MONEY, WKICllTS, AND MEASUKES 443
the circulation by witluimwiiig notes, in 1897, at the rate of 10 per cent. ; in 1898, 15 i)er cent. ; in 1899, 20 per cent. ; so that in the three years the note oircuhition would be reduced by 45 })er cent. In 1897 the Bank of the Re- public was reorganised with a view to the liquidation of its debt of 194,649,000 niilreis to the Treasury. By the transfer of ])roperty and securities the debt had by the end of 1897 been reduced to 94,670,150 milreis, and this balance is to be paid without interest within twenty years. The Baidc further agrees to advance foi- agricultural jmrposes 25,000,000 milreis on hypothecary notes issued by various local lianks. The capital of the new bank is stated'at 110,000,000 milreis.
The par of exchange in the early years of this century was 5s. 7^d. per milreis ; in 1833 it was fixed at 3s. 7irf. ; and in 1846 the present rate, 2s. 2ld. was established The actual value of the paper milreis in 1868 fell as low as l.<f. 2d. ; in 1891 it touched Is. Old. ; in 1893, average I2d. ; in 1894, average lO^d. ; in 1895, 10\d. ; in 1896, between Sd. andlOd. ; in 1897 between 9d. and 7d.', in 1898 it fell as low as 5|d, but on July 31, 1898, it had recovered to 7\d.
Money, Weights, and Measures.
Money, The Milreis of 1,000 Eeis is of the par value of 2s. 2Jft, The 10 milreis piece w^eighs 8 '9648 grammes, '916 fine, and thus contains
8 "2178 grammes of fine gold.
The 2 milreis silver piece weighs 25*5 grammes, '916 fine, and therefore
contains 23 '375 grammes of fine silver.
Profe.ssedly the standard of value is gold. Gold and silver coins have
almost entirely disappeared, the actual circulating medium being inconvertible
paper currency with nickel and bronze coins. English sovereigns are legal
lender.
Weights and Measukes. The French metric system, which became compulsory in 1872, was
adopted in 1862, and has been used since in all official departments. But the
ancient weights and measures are still i>artly employed. They are : —
The Libra , . . — 1 '012 lbs, avoirdupois,
,, Arroba , . . = 32-38 ,, ,,
,, Quintal , , . = 129'54 ,, ,,
,, Alqueire {of Rio) . = 1 imperial bushel.
,, Oitava . . . — 55 '34 grains.
Diplomatic and Consular Representatives
1. Of Brazil in Great Britain.
Envoy and Minister. — J. A. de Souza Correa, appointed 1890,
Hccrctary. — J. do Rego Barros.
2nd Secretary, — Raul de Aniaral.
Cons^cl- General in Liverpool. — J. C. da F. Pereira Pinto,
Consul in London. — E. Leite Chermont.
There are Consular representatives at Belfast, Birmingham, Cardill', Cork, Dublin, Dundee, Edinburgh, Glasgow, Hull, Liverpool, Manchester, New- castle, Southampton.
2. Of Great Britain in Brazil.
Envoy and Mi/iister. — Edmund C. H. Phipps, C.B., appointed envoy to Brazil, September 3, 1894.
Secretary. — Sir Brook Bouthb}', liar I.
