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SIGNATURE CARLOS H. WOODWORTH
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000065433
<NAME> THE MEXICO FUND INC
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> 586,320,780
<INVESTMENTS-AT-VALUE> 862,485,899
<RECEIVABLES> 562,285
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 863,049,184
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 1,299,532
<TOTAL-LIABILITIES> 1,299,532
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 562,178,531
<SHARES-COMMON-STOCK> 49,715,907
<SHARES-COMMON-PRIOR> 49,715,907
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (150,359)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (16,807,032)
<ACCUM-APPREC-OR-DEPREC> 266,812,605
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<DIVIDEND-INCOME> 10,325,294
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<NET-INVESTMENT-INCOME> 24,968,180
<REALIZED-GAINS-CURRENT> (722,805)
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<DISTRIBUTIONS-OF-GAINS> 0
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<OVERDIST-NET-GAINS-PRIOR> (17,729,459)
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<PER-SHARE-NAV-BEGIN> 13.80
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<PER-SHARE-DIVIDEND> (0.43)
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</TABLE>
To the Shareholders and Board of Directors
The Mexico Fund, Inc.
In planning and performing our audit of the financial statements of The Mexico
Fund, Inc. for the year ended October 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of The Mexico Fund, Inc. is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets
are safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as defined
above as of October 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Arthur Andersen LLP
New York, New York
November 15, 1996.
