New Spain, the mine of Valenciana has continually yielded an annual produce of more than 583,3801. There have been years so productive, that the net profit of the two proprietors of the mine has amounted to about 250,000l. sterling.

M. Obregon, better known by the name of Count de la Valenciana, preserved in the midst of immense wealth the same simplicity of manners, and the same frankness of character, for which he was distinguished previous to his success. When he began to work the vein of Guanaxuato, above the ravine of San Xavier, goats were feeding on the very hill which ten years afterwards was covered with a town of seven or eight thousand inhabitants. Since the death of the old Count, and his friend Don Pedro Luciano Otero, the property of the mine has been divided among several families*. I knew at Guanaxuato two younger sons of M. Otero, each of whom possessed, in ready money, a capital of 271,8357. sterling, without including the actual revenue from the mine, which amounted to more than 16,6007. sterling.

The constancy and equality of the produce of the mine of Valenciana, is so much the more surprising, as the abundance of the rich mines has considerably diminished, and the expenses of the

* The property of Valenciana is divided into twenty-eight shares, called barres, of which ten belong to the descendants of the Count de la Valenciana, twelve to the family of Otero, and two to that of Santana.

MINING OPERATIONS.

243

works have increased in an alarming proportion, when they have reached a perpendicular depth of 273 fathoms. The piercing and walling of the three old whim shafts cost the Count de Valenciana nearly 260,000. sterling, viz.

The square shaft of San Antonio or tiro viejo, 128 fathoms in perpendicular depth, and four whims

The square shaft of Santo Christo de Burgos, 82 fathoms in depth, and two whims

The hexagonal shaft of Nuestra Señora de Guadalupe (tiro nuevo) 186 fathoms

£.

86,000

22,000

in perpendicular depth, and six whims

152,000

Expense of the three shafts

260,000

Within these twelve years they have begun to dig in the solid rock, in the roof of the vein, a new whim shaft (tiro general), which will have the enormous perpendicular depth of 281 fathoms, terminating at the actual bottom of the mine, or at the planes of San Bernardo. This shaft, which will be in the centre of the works, will considerably diminish the number of the 980 labourers (tenateros) employed as beasts of burden to carry the minerals to the upper places where ore is deposited. The whim shaft, which will cost more than 218,7677. sterling, is octagonal, and contains 87 feet of cir

cumference. Its walling is most beautiful. It is believed that they will reach the vein in 1815, although in the month of September 1803 the depth did not exceed 100 fathoms. The piercing of this shaft is one of the greatest and boldest undertakings to be found in the history of mines. It may be questioned, however, whether for the sake of diminishing the expenses of carriage and draught, it was expedient to recur to a remedy which is at once slow, expensive, and uncertain. The expenses of working the mine of Valenciana have been on an average annually:

Pounds sterling.

From 1787 to 1791

From 1794 to 1802

89,694

194,708

Although the expenses are doubled, the profits of the share-holders have remained nearly the same.

The following Table contains an exact state of the mine for the last nine years.

The result of this table is, that the net profit of the shareholders has been latterly at an average of 139,3727. In 1802 circumstances were extremely unfavourable. The greater part of the ores were very poor, and their extraction attended with great expense; and besides this, the produce was sold at very low prices, because the want of mercury impeded the amalgamation, and all the mines were incumbered with ores. The year 1803 promised greater advantages to the proprietors, and they reckoned on a net profit of more than 109,383/. I saw them sell weekly at Valenciana, silver ores to the amount of more than 5,850%., the expenses of which amounted to 3,6837. At Rayas the profit of the proprietor was greater, though the produce was less; for this mine furnished more than 3,2507. worth of ores weekly, while the expense of working only amounted to 8667. This was the effect of the richness of the ores, their concentration in the vein, the inconsiderable depth of the mine, and consequently a less expensive draught.

To form an idea of the enormous advances required in working the mine of Valenciana, it is sufficient here to mention, that in its present state there must be laid out annually,

L. 136,000

44,000

in wages of miners, triers, masons, and other workmen employed in the mine.

in powder, tallow, wood, leather, steel, and other materials necessary in mining.

Total expense 180,000