12 APRIL 1930, Page 56

BRAZILIAN FINANCE.

There seems reason to hope that the recent recovery in San Paulo and Brazilian Bonds may find justification ere long in the flotation of a large International Loan. Not, of course, that the floating of a loan in itself affords justification of a rise in Brazilian securities, which can only be justified by an improvement in Brazilian credit. The point is, however, that the market recognizes that such a loan as the one I have mentioned, if brought out under the auspices of the London .bankers for so many years associated with San Paulo Govern- ment finance, would not be issued if it were not part of a comprehensive financial plan calculated to materially improve the financial position in San Paulo.

* * * *