New-York tribune., 1901-03-03
COMMERCE OF MEXICO.
cROWTH OF THAT NATIONS
TRADE AND BANKING.
rvspcRETARY FOSTER RECoUNTs THE
cAT-SES AND PREDICTS GREATER
INCREASES WITH CONTINUED
PEACE AND PROSPERITY.
Vera Cruz. January 80.

Il IS related that a King of Spain, on a visit
A. cadiz was seen with a glass scanning the
.riyon across the waters to the west cour-
ior asked him what was the object Of his search,
md be replied that he and his ancestors had
.,ant such vast treasures on the fortress at Vera
c-rz he thought he ought TO be able to see some
. .ne towers of the castle rising out of the sea.
The story illustrates the marked difference in
she spar!sh rule in Mexico and that which pre-
,.fs to-day The object Of Spain was TO keep
4 intruders and preserve the commerce Of
,rexico as a monopoly for the mother country
The policy Of the present regime is TO invite to
,ts shores all the commerce of the world and
afford free access to its ports.
The country has heretofore labored under
ssrious embarrassment in the accomplishment Of
,ts purpose in that on the Atlantic or Gulf coast
!. had no harbor worthy Of the name. Vera Cruz.
she principal port. was nothing but an open
roadstead But during the administration Of
11isz = thorough system Of Improvement has
heen entered upon. and is now approaching COM
,letion In shutting off the northern passage
NV a sea wall. connecting the islarrd upon which
stands the famous Spanish castle with the main
land a comparatively safe harbor is afforded 10
vessels, and the landing and customs facilities
are being greatly increased. In these improve
rnents the Federal government is spending sew
eral millions If dollars. Tampico possessed an
excellent harhor hut il was rendered almost
useless by bar which cut off access 10 all but
vessels Of very light draught. But under con-
tract with the government, a system of jettes
similar To that at the mouth Of the Mississippi
has been succ zssfully constructed. and chan
ne Of 23 feet has been secured across the bar.
As a result Of this Improvement and Of the con-
structon Of a railroad connecting the port with
the capital Tampico is aspiring 10 rival Vera
Cruz in its foreign commerce.
THE GROWTH OF BANKING.
Banking. the handmaid Of commerce. was un-
known in Mexico as a legaiized system before
1882 when the National Bank Of Mexico was
chartered The Bank Of London and Mexico,
which had existed before private institu-
tion, also secured a charter, and these two are
TODAY the leading banks Of the capital with
branches established in all the larger cities Of
the republic The former has a capital of
S20OOOO0O and the latter Of S1o0oo,000. and
both issue notes or paper currency which are
freely current throughout the country, the Fed
eral government issuing TO paper money. The
National Bank is the financial agent Of the gov
eminent is the depository Of the national reve-
nues. The treasury keeping money in its
vaults pays all government warrants and
through IL the interest on the public debt is paid.
The dividends Of these two banks for series
of years have averaged, for the National. %
per cent per annum. and for the Bank Of London
and Mexico PC per cent a part Of which
carried up 10 the surplus fund and the greater
portion distributed to the shareholders. The
bank rate Of interest is from s 10 per cent.
There are other banks in the capital, among
which are the Mortgage Bank, the Central Bank
and the American Bank. the last named new in
stituton with limited capital, which it is in con-
temptation to increase. IN addition, State banks
have been created in a number Of the States
with authority TO issue notes, but these cannot
circulate in the capital, and hence are restricted
in their use. The total banking capital of the
country is to-day SOB 53000GGO and the circula-
tion $G5 S000n0
II the country is 10 continue to enjoy
OF peace and prosperity, banking in Mexico must
be regarded in its infancy and as destined to
greater expansion. IT has already been Of great
service. 1t has furnished paper currency uni
form throughout the country, a great con-
venience, before the only currency was sill
Yer dollars. bulky and very burdensome. 1t has
been a great stimulus 10 manufacturing and
other industries, and has furnished to the rap
idly growing commerce facilities which we're
greatly needed
In view of the hourishing condition Of the
finances Of the country. it would naturally be
anticipated that foreign commerce would feel
the effects of the Pcnerll prosperity and the
statistics fully sGstain this expectation. In 1S75
me year previous to tn agees= N Of President
Daz The total imports amounted to less than
AlSo@aGo0, ana during the fiscal year Of 1899
'he Imports had increased to Sl06 900 600 in sill
Yer The same gratifying condition has at
tended The export commerce. In 1870 the ex-
PORTS were S27.oo0Coo. and during the last fiscal
ear III
ing the encrnoGs increase Of 800 and 600 per
cent. In the order of their importance the
ieaalng articles imported were as follows: Ma
cinery cotton textiles, iron and steel wines
aha liquors. wool textiles, paper and crude cot
ton
THE UNITED STATES LEADS
1t is gratifying to note that the United States
ieads all other countries in the amount of this
import trade. having about one-haIf Of the total
"teat Britain coming next with 20 per cent
france and Germany with l0 per cent each
ieaFing 10 per cent divided among Spain Bel
gum and other countries. The leading classes
OF imports from the United States are given in
me order Of their importance: Coal wood and
iupber, cotton. steel rails, mineral oil vegetable
ois, carriages Tailroad. etc) cotton cloths cleo
"'ol apparatus, wearing apparel, hardware
sewing machines, furniture agricultural imnle-
ments. boots and shoes
Although there has been this greatly enlarged
import commerce. il is by no means as large as
IL should be, taking into consideration the fact
that the country possesses nearly fourteen mill
IONS OF people There has been cause in the mast
Tor the comparatively small import trade in the
uisordered condition Of the country the poverty
"i lts Inhabitants and the habit Of the mass Of
me people OF subsisting on the bare necessities
or hfe The enlarged commerce under the Diaz
lF1G