Page:Vol 6 History of Mexico by H H Bancroft.djvu/527

Rh the time of making their contracts. It was during the most depressed period of the mining industry that Lúcas Alaman 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. 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.

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