5,700 45,000
Central America . . . . . . . . . . 79,000 7,000
South America . . . . . . . . . . . 10,000 39,000
West Indies . . . . . . . . . . . . 237,000 19,000
---------- ----------
Sum Total . . . . . . . . . . . . . 24,800,000 23,336,000
========== ==========

[Footnote 41: Adduced from the "Mexican Year Book, 1908."]

Thus the commerce of Mexico is seen to be in a satisfactory and growing
condition, and it may be expected to develop steadily, as the large
unworked areas of minerals and agricultural land become opened up by
both native and foreign capital, towards which there is an increasing
tendency to investment.

_Banks and Currency_.--The chartered banks of Mexico are considered to
be solid institutions, and their past history has been a creditable
one. The leading banks are: the National Bank of Mexico, with a capital
of 3,200,000 pounds sterling, and reserves of 2,675,000 pounds
sterling; the Bank of London and Mexico, capital 2,150,000 pounds
sterling, reserve fund, 1,500,000 pounds sterling; the Mexican Central
Bank, capital 3,000,000 pounds sterling; and various other mortgage and
commerce banks, clearing house, &c.; whilst throughout the state
capitals are the respective chartered banks of such states, as the
banks of Chihuahua, Yucatan, Durango, Zacatecas, &c., &c. The total
capital of all Mexican banks is given as nearly 20,250,000 pounds
sterling. The currency of Mexico is now established on the gold basis.
Previous to the year 1905 a bimetallic system had always prevailed in
Mexico, a gold and silver currency; and as Mexico was one of the
largest producers of silver in the world she had naturally encouraged
the use of the white metal, whose coinage at the mint was free; whilst
the demand in the Orient for Mexican dollars was a stimulant to the
production of these. The fall in the price of silver was, to a certain
extent, beneficial rather than inimical to Mexican industry, as it had
the effect of stimulating home manufacture in a country whose raw
material and labour was paid for in silver. This would have been
permanently beneficial had the value remained constant, but the
continual fluctuation in the price had an unfavourable effect on
commerce, and a monetary commission decided that the gold basis should
be adopted, and this beca