CHAPTER VI

FINANCE. I. CURRENCY 276 Value of the milreis—Fluctuations—Caixa de Conversão— Convertible and Inconvertible Paper—Emergency Issues—Treasury Bills—Paper Currency, at Different Dates—Metal Coinage— Effects of Fallen Exchange. II. INVESTMENTS 285 Blood, Brains and Money—British Investments—Railways—Public Utilities and Industrials—External Loans—French Investments— German Work—North American Interests—Banks in Brazil. III. State Debts—Municipal Debts—Federal Debts—Funding Loans— Resumption of Specie Payments—Sources of State and Federal Revenue. 297