to:

"W. O. PEOK3 Praça do Commercio 3

PROGRESSO MEDICO. EDITED BY DR. MARTINS COSTA.

We have received the late numbers of íbisvaluable medicai periodical of Rio, which, as usual,contai.) valuable original papers of a high order.

ADVERTISEMENTS

ENGLISH PERIODICALS AND BOOKS

GEORGE BÜCKERIDGEAgent

FOR ALL ENGLISHPEItlODiCALS, NEWSPAPEIIS AND IWICATI0NS

FOR TERMS APPLY TO THE

LIBRARIAN48 RUA DO OUVIDOR 2nd FLOOR 48

ÜIIS0NS HOTELPROPRIETOR

"W- 3D- OARSON

lfi2 lUV 1)0GATTETE 162

RIO DE JANEIRO

N. B.— Tlie Botanioaí Gardcns Rail Roadcais pass the door every 5 minute...

AtmHll.iaLUN TI HSUIO DE JANEIRO

£)INNEFORD'S MAGNESIA.

T)INNEFORD'S MAGNESIA.Tho grcnt Remedy

For Acidity of the StòmachT)INNEFORD'S MAGNESIA. owimcii.For Heartburn nnd Indigestion.For Sour Eructations, and Bilious Aífections.The Phyaicinn . Cure for Gout,Iiheumatic Gout nnd Gravei

T)INNliFORD'S MAGNESIA.•^ Safest and most Gontle Medicine for Infants,Clnldren, delicate Femálcs, and the Sicknes.of Pregnancy.

Sold by ali Druggists and Storekeepers.SMALL CAPITALISTS wishing to establish a businoss,should see if thoro is an opeiiihgfor a Mineral Water Mantifactory111 their District. Ali infortnatioh

. nnd recipes for tlie purposé of inale-ing Lemonade, Soda Water &cyJ,s ffiven, preyious knowledg»; is

not necessary.The demand for th.se drinks isso muchon the increase, in ali parta of the world, tlmt the outlavlor the inachinery in ali cases loads to a profltable anilsate business. Catalogue fórwarded freeBARNETT SONS and FOSTER, língineers, 23c, Fors-ton Street, London, N.

AGÜA DO YINTEMThe preciotis water of the Chácara do Vin-

tem, whose therapeutic virtues won for it won-derful repute in the Courts of D. João VI andD. Pedro I and rendered it famous, which hasreceived the commendation ofthe learned Juntade Hygiene Publica, and of which tlieir Imporial Majesties have deigned to make use, canbe ordered at Rua da Quitanda No. G7.

VILLA M0REAUEstablished especially for faniilies ; in An-

darahy Pequeno, oppositethe Bond Station.Choice table; handsome, airy rooms; large

and most pleasant bath, with ruhning water ;likewise douches, shower bath, etc, etc.

WILSON, SONS & Co.(LIMITED)

2 Praça das Marinhas, 2HIO DE JANEIRO

Commission Mercliante, Coal Contraclors,PUOPRISTORS OPDRY DOCK AND TOW BOATS,

AGENTS OP THE

INtelfie Ste»m ft„vl_;nttoii CoiitpnnyNEW YORK k RIO DE JANEIRO .STEAM PACKET Co.

ANDTHE COMMERCIAL ÜNION(FIRE) ASSURANCE Co.

COAL-Wijson, Sons jfCo. Limited supply, under coal;lontracls, to Tlie Imperial Government;ller llritannicMaiesty. Government;llie Pacific Steam Navigation Company ;Hoyal Mail Steam Packet Co. ;e Sew York & Kio de Janeiro Steam Packet Co.société Générale de Transportes Máritiiné. it Vapeur ;North German Llovd'» Co.;Cliargeurs Réunis Co.'

líamburg and Soulh American Co., ele.

DOCK.-- The « Dique do Commercio »- .it lhe Island ofMocanguê Pequeno,45 feet wide at entrance and 405 feet Iohí*is cut out of sohd rock, and capable oí admitling vessels ofalniost any size.hvery facility is aflbrded to vessels requirin»repairs. * rnu i í,t r ?^'DED WAREHOÜSES on lhe Islandualu.t lor ships supplicd at moderatc prices.

fflKi.^ SonsS,Co- ***** *•** «">•

SLBSCRIPTIONS:RIO DE JANEIRO

J™ 20#000.Half-year. . n|000Single copies 1|000

PROVINCES AND EUROPE

Year .... 22|000 or L. 2.2.0Half-jear . 12|000 a L. 1.4.0

ADVERTISEMENTS:Per iiich of column 1^000 or 2js

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SU13SCRIPTIONS OU ADVERTISEMENTSWILL Blí RECEIVED BY

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aOCornliill,I_O^TX)Oj>T B. O.;

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Typ.—acaotmica—Rua d'Ajuda u. 47.