uaranteed railways owned by
foreign companies likewise added largely to the bonded indebtedness,
though the onus was in existence in another form. The result of these
measures was a large addition to the public debt, which on 31st
December 1906 was approximately as follows (_apolices_ being the name
given to bonds inscribed to the holder):--

External debt: L s. d.
Loans of 1883, 1888 and 1889. 26,478,500
Oestede Minas R.R. loan 3,388,100
Loan of 1898 7,331,600
Funding loan of 1898 8,613,717 9 9
Railway rescission loan of 1901 15,467,015 16 1
Port works loan of 1903 8,500,000
-------------------
L69,778,933 5 10
===================

Internal debt, funded: Milreis
5 % apolices, Law of 1827 483,546,600
4-1/2% " " 1879 20,548,000
6 % " " 1897 37,082,000
5 % " " 1903 17,300,000
-----------
Total, funded 558,476,600
(at 15d. L34,904,787) ===========

Internal debt, not funded: Milreis
Paper money 664,792,960
Savings bank and other deposits:
In paper 246,812,407
In gold, 19,053,861 r (say) 34,296,950
Floating indebtedness (a/cs current, bills, &c.) ?
-----------
Total, not funded, approx. 945,902,317
(at 15d. L59,118,895 stg.) ===========

Approximate total indebtedness L163,802,675

In addition to these, the government was still responsible for
interest guarantees on fourteen railways, or sections of existing
lines, with an aggregate capital of about L4,900,000 held in Europe
and 12,055,440 milreis held in Brazil, on which the national treasury
paid in interest L191,324 and 1,398,493 milreis.

The paper currency of Brazil consists