Indianapolis Times, Volume 38, Number 337, Indianapolis, Marion County, 6 May 1927 — Page 21

MAT 6, 1927

BRAZIL’S MONEY SUFFERED MOSF 1 FOLLOWING WAR ! 0 - Milreis Falls in Value From 33 Cents to 10 Cents. Bu United Press RIO DE JANEIRO, May 6.—The milreis, Brazilian unit of currenoy, has suffered a greater fall in value than the currency of any other Latin American nation in the post-war variation of South American money. Before the war, the milreis was worth about three to the dollar; in 1923 it was worth 10 cents. A month before the inauguration of the Washington Luis administration the milreis reached 7.8 to the dollar. In average post-war times, the milreis has been worth about 15 cents, and the conto 1,000) milreis worth $l5O. Before 1914, a government conversion office, established-in 1906, had stabilized the milreis at 16 pence, by issuing paper money for deposits of gold and redeeming these notes on demand. Declined After Paulo The drop of the milreis following tlie panic of 1914 was not overcome in following years, presumably because of the successive issues- of tresury notes and the lack of confidence in a return to a pre-war basis. There was no flood of exports to depress the value of foreign bills. Although the milreis tended to improve In 1917 1918 and 1919 and during the early part of 1920, currency dropped with the gentral trade collapse of the latter year. During 1921, 1922 and 19C3 continued currency inflation was aggravated by an unfavorable balance of merchandise payments, which resulted in new low exchange levels. The government Was faced with unusual conditions in 1924, and efforts to valorize or improve the exchange did not show appreciable results. The first part of 1925 witnessed a reaction in exchange rates, due to depressed coffee exports and a weak market for other important products, such as cotton and sugar. , Exchange Rises. In July, 1925, the Bank of Brazil stopped rediscounting and did not reopen this department for three with the increasing export trade of months. Money became dearer, and, the latter part of the yar and the continued reduction of the money

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supply, the bank’s action brought about a rise in the exchange to a level of nearly 60 percent above the lowest quotation in the month of May. A contract was concluded in May, 1923, between the government and the Bank of Brazil whereby the government agreed to turn over the privilege of note issue/to the bank for ten years. The bank, which is 51 "percent government owned, agreed to limit its annual dividends to 20 per cent and apply its net profits to the redemption of outstanding treasury notes. The ultimate objective was toViake all paper currency redeemable in gold at 12 pence to the milreis. Note circulation was first reduced early ift 1924, but political disorders of that year required an expansion of the issue. After the legal limit had been reached an emergency decree authorizing the bank so issue an additional 100,000 contos. The result was that paper money in clr-

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culation increased In spite of the retirement of the treasury notes which was going on. britTshportray AMERICAN JAZZ Orchestra Puts on Swanee River Scene. Bu United Press LONDON, May 6. —British musicians, climbing aboard the jazz bandr wagon, are giving their own interpretation of life in the jazz country. v Jack Hylton’s band, the leading British jazz organizations, has staged

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a “Swanee” river scene to introduce the Black Bottom dance. “While the band is playing before a stage picture of the Swanee river,” it is announced, “a Negro and a character representing a remonstrating missionary will perform the steps 4t the daflce.” Apparently someone had tipped off Hylton that the wild Indians had moved out to Indiana, but it is reported that another band, having been informed that there is ample room on the average stage for a game of African golf, has wired to New York for a set of clubs as part of a rival setting. Chess Kings Barred MOSCOW, May 6.—By order of the Soviet Government the names of chessmen in Russia are to be changed. Thq present terminology of kings, queens, bishops, knights, etc., will be abolished -and “proletaranlsed” names substituted.

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