MEXICO FUND INC
SC 13G, 1997-02-26
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<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G



                    Under the Securities Exchange Act of 1934



                              The Mexico Fund, Inc.
                                (Name of Issuer)

                                  Common Stock
                         (Title of Class of Securities)

                                    592835102
                                 (CUSIP Number)



Check the following box if a fee is being paid with this statement / /. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                                                                     Page 1 of 5
<PAGE>   2
                                  SCHEDULE 13G

CUSIP NO. 592835102

- --------------------------------------------------------------------------------
1.       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         OLLIFF & PARTNERS PLC, a company incorporated under the laws of 
         England & Wales

- --------------------------------------------------------------------------------
2.       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*  (a) /   /.
                                                            (b) /   /.

- --------------------------------------------------------------------------------
3.       SEC USE ONLY


- --------------------------------------------------------------------------------
4.       CITIZENSHIP OR PLACE OF ORGANIZATION

         GREAT BRITAIN

- --------------------------------------------------------------------------------
                                5.       SOLE VOTING POWER
                                         3,740,100
          NUMBER OF
                                ------------------------------------------------
            SHARES              6.       SHARED VOTING POWER
         BENEFICIALLY                    0
           OWNED BY
                                ------------------------------------------------
             EACH               7.       SOLE DISPOSITIVE POWER
          REPORTING                      3,740,100
            PERSON
                                ------------------------------------------------
             WITH               8.       SHARED DISPOSITIVE POWER
                                         0

- --------------------------------------------------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
         3,740,100

- --------------------------------------------------------------------------------
10.      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
         /   /.

- --------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
         7.5%

- --------------------------------------------------------------------------------
12.      TYPE OF REPORTING PERSON*
         BD

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!


                                                                     Page 2 of 5
<PAGE>   3
                            STATEMENT ON SCHEDULE 13G


Item 1(a).    Name of Issuer:

              The Mexico Fund, Inc.

Item 1(b).    Address of Issuer's Principal Executive Offices:

              339 Park Avenue,
              New York,
              New York, 10022

Item 2(a).    Names of Person Filing:

              Olliff & Partners PLC

Item 2(b).    Address of Principal Business Office or, if none, Residence:

              10 Eastcheap
              London EC3M IAJ
              England

Item 2(c).    Citizenship:

              Great Britain

Item 2(d).    Title of Class of Securities:

              Common Stock

Item 2(e).    CUSIP Number:

              592835102



Item 3.       If this statement is filed pursuant to Rules 13d-1(b), or 
              13d-2(b), check whether the person filing is a:

              (a) /X/ Broker or Dealer registered under Section 15 of the Act

              (b) / / Bank as defined in section 3(a)(6) of the Act

              (c) / / Insurance Company as defined in section 3(a)(19) of the
                  Act

              (d) / / Investment Company registered under section 8 of the
                  Investment Company Act

              (e) / / Investment Advisor registered under section 203 of the
                  Investment Advisers Act

              (f) / / Employee Benefit Plan, Pension Fund which is subject to
                  the provisions of the Employee Retirement Income Security Act
                  of 1974 or Endowment Fund; see Section 240.13d-1(b)(ii)(F) 
                  (Note: See Item 7)

              (g) / / Parent Holding Company, in accordance with Section
                  240.13d-1(b)(ii)(G).


                                                                     Page 3 of 5
<PAGE>   4
                  (Note: See Item 7)

              (h) / / Group, in accordance with Sec. 240.13d-1(b)(ii)(H).

Item 4.  Ownership:

         (a) Amount Beneficially Owned: 3,740,100 as of 31st December, 1996

         (b) Percent of Class: 7.5%

         (c) Number of shares as to which such person has:

                (i) sole power to vote or to direct the vote: 3,740,100

                (ii) shared power to vote or to direct the vote: 0

                (iii) sole power to dispose or to direct the disposition of:
                      3,740,100

                (iv) shared power to dispose or to direct the disposition of: 0

Item 5.  Ownership of Five Percent or Less of a Class:

         Not Applicable

Item 6.  Ownership of More than Five Percent on Behalf of Another Person:

         Not Applicable

Item 7.  Identification and Classification of the Subsidiary Which Acquired
         the Security Being Reported on By the Parent Holding Company:

         Not Applicable

Item 8.  Identification and Classification of Members of the Group:

         Not Applicable

Item 9.  Notice of Dissolution of Group:

         Not Applicable

Item 10. Certification:

         By signing below, I certify that, to the best of my knowledge and
         belief, the securities referred to above were acquired in the ordinary
         course of business and were not acquired for the purpose of and do not
         have the effect of changing or influencing the control of the issuer of
         such securities and were not acquired in connection with or as a
         participant in any transaction having such purposes or effect.


                                                                     Page 4 of 5
<PAGE>   5
Signature


After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Dated: 14th February, 1997

                                           /s/ D.A. Fowle
                                           ---------------------------
                                           Name: D.A. Fowle
                                           Title: Director


                                                                     Page 5 of 5


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