On the other hand the government agreed to withdraw currency, which had reached a total of 788,364,614 1-milreis, pari passu with the issue of the loan, the milreis being computed at 18 pence.
The president receives a salary of 120,000 milreis and the vice-president of 36,000 milreis.
The export in 1906 amounted to 127,417,950 lb, officially valued at 16,502,881 milreis gold.
Per milreis (the official valuation adopted in 1906), the budget for 1907 provided for a revenue of 353,590,593 milreis and an expenditure of 409,482,284 milreis, showing a deficit of 55,891,691 milreis.
The exportation for 1906 was 69,761,123 lb of Hevea, 5,871,968 lb of manicoba, and 1,440,131 lb of mangabeira rubber, the whole valued at 12 4,9 1,433 milreis gold.
It is modelled after the Argentine Conversion office, and is authorized to issue notes to bearer against deposits of gold at the rate of 15 pence per milreis although exchange was above 17d.
The imports for 1905 aggregated 103,874,724 milreis gold, or about two-fifths the importation of the whole republic. The shipping arrivals in 1908 were as follows: from foreign ports, 1195 steamers of 3,479,357 tons and 75 sailing vessels of 84,474 tons; from national ports, 243 foreign steamers of 582,633 tons, 773 national steamers of 475,587 tons and 294 national sailing vessels of 20,250 tons - in all 2580 vessels of 4,642,301 tons.
The total exports for 1905 were officially valued at 62,572,033 milreis gold, or a little over one-sixth the exportation of the whole country.
The milreis fluctuates widely in value, the balance of exchange being usually adverse to Portugal; for the purposes of this article the milreis has been taken at par.
The government even withdrew more of its currency issues than required by the agreement, and the value of the milreis steadily improved.