612 



MEXICO. 



The chief articles exported to the United 

 Kingdom in 1878 were mahogany of the value 

 of $1,203,865, and unrefined sugar, $160,450; 

 while the chief imports therefrom were cotton 

 fabrics of the value of $2,011,785 ; linens, $357,. 

 660 ; and iron, wrought and unwrought, $428,- 

 315. The declared value of the silver ore ex- 

 ported to Great Britain in 1869 was $400 ; 1870. 

 $16,750; 1871, $148,870; 1872, $128,215; 

 1873, $80,095; 1874, $11,270; 1875, $39,595; 

 1876, $72,760; 1877, $72,690 ; 1878, $25,330. 



The exports from the port of Vera Cruz to 

 the United States in the years ending Septem- 

 ber 30, 1876, 1877, and 1878, were as follows: 



tion of its interest. A debt of $130,000,000 is not an 

 excessive burden for nine millions of people, even if 

 it had to be paid in full ; but there is reason to be- 

 lieve that it might be reduced from 25 to 50 per cent, 

 by agreement with the creditors, if any reliable assur- 

 ance could be given of certain and regular payments of 

 interest in the future. But it may safely be predicted 

 that if the country is to be afflcted by a revolution 

 every few years, as has been its past history, there is 

 little or no probability that either principal or interest 

 will be paid. With peace and good government, pros- 

 perity and competence would gradually return, and 

 the marvelous natural resources of the country could 

 bo developed in such measure as to afford the Govern- 

 ment the means, in time, of reestablishing ite foreign 

 credit. But justice to Mexico requires that it should 

 be stated that at present the Government is in no con- 

 dition to resume the full weight of its foreign obliga- 

 tions. The incessant march of revolutions, as Senor 

 Payno expresses it, has consumed the wealth which 

 the colonial order accumulated, paralyzed business and 

 public enterprises, disorganized the economic regula- 

 tions of the Government, corrupted the revenue col- 

 lection, and left the country impoverished to an ex- 

 tent hardly equaled in any other Spanish- American 

 country. The national Treasury is just now in no 

 condition to assume obligations additional to the or- 

 dinary and necessary current expenses of Government. 

 It has recently been compelled to suspend temporarily 

 the payment of the salaries of the executive and ju- 

 dicial officials on account of the absence of receipts to 

 pay them. It is now owing the United States over 

 $3,000,000* under the late claims convention, and to 

 the Mexican Eailway Company, say, $2,000,000 ; and 

 as it appears to act upon the principle of paying the 

 debts last contracted in preference to the old ones, 

 these two are likely to receive attention first : and in 

 the present and prospective state of public affairs and 

 of the Treasury, it is a serious question whether it will 

 not be thought necessary to continue its default on 

 the payment of the last-named of these two. The 

 prospect, therefore, for an early resumption of the 

 payment of interest on the foreign debt does not ap- 

 pear to be very flattering. I have not taken into con- 

 sideration in this dispatch the largo interior debt of 

 the country, which, in addition to the funded part, is 

 made up of a large amount of unadjusted claims, which 

 increase enormously with each succeeding revolution. 



According to official statistics, the total value 

 of the exports varies from $25,000,000 to $35,- 

 000,000 annually, and that of the imports from 

 $27,000,000 to $30,000,000 ; but habitual smug- 

 gling renders it impossible to regard these fig- 

 ures as even an approximation to truth. In 

 the opinion of the best informed concerning 

 the foreign trade of Mexico, it would not be 

 rash to estimate the value of the imports at 

 double the amount officially reported ; and the 

 same may be said of the value of the bullion 

 sent out of the country. Less than one third of 

 the trade is with the United States, and rather 

 more than one third with Great Britain. Ot 

 the exports of 1876, declared at $25,435,000, 

 silver amounted to about $15,000,000, copper 

 ore, cochineal, indigo, etc., being among the 

 other leading articles. 



The annexed table exhibits the total values 

 of the exports (excluding shipments in tran- 

 situ) to the United Kingdom, and of the im- 

 ports of British and Irish commodities, during 

 the decade from 1869 to 1878: 



The annual installments ($300,000) of this award have up The imports at the port of MatamorOS from 

 to the present time been punctually paid. A great portion trio TTniterl RtatAa in tho vpnrs pndinr Spnrpm- 

 of the 1879 installment was made up of voluntary contribu- e 00,0** f i ro 7 



ttong from citizens throughout the country. ber 30, 1877 and 1878, were : 



