the time of making their contracts.[1] It was during the most depressed period of the mining industry that Lúcas Alaman[2] secured the coöperation of English and French capitalists, who formed themselves into the United Mexican Mining Company, having in view, mainly, to renew operations in the Cata mine, in which he was personally interested. It was but natural that. such companies should turn their attention to Guanajuato. Hence the above named, and another association called the Anglo-Mexican, acquired shares in the most prominent mines of that district, particularly in the Valenciana, the draining of which by the latter was begun in 1825.[3] In September of the following year, the outlay had already reached $672,000, when the task was given up as impracticable. The United Mexican Mining Company, which had renewed work on the Rayas mines, second only to the Valenciana, fared somewhat better. The expenditure of $412,000 for draining was repaid by a good production of ore. But the yield never reached the possible maximum. In fact, at the expiration of the contract in 1841 it was not renewed. The same company had contracts in other mines, whose results were indifferent.[4]
Unfortunately, the same fickleness so noticeable in former years in the general policy of the government prevailed in regard to revenue from mining — reducing the duties and imposts one day, only to excessively augment them when least expected. The conse-
- ↑ Some well-written remarks on the subject appeared in the Brit. Quart. Rev., 1827, 91 et seq., xxx. 167-70.
- ↑ He had exerted himself as a Mexican deputy to the Spanish córtes, on behalf of protection to mining. In after years he rendered valuable services to manufactures in his country.
- ↑ The undertaking was a laborious and costly one. The principal shaft was the largest and deepest of all Mexican mines. Duport, Mét. Préc., 215; Evins' Sister Rep., 197 et seq. The Valenciana's profits in 1808-9 were still $200,000; in 1823 they had been reduced to $4,000.
- ↑ The English companies, having shares in mines of Guanajuato, Zacatecas, Sombrerete, and El Oro, had invested since 1826 about $5,000,000, of which they had recovered in 1829 about $3,000,000. Alaman says that other companies lost all their capital. A German company was more fortunate. Burkart, Reisen, i. 100-2, 114-15; Niles' Reg., xxiii. 27, 228; Mex., Diario Ofic., Feb. 26, 1879. The immense losses sustained by the share-holders were mainly caused by the difficulties and expenses of transportation. Dahlgren's Hist. Mines Mex., 20.
