American $655,000,000 British 670,000,000 French 285,000,000 German 75,000,000 Spanish, Dutch, etc. 190,000,000 ------------- Total $1,875,000,000 These figures claim to include the foreign investment in the National Debt of Mexico and are said to estimate the actual distribution, as far as can be worked out, of the holdings of the securities of all companies operating in Mexico. Consul Letcher’s figures were conceivably based largely on the nationality of the corporations alone. On the other hand, Europe contributed more than half the invested capital of such important groups as the National Railways of Mexico, made up of companies which were all incorporated under American laws. When this new compilation of investment distribution first came to my hands, I was, I may admit, inclined to “split the difference.” As careful a study of the American investment field as it is possible to make has, however, convinced me that the new figures are much more nearly correct than those of Consul Letcher with one exception. I do not believe that they include all the American investment in the Mexican government, state and municipal bonds held abroad. On the other hand, neither Consul Letcher’s figures nor the other compilation represent the actual full value of American investments in Mexico at the fall of Diaz in 1911. It is important that this fact be remembered because by that date the moneys which had gone into Mexico for foreign enterprise had increased many fold through the energy which went with them and pushed them forward to success. I believe that the original American investment had grown, by 1911, to fully $2,000,000,000, but in order to be absolutely just from the Mexican viewpoint we can discuss the damages on the basis of the actual cash invested--the loss, incidentally, looms even greater. On the other hand, we must not forget that however the Mexicans may claim that the increase in values represents an “exploitation” of their country’s resources, the concomitant advance in all values throughout the land in the era of Diaz was almost entirely the direct result of those same foreign enterprises. From many sources, including of course the two authorities which have been quoted, I have estimated the American investment of actual cash capital and have set against it the losses in actual physical damage and in ruined business, since 1910, as follows: AMERICAN CAPITAL IN MEXICO