RECOVERY IN BRAZIL STOCKS.
After a prolonged period of severe depression there has been a distinct recovery during the past week in Brazilian securities, and notably in the stocks of some of the San Paulo Coffee Loans. I have explained on a previous occasion that the fall in Brazilian stocks was due not merely to diffi- culties experienced in financing the coffee crop, but to a good deal of disquietude with regard to the whole system of rigid defence of the price of coffee • by the 'severe restriction of exports. It is, therefore, satisfactory to know that the recovery of prices during the past week has been due not merely to reports as to the possibility of Sterling credits being granted to San Paulo, but to the belief that if such credits are arranged they will be on sound lines both as regards the security of the credits themselves ,and as regards Brazilian finance.
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