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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001072613-99-000067.txt : 19990713
<SEC-HEADER>0001072613-99-000067.hdr.sgml : 19990713
ACCESSION NUMBER:		0001072613-99-000067
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990712

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEXICO EQUITY & INCOME FUND INC
		CENTRAL INDEX KEY:			0000863900
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				133576061
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		
		SEC FILE NUMBER:	005-41350
		FILM NUMBER:		99662498

	BUSINESS ADDRESS:	
		STREET 1:		WORLD FINANCIAL CTR
		STREET 2:		200 LIBERTY ST
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281
		BUSINESS PHONE:		2126675000

	MAIL ADDRESS:	
		STREET 1:		OPPENHEIMER TOWER
		STREET 2:		200 LIBERTY STREET, 38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10281

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO CONVERTIBLE ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900807

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEXICO ADVANTAGE FUND INC
		DATE OF NAME CHANGE:	19900805

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CITY OF LONDON INVESTMENT GROUP PLC
		CENTRAL INDEX KEY:			0001018138
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		10 EASTCHEAP
		STREET 2:		LONDON ENGLAND EC3MLAJ
		CITY:			LONDON
		BUSINESS PHONE:		011441717110771

	MAIL ADDRESS:	
		STREET 1:		10 EASTCHEAP
		STREET 2:		LONDON ENLAND EC3MLAJ
		CITY:			LONDON

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	OLLIFF & PARTNERS PLC
		DATE OF NAME CHANGE:	19960705
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<DESCRIPTION>SCHEDULE 13-G
<TEXT>



                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G



                    Under the Securities Exchange Act of 1934




                     The Mexico Equity and Income Fund, Inc.
                     ---------------------------------------
                                (Name of Issuer)


                                  Common Stock
                                  ------------
                         (Title of Class of Securities)


                                    592834105
                                    ---------
                                  (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
SEC 1745 (10-88)
<PAGE>


                                  SCHEDULE 13G

CUSIP NO.     592834105
              ---------
- --------------------------------------------------------------------------------
1.       NAME OF REPORTING PERSON
         S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

         CITY OF LONDON INVESTMENT GROUP 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
                                          158,494
           NUMBER OF
                                 -------- --------------------------------------
            SHARES               6.       SHARED VOTING POWER
         BENEFICIALLY                     0
           OWNED BY
                                 -------- --------------------------------------
             EACH                7.       SOLE DISPOSITIVE POWER
           REPORTING                      158,494
            PERSON
                                 -------- --------------------------------------
             WITH                8.       SHARED DISPOSITIVE POWER
                                          0

- -------------------------------- -------- --------------------------------------
9.       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
         158,494

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

- --------------------------------------------------------------------------------
11.      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
         1.39%

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

- --------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!
                                                                     Page 2 of 5
<PAGE>
                            STATEMENT ON SCHEDULE 13G


Item 1(a).       Name of Issuer:
                 ---------------
                 The Mexico Equity and Income Fund, Inc.


Item 1(b).       Address of Issuer's Principal Executive Offices:
                 ------------------------------------------------
                 World Financial Centre,
                 200 Liberty Street,
                 New York,
                 New York, 10281


Item 2(a).       Names of Person Filing:
                 -----------------------
                 City of London Investment Group PLC


Item 2(b).       Address of Principal Business Office or, if none, Residence:
                 ------------------------------------------------------------
                 10 Eastcheap
                 London EC3M ILX
                 England


Item 2(c).       Citizenship:
                 ------------
                 Great Britain


Item 2(d).       Title of Class of Securities:
                 -----------------------------
                 Common Stock


Item 2(e).       CUSIP Number:
                 -------------
                 592834105


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) / / 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 Sec.240.13d-1(b)(ii)(F) (Note: See Item 7)
                 (g) /X/ Parent Holding Company, in accordance with
                         Sec.240.13d-1(b)(ii)(G).  (Note: See Item 7)
                 (h) / / Group, in accordance with Sec.240.13d-1(b)(ii)(H).


                                                                     Page 3 of 5
<PAGE>

Item 4.  Ownership:
         ----------
         (a) Amount Beneficially Owned: 158,494 as of 30th June 1999
                                        -------
         (b) Percent of Class: 1.39%
                               -----
         (c) Number of shares as to which such person has:

                 (i) sole power to vote or to direct the vote: 158,494
                                                               -------
                 (ii) shared power to vote or to direct the vote:  0
                                                                 -----
                 (iii) sole power to dispose or to direct the disposition of:
                       158,494
                       -------
                 (iv) shared power to dispose or to direct the disposition of:
                         0
                       -----

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


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:
                 --------
                 City of London  Investment Management Company Limited (IA)
                 City of London Unit Trust Managers Limited (IA)


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>

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: 10th July 1999
       --------------
                                                      /s/   D.F. Allison
                                                      -------------------------
                                                      Name: D. F. Allison
                                                      Title: Company Secretary





                                                                     Page 5 of 5
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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