the empire fell the republic definitely repudiated both sets of debts. A part of these issues was later repaid to the bondholders by France.
Further borrowings abroad were not resorted to until 1886. The new régime then and in 1888 put through refunding measures. In 1889, it sponsored the Tehuantepec Railway Loan, paying five per cent, issued at 77 to the amount of $13,500,000. In 1890, an issue of $6,700,000 of six per cents was made at 65 to secure money for the Monterey and Mexican Gulf Railway. In 1890, an external six per cent loan was made of $30,000,000 face, issued at 93½ per cent secured by 12 per cent of the total proceeds of the import and export duties. Three years later another 12 per cent was pledged for the service of a loan of $15,000,000 bearing six per cent and issued at 68.
Just at the end of the century the five per cent External Consolidated Gold Loan was put through which is the oldest of the direct external loans now outstanding against Mexico. For its service there was to be set aside 62 per cent of the national import and export duties. The face total of the obligations was $113,500,000.
Mexico was now reaping the fruits of the establishment of order. Foreign capital was flowing across her borders from all directions seeking opportunity to develop her resources. Her international credit stood on a better basis than ever before. In 1903, the City of Mexico was able to sell at 85, bonds amounting to $12,000,000, bearing five per cent interest. The next year the central government floated at 94 a loan of $40,000,-
