Rental and exploitation of the real estate of the federation 100,000.00 769,000.00 Total of Probable Revenues. 167,008,500.00 Owing to the large increase of exports and general business revival due to the post-war boom, the actual receipts of the government for the fiscal year 1920 came to 251,417,393 pesos, instead of the 167,008,500 provided for in the budget, or an excess of 84,408,893 pesos over the estimated income. Actual expenditures during the same year were 212,899,886 pesos. The Federal Tax is a sur-tax of 50 per cent on all taxes collected by States, Territories, Federal District and Municipalities as prescribed in the law of June 1, 1906. The following tentative estimate of expenditures for 1921 was presented by the Department of Hacienda to the Chamber of Deputies in November, 1920. These figures were afterwards revised to some extent, and it is too early to say how closely the estimated totals will agree with the actual receipts and disbursements. Recent advices from Mexico place the tentative budget for 1922 at 250,000,000 pesos. The War Department is seeking an appropriation of 100,000,000 pesos and the newly estab lished Department of Instruction requests 50,000,000. It is supposed that these and the estimates of other Departments will be materially reduced. NATIONAL DEBT Published figures of the National Debt of Mexico vary greatly. The following table from Thomas R. Lill, The National Debt of Mexico, is considered authentic for the items included. It does not take into account, however, the very large amounts the government will be called upon to pay in satisfaction of damages arising out of revolutionary conditions, or of various other obligations incurred during the troubled period from 1912 to 1920. • To bring these figures to date, the interest accruing after Dec. 31, 1918, must be added. The Mexican Minister of Finance published the following figures, as of June 30, 1921. The Lill figures are far more trustworthy. The annual revenues of Mexico today are roughly estimated at 250,000,000 pesos. With this sum, by strict economy and the drastic reduction of military expenditures, the government should. be able to resume interest payments on its bonds. A revival of general business and the increase of oil, mineral and henequen exports would materially aid such a program. Various attempts have been made to secure the aid of American banking houses in refunding the national debt; but it is generally agreed that recognition of Obregón by the United States must precede any large refinancing of the Mexican government by foreign loans. Lill, The National Debt of Mexico, and Walter F. McCaleb, The Public Finances of Mexico, are the most valuable authorities in English on the subject of the Mexican debt, The following tentative estimate of expenditures for 1921 was presented by the Department of Hacienda to the Chamber of Deputies in November, 1920. These figures were afterwards revised to some extent, and it is too early to say how closely the estimated totals will agree with the actual receipts and disbursements. Recent advices from Mexico place the tentative budget for 1922 at 250,000,000 pesos. The War Department is seeking an appropriation of 100,000,000 pesos and the newly estab lished Department of Instruction requests 50,000,000. It is supposed that these and the estimates of other Departments will be materially reduced. NATIONAL DEBT Published figures of the National Debt of Mexico vary greatly. The following table from Thomas R. Lill, The National Debt of Mexico, is considered authentic for the items included. It does not take into account, however, the very large amounts the government will be called upon to pay in satisfaction of damages arising out of revolutionary conditions, or of various other obligations incurred during the troubled period from 1912 to 1920. To bring these figures to date, the interest accruing after Dec. 31, 1918, must be added. †The Mexican Minister of Finance published the following figures, as of June 30, 1921. The Lill figures are far more trustworthy. Pesos 380,333,625 .181,850,900 1,341,992 563,526,517 The annual revenues of Mexico today are roughly estimated at 250,000,000 pesos. With this sum, by strict economy and the drastic reduction of military expenditures, the government should be able to resume interest payments on its bonds. A revival of general business and the increase of oil, mineral and henequen exports would materially aid such a program. Various attempts have been made to secure the aid of American banking houses in refunding the national debt; but it is generally agreed that recognition of Obregón by the United States must precede any large refinancing of the Mexican government by foreign loans. Lill, The National Debt of Mexico, and Walter F. McCaleb, The Public Finances of Mexico, are the most valuable authorities in English on the subject of the Mexican debt. |