South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-11-14
TREASURER Of
MEXICO GIVES
REPORT TO j. s.
Says There is No Need For
"Extraordinary Optimism
or For Black PeSSimiSm."

treasury, discussing the economic
conditions in Mexico in his annual
report 10 congress. details Of which
havshave reached Washington
through official channels. declares
that there is no reason for "extraor-
dinary optimism or for black passi-
mism." He estimates the revenue
for the year 1919 at 149.3S4.OOO
pesos, although Pres't Carranza. I'm
his message TO congress Sept i.
1919, estimated it at 162. 10000. bas-
ing his estimate on the returns for
the ten months from September.
1918 10 June OF this year The rev
enue for 1920 is estimated at 1917
900. 900 pesos.
Improvement Noted.
In submitting this report TO the
house OF deputies. Sec'y Cabrera
says that while the difficulties ex-
perienced by the federal treasury.
due TO causes well known 10 all, are
far from having disappeared. un-
mistakable signs Of Improvement
heve been noted i'm many aspects OF
the economic conditions Of the ma
tiOn and hence in the financial sit
uatiOn OF the federal government"
He admits that Mexico was formerly
and still is dependent upon foreign
capital, in discussing conditions i'm
all the so-called young nations OF
the world which, he says. have ex-
perienced 'the suspension Of the in
fiux OF capital from countries econ
omically stronger" and are exerting
vigorous efforts 10 be self-support-
ing"
Effects OF both OF these infuerEes
have been felt in Mexico. he says.
and will continue TO be felt. in part
at least, during 1920. The report
confesses that "Our economic life
was based formerly on "a continuous
stream OF capital from abroad. this
resource not being open to us AT
present except in very limited
way"
Large Imports.
Sec'y Cabrera says the imports for
the first four months Of the year
amounted to 100000 pesos, as
against $4,000, 600 in the correspond
ing period last year The exports
show a decrease from 122.23O. 600
pesos from the first four months OF
1918 to los. 800. goo for the CORES
pcnding period this year. Mexican
experts point out that this means
that the balance OF trade was so fav-
orable to Mexico because of the cry
ing need Of the world for raw prod
ucts which 10 a large extent still
exists through the reconstruction
adys following the war. but that
Mexico is unable to take advantage
OF these conditions because OF the
serious situation within her borders.
The report caused some disap-
pointment because IL did not indicate
what steps will be taken to meet
the currency situation resulting from
the increase in the price of silver.
The subsidiary coinage, which under
the best conditions was never great
IN Mexico. is now leaving the coun-
try rapidly. Constructive sugges-
tions were expected from the sec
rotary OF the treasury 10 meet this
seat financial problem confronting
the government
Regrets Inability Co Pay Debts.
Sec'y Cabrera regrets that it has
not been possible To resume pay
ment of the public debt service but
explains this by the statement that
countries that have bone through
such an upheaval AS Mexico has ex-
perienced in the last 10 years have
often been in q more critical con
dition He estimates the import
dues for the year at 10000. 600 pesos
as against o50OO.000 last year: ex-
port dues at 5000. 600 as against
100000 last year. the loss beng
due. II is believed. TO plans for re-
duCing export duties. considered
economically unsound. to encourage
industry and foreign Investments.
mining tax dues at 5000. 600 as
sgainst S.000. 600 last year. and the
federal taxes at $4,000. GOO as against
:t.00O.O 600 last year No mention is
made OF the revenues derived from
foreign and domestic properties
seized by the Carranza government
although last year they gave 500. r.
coo pesos 10 the government. The
oil tax is given at 1900. 600 pesos.
the same as last year. although the
American companies paid $4,000. .
coo pesos in 10 months OF lest year.
II is pointed out in the advices
from Mexico City that these are
merely estimates. as statistics are
not available on which TO base an
accurate statement as 10 the real re-
turns. Il is probable thas IL viii be
some time before such statistics are
available but PRIEST Carranza. i'm his
message 10 congress last month ad-
nitted for the first time that the de-
nett for 1917 was 35,0O0.00O pesos
and for 1919. 5000 GOO pesos. Ii is
also pointed out rs an example OF
the untrustwOrthiness Of Mexican Of
fetal estimates. that for the period
for which Cabrera now figures
revenues totaling 10000. 000 pesos.
Rafael Nieto, when acting head OF
the treasury. submitted an official
estimate that the revenues would be
f72.000,00O pesos.
WILL DELIVER SERMON.