STERLING Loan— £ _s._ _d._ 1883 4,599,600 0 0 1888 6,297,300 0 0 1889 19,837,000 0 0 1895 7,442,000 0 0 1898 (Funding) 8,613,717 1901 (Recision) 16,619,320 0 0 1903 (Port Works, Rio de Janeiro) 8,500,000 0 0 1908 4,000,000 0 0 1910 10,000,000 0 0 1911 (Port Works, Rio de Janeiro) 4,500,000 0 0 Ceará Railways, 1911 2,400,000 0 0 Lloyd Braziliero, 1906–1911 2,100,000 0 0 Loan— 1913 11,000,000 0 0 1914 (Funding) 14,502,396 ─────────────────────────────────────────────────────────────────────── Total nominal 120,411,334 0 0 FRANC DEBT 1908–1909—Loan for the construction of the Itapura to 100,000,000 Corumbá Railway 1909—Loan for the Port Works at Pernambuco 40,000,000 1910—Loan for the construction of the Goyaz Railway 100,000,000 1911—Loan for the construction of the Viação Bahiana 60,000,000 network of railways 1916—Goyaz Railway loan, responsibility for which was 25,000,0000 assumed by the Government by Decree No. 12,183 of August 30th, 1916 ─────────────────────────────────────────────────────────────────────── Total nominal Fr 325,000,000 This would be an exceedingly heavy debt if Brazil were an old, exploited, filled up country with no spare lands and her natural resources tapped; Brazil’s reason for hopefulness lies in her youth, the vast undeveloped land and mineral resources of her patrimony, her good credit among the nations, and the sincerity with which her statesmen are attacking the task of resuming interest payments. Brazil has a big income, but it needs to be increased before she can pay her debts without a strain; the President has repeatedly declared his firm intention to sustain payments at whatever sacrifice, and has recently called the States into conference with a view to devising new methods of raising revenue. In the Budget estimates of the Federal Government for 1921 revenue was reckoned at 102,000 contos gold (milreis = twenty-seven pence) and 624,761 contos paper (probably a fraction over twelve pence); expenditure at the same time was calculated at 75,680 gold and 711,640 paper contos, including in the gold payments the service of the foreign debt.