es
connected with Mexico--Senor Limautour--and this chapter would be
incomplete if it were not recorded. As Secretary of Hacienda, or
Department of Finance, this cautious and able statesman has been the
instrument for his country's financial progress, for the stability of
Mexico's internal government has, of course, impulsed the advent of
foreign capital into the country, in the form of investments in
railway, mining, and industrial enterprise.

Mexico's credit and prosperity thus satisfactorily established, the
country is enabled to move with a certain spirit of independence as
regards its foreign financial transactions. The last year or so have
shown a marked tendency on the part of the Government to consider their
position as regards foreign capitalists, and to act to the end of
obtaining greater benefits for the nation from the exploitation of the
country's resources, which has principally been carried on by foreign
capital. No one who views the matter disinterestedly will see cause for
complaint in this attitude. It is a poor philosophy which would permit
the mines, fields, and railways of a country to be drained of their
wealth only for the benefit of foreigners. On the other hand, of
course, railways and mines would never have been opened up without
foreign capital, and the distinction between national philosophy, and
ingratitude, must always be an important consideration for
Spanish-American countries.

Mexico, however, does not discourage foreign capital, but only seeks a
proper control of her natural wealth. In earlier years the country was
the happy hunting-ground of hordes of concession hunters, speculators,
and financial jugglers, whose main object was to get something for
nothing, and sell it for a round sum in Europe or America, and they
were often successful. At that time Mexico wanted her railways built at
any cost, but the situation has changed now, although not in a way to
discourage reputable investors. This tendency to restriction has shown
itself mainly in two directions: that of the recent consolidation of
the railway systems, whose integrity was menaced by the attempted
operations of certain American trusts and financial groups; and, later,
by commercial conditions unfavourable to traffic returns. This brought
about the decision of the State to acquire a controlling interest and
voice in the ownership of the main railway lines, and this has been
carried out by means of the purchase of stock in