Celebration parades were held throughout Brazil on Monday (September 7) to mark the occasion of the country's 148th anniversary of independence.
Celebration parades were held throughout Brazil on Monday (September 7) to mark the occasion of the country's 148th anniversary of independence. In Rio De Janeiro, the former capital, President Emilio Garrastazu reviewed a marchpast of 25,000 men and arms from the three branches of the services.
Among the military exhibits in the parade were examples of a new rocket made in Brazil for the air force, and of the latest armoured car for the army.
The President also marked the anniversary by signing a national profit-sharing law affecting all private business in the country.
The bill calls for "participation funds" to be made up of deposits by the Government and by companies in return for income tax exemptions. The fund in expected to total one thousand million dollars (416 million pounds Sterling) by 1974 and will be used for loans to industry. Workers may draw interest and profits from financial operations to buy a home or to get married.
According to observers, the Independence celebrations were enhanced by the country's current financial improvement. A reduction in the Budget deficit, a favourable balance of payments, record crops and increased home saving all contributed to the air of progress and prosperity.