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Although the expences are doubled, the profits of the share-holders have remained nearly The following table contains an

the same. exact state

of the mine for the last nine years.

* Estado que manifiesta el valor de los frutos que ha producido la mina de Valenciana, costa de sus memorias y liquido producto, a favor de sus duenos; lo presentd Don Joseph Antonio del Maso, al Excellentissimo Señor Virey de Nueva España Don Joseph de Yturigarray, el 3 de Julio 1803. (M. S.)

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The result of this table is, that the net profit of the share-holders has been latterly at an average of 640,000 piastres per annum. * In 1802 circumstances were extremely unfavourable. The greater part of the ores were very poor, and their extraction attended with great expence; 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 half a million of piastres. † I saw them sell weekly at Valenciana, silver ores to the amount of more than 27,000 piastres: the expences amounted to 17,000. At Rayas, the profit of the proprietor was greater, though the produce was less; for this mine furnished more than 15,000 piastres of ores weekly, while the expence of working only amounted to 4000 piastres. 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.

* Above 3,360,000 livres tournois. (140,011. sterling. Trans.) The profit distributed annually among the shareholders of the district of Freiberg only, amounts to 250,000 livres. (10,4177. Sterling. Trans.)

† 109,3834. Sterling. Trans.

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,

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The consumption of powder alone has amounted to 400,000 livres annually t; and that of the steel destined to the making of pointroles and fleurets to 150,000 livres. The number of workmen who labour in the interior of the mine of Valenciana amounts to 1800. Adding 1300 individuals (men, women, and children) who labour at the baritels a chevaux, in the carriage of ores to the places where they are tried, we shall find three thousand one hundred individuals are employed in the different operations of the mine. The direction of the mine is entrusted to an administrator with a salary of 60,000 § francs, through whose hands upwards of six millions of francs annually pass. This

* 187,5157. Sterling. Trans.
† 16,6687. Sterling. Trans.
62501. Sterling. Trans.
§ 25001. Sterling. Trans.

administrator, who is under the controul of no one, has under his orders an overseer (obersteiger, minero), the under overseers (untersteiger, sottomineros), and nine master miners (mandones). These head people daily visit the subterraneous operations, carried by men who have a sort of a saddle fastened on their backs, and who go by the name of little horses (cavallitos).

We shall conclude this account of the mine of Valenciana, with a comparative table of the state of this Mexican work, and of that of the celebrated mine of Himmelsfürst †, in the district of Freiberg. I flatter myself that this table will fix the attention of those who consider the study of the management of mines as an important object in political economy.

* For the extraordinary manner of travelling on men's backs, see my Vues de Cordillères. Pl. v.

+ Whatever relates to this mine (in the following table) which I have frequently had occasion to visit in 1791, is taken from the work of M. Daubuisson, t. iii. p. 6-45.

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