MEXICO: Troubles & Taxes

Main problem facing the Government of chub-cheeked President Lázaro Cárdenas is to find revenues with which to operate. When Mexico four months ago expropriated the British and U. S.-owned oil industry, the Government lost one out of every 15 pesos of Federal income which had come from oil taxes. So far the former foreign-owned oilfields, now Government operated, have proved a liability. British and U. S. purchases of Mexican oil have dried up. Virtually the only oil the country has disposed of has been several hundred thousand barrels delivered to Germany in...

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