The name is absent

The Story of Brazilian Commerce 257
in France and in England the Brazilian milreis appeared
normal.

But the most interesting feature in Brazilian postwar
commerce was the new classification of countries that shared
her foreign trade. The United States became pre-eminent
with imports into Brazil two and three times larger than
those of Britain, and strengthened her position as purchaser
of Brazilian exports at a rate of about three times those of
France, the second customer.

After the boom, in 1921, there was a sudden drop and com-
parison with prewar conditions became unfavorable; and
1922 brought to Brazil a financial crisis from which recovery
was slow. The years preceding 1930 witnessed a redistribu-
tion of origins and destinations. Great Britain recovered her
prewar position in Brazilian imports. Germany joined again
in the competition as buyer and seller; but the Argentine
kept her newly-conquered position.

VII. THE NEW TRADE CONDITIONS IN BRAZIL

In order to understand the present position of the United
States in connection with the Brazilian market we shall have
to summarize the recent changes that have occurred in
Brazilian economy.

After the crisis which affected the country in the twenties,
the government took certain emergency measures that in-
fluenced the commercial situation and trade relations. Four
aspects at least must be examined :

i. The currency question, in which fluctuations in ex-
change, following the depreciation of the milreis, and specu-
lative factors, were changing trade conditions. As our gold
reserves had been exhausted without preventing the decline
of our money, the government decreed the creation of an
Exchange Control Office through which all exchange trans-

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