New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-09
MEX|C0'S FINANCES GOOD
Cash Reserves More than 60,
100000 Pesos.
PAYS OFF REVOLUTION DEBT
Exports for June Total %, 600.
600 Pesos, Showing War
Hindered Trade Little.

From a Special Correspondent OF The Triea,.,
Mexico City. July S.-Figures furnishes
to the Tribune correspondent to-day by
Ernesto Madero, Minister Of Finance
shows the Mexican provisional govern.
ment ended the first month Of its I'D.
mnistration with a cash reserve OF mora
than 62 900, 900 pesos, substantially the
same amount as was turned over to his
successor by former Minister Limartour
upon his retirement from office.
Despite the unsettled conditions con.
sequent upon the revolution the revenue
for June is sufficiently large To take care
of a large sum for extraordinary ex.
penditures without forcing the govern.
rnent TO draw upon its cash reserve.
During June about 10,500,000 pesos were
expended on Obligations contracted on
account of the revolution and $4,000
nesos for arms and munitions Of war or
dered during the last week OF the Tor
mer administration.
Tho expense OF d!sarmlng ana dh-
banding the revolutionary forces is COW
cred by 100000 pesos. This sum In.
cIudes tho paying of OF approximately
60. 600 troops and buying their rihss.
Most of these men returned to their
homes 4 few thousand have been mus
tered into provisional commands Tor The
nreservation Of order in the different
] sections.
Expenditures TO date virtually con.
clude all disbursements that must be
made from the national treasury because
! Of the revolution.
Exports for June totalled 100000
pesos. which is significant as indicating
To what a comparatively slight extent
| the war interfered with various enter.
prises engaged in the production q
mineral and other products marketed
outside Mexico.
Mineral Exports Large
The mineral exports for July and
August viii probably be abnormaly
large on account Of the shipment Of huge
quantities Of bullion accumulated whiis
. the revolution was in progress.
The governments financial statement
for June was received with great inter
est and satisfaction by Representatives
of many United States and European
hnaLcial institutions who have been seat
here to observe conditions and watch
developrents under the new regime.
Several to-day cahlcd their principals
an optimistic report and denied rumeIs
affecting the stability Of various banking
/ institutions which have caused some W.
founded uneasiness among foreign hold.
,,s Of the securities Of these institu.
tlUrs.
The country IS almost completely pact
ncd, and there are no present indications
of any serious resistance 70 the federal
authority, implying full harmony BE-
tween De la Barra and Madero.
That the reports that De Ia Barra IS
not 10 be Foreign Minister in Madsros
! Cabinet after the election are groundl@ss
may be positively stated.
The policy of the government regard
ing the administration Of the nauoHa
railways IS unaltered in any imporian'
regard. Changes in the board probably
will be made gradually until the PEI
sonnet Is entirely new. and II IS a cues
ton if any new directors. save in place
Of those who have gone abroad VIII o.
named before the annual meeting IN C.
toher.
Oil company's Business.
I The rumored substitution OF j. y Gal
/ bra!th. head Of the Waters-Pierte Oh
! Company's Mexican business and T. n
+ Hansen. local manager OF the lnterns'
! tional Banking Corporation. is not SIG
rificaut. except as indicating the desHs
/ Of Henry Clay Pierce TO substitute rev
men for the two representatives he a.
vavs has had on the board. l. is stlpa
lated in the bylaws that Pierce as W
largest individual holder IN the merger
line shares. shall have the privilege
raining two directors. F.. y. Brown tnf
president, will remain as director ana
also as president. if he desires.
! The government has not the sAgnIe''
intention Of dissolving the merger. 4hT
lines are profitable and meeting al 'ne"
oh,,gations without calling upon the gov
ernment guarantee.
Great interest is expressed here IN u,
object Of the negotiation between Lo''
Cowdray. owner Of the Pearson oil. u
/, terests in Mexico. and the group
American OIL capitalists headed by Jo-p
". Gates. [ believe that the compaay
is not planning 20 sell, bur aeslsn !"
organize an American holding COMPANY
for his Mexican oil interests. The sa'
vantages of the plan are obvious N VT
unlikely event of efforts begun by tu'u''
administrations in Mexico TO impair w
value of the Cowdray holdings by az