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132 present arrangement; and he is apparently strong enough to prevent a change. But perhaps not! The government may not be convinced.

The mint in Mexico City is coining fifty thousand dollars' worth of silver fifty-centavo pieces every day, and much more gold. But no machine or collection of machines can make money as fast as a wasteful Republic can spend it. I doubt whether one machine can make money fast enough to pay the salary of a general who, by chance, may be a governor, an inspector, and something else too. One man in Mexico is not necessarily made for one job.

Since the spring of 1917 there has been a change in the attitude of certain foreign investors toward the Carranza Government. There has been apparent an inclination to work with the officials. Canadian and American merchants have been again looking after Mexican business. So, too, the British. Some of these people have already discussed claims with the government, and there has been a belief that they will be able to agree with the officials. This is shocking those who believed there was no chance of the Carranza Government's continuing so long.

While in Mexico, talking with a large number of foreigners, I found that those who were showing a willingness to co-operate with the authorities were not only being encouraged by the results but they believed it would be profitable.

"Concessions" is the most hated of all words by