MEXICO. 



511 



According to these figures the resulting defi- 

 cit for the first of the three periods would be 

 $5,979,239; for the second, $7,031,181; and, 

 for the third, $5,317,093. 



The estimated amount and sources of the 

 national revenue for the year 1880-'81 are ex- 

 hibited in the annexed table : 



REVENUE. 



Custom-house (maritime and frontier) : 

 Import duties .................... $9,528.625 



Export duties ...................... 958,271 



In transitu ........................ 60,063 



$10,546,964 



Custom-house of the city of Mexico, etc 

 Stamped paper ............. 



Direct taxation 



Post-Office 



Mint ........................ 



Public Instruction (old fund) 

 National property 



1,018,484 

 3,003,147 

 559,217 

 679,392 

 875,1 93 

 33,957 

 27,254 



Lottery 3'?,856 



Sundries 1,529,761 



Total $17,811,125 



The following table shows for the same 

 year the estimated amount and distribution of 

 the 



EXPENDITURE. 



Legislative $1,022,842 



Executive 48,832 



Judicial 855,578 



Ministry of EVeign Affairs 228,460 



" of the Interior 2,574,209 



" of Justice and Public Instruction 1,174,805 



of Public Works 8,570,077 



" ol'Finance 4,36!5,6t)9 



of War'. 9,786,984 



Total $23,128,218 



Yet President Diaz, in his message to Con- 

 gress, at the opening of the fall session of 1880, 

 spoke hopefully of the financial condition of 

 the country. We give an extract from that 

 document at the end of the present article. 



In a report published by the Minister of 

 Finance in September, 1879, the sources and 

 amount of the revenue for the fiscal period 

 ending June 30th of the same year, were as fol- 

 lows: 



REVENUE. 



Customs (maritime and frontier) $3,949,703 



Customs of the city of Mexico 



Stamped paper 



Direct taxation 



Post-Office 



Mint 



Public Instruction ^old fund) 



National property 



Lottery 



Sundries. 



Balance from previous year , 



1,018,483 

 3,003,258 

 559.217 

 679,892 

 867,922 

 24,725 

 27,254 

 81,822 

 284,942 

 1,404,144 



Total $17,350,867 



The estimated expenditure for that period 

 having been $22,108,046, there was a conse- 

 quent deficit of $4,757,179. 



The lottery-tax consists of an impost of 10 

 per cent, on the prizes drawn in the State lot- 

 teries. 



* Official estimates. 



In the table above given of the estimated 

 expenditure for the year 1880-'81, the item 

 " Executive " is made up of the following 

 branches : Salary of the President of the Re- 

 public, $30,000 ; department of the President's 

 private secretary, $5,200; President's staff, 

 $10,292; service", $3,340. 



In the "Annual Cyclopedia" for 1878 and 

 1879 may be found important remarks con- 

 cerning the national debt of Mexico, the esti- 

 mated amount of which then, exclusive of the 

 claims referring to the Maximilian empire 

 claims never yet recognized as valid by the re- 

 publican Government was $131, 914,665. The 

 following interesting observations on the revi- 

 val of Mexican securities is transcribed from 

 a British financial journal published in Febru- 

 ary, 1880: 



An improvement in Mexican bonds is exciting the 

 attention of the speculative community, the more es- 

 pecially from its occurring after a series of alternate 

 spurts and relapses in this now, perhaps, the most 

 speculative of all foreign stocks. It is noticed that no 

 public announcement of adequate importance has ap- 

 peared in explanation of these occasionally very con- 

 tradictory movements. Those operators seem to have 

 done best who have acted upon the plan of always 

 buying when the price gets low, and turning out their 

 stock when it shows a good profit ; for between cer- 

 tain limits there have been of late numerous oscilla- 

 tions, affording proportionate opportunities of profit to 

 the quick and ready speculator always on the spot. 

 But, while to the ordinary operator Mexican bonds 

 supply the place of the mysteriously " dark" horse of 

 the turf-gambler, it does not escape notice that each 

 successive relapse in prices that has taken place during 

 the last few months has induced purchases by houses 

 of first-rate position in the city of London ; and these 

 purchases do not seem to have been "undone" by 

 subsequent sales. As to the motives which dictate 

 them, nothing definite can be said, but it can not be 

 doubted that they have a sufficient basis, though 

 whether in connection with projects for the settle- 

 ment of the debt, or with plans for railway extension 

 in Mexico, or (which is very likely) with proposals in 

 which both these projects are to be welded together, 

 remains to be seen. Even within the last day or two 

 a very confident belief is expressed in speculative cir- 

 cles that a good deal of profit will yet be got out of 

 Mexican bonds as a market "counter" this year. 

 Upon these views it is probable that, should the price 

 relapse again, the number of persons who will seek to 

 "get in" will be larger than for some time past. It 

 is Dclievcd that the dealers in these bonds are oversold ; 

 and this circumstance, as implying inherent strength 

 in the market, may be considered "adverse^ to the pros- 

 pect of a relapse in quotations. Last evening the price 

 rose to 14 to i, being an advance of nearly 2 on the 

 week. Another of the market anomalies of the mo- 

 ment may be here pointed to. Up to a day or two ago, 

 the Mexican bonds of 1864 were quoted about 6. Dur- 

 ing the last few days they have come into demand, 

 and last evening their price had risen to S% to 9. 

 Even at this improvement they are absurdly low. 

 This can be easily shown. What do these bonds rep- 

 resent ? They were issued for the arrears of interest 

 at the last settlement of the debt. Upon every prin- 

 ciple of right, therefore, they represent what must he 

 regarded as the most sacred "part of a debt, viz., over- 

 due interest, upon which, even when thus funded, the 

 unfortunate holders have received no return. It is, 

 therefore, to be expected that, when the settlement or 

 the Mexican debt comes, as come it must in some form 

 sooner or later, these 1864 bonds will be treated with 

 special respect. And yet they are ranked far below 

 the other bonds 1 



