Although, according to the above figures, the United States appears to take the lead of all other nations in respect to the import trade of Mexico, it is claimed by the English consular officials that, if the necessary figures were obtainable, it would be demonstrated that the real exports of England and France to Mexico are larger than they are reported. "All that the United States exports to Mexico is of necessity sent direct, as it would be unreasonable to suppose that any American goods would be sent via Europe, and thus figure in the indirect trade of other countries. On the other hand, it is certain that all the indirect trade through the United States is European, and it is probable that a fair share of it consists of English and French merchandise; and this is especially the case when so much material for the construction of new railways is being imported from England through the Texan ports and sent by rail across the frontier."—Report of Consul Garden, 1883.
the Directors of the "Vera Cruz and City of Mexico Railroad" reported at their annual meeting in London, on the 25th of May, 1886, that the loss of the company in exchange for the half-year ending December 31, 1885, was; £29,641; on the gross earnings for the same period, of £302,134. They further add: "The average rate of exchange fell during the half-year from 41-46d. per dollar, at which it stood at the end of June 1865, to 40-45d., and since the beginning of the current half-year (1886) the rate has further fallen, and at the present time is 38-76d. On equal remittances made a year previously, when the average rate was 42-39d, the loss would have been only £21,669, and thus an additional burden of £7,972 has been imposed on the shareholders."
