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434 MEXICO. rapidity with which the works required for the drainage, were advancing towards their conclusion. Without adopting implicitly these calculations, I am bound to state that they are made by a gentleman of undoubted ability, and that the works, by which they are to be realized,, have been carried on by him with the greatest science and activity. I confess, however, that Captain Vetch's expectations, with regard to Real del Monte, are more sanguine than my own, because his estimate of the probable produce considerably ex- ceeds the average registered amount of former times. He, however, justifies his calculation, with regard to the Biscaina vein, (the most important of all,) by stating that it is founded upon the produce of its best years, (from 1794 to 1801,) when it yielded six millions of dollars ; and that it is not assuming too much to say that, with improved machinery, and an improved system of working, it may again be brought to the same standard, as soon as the deeper levels are reached ; in which it is universally admitted that the richest ores were found, although, from the difficulty of keeping them free from water without steam-engines, they were ultimately abandoned. Should these expectations be realized, and the produce of the year 1829 amount to two millions of dollars, deducting one million for the expense of keeping up the estabhshment, the whole outlay of the Company, (400,000/.,) would be re- paid in 1830 ; after which period, they would, as long as the mines continued to yield ores in the same ratio, after dividing the profits with the proprietor, receive an interest of 750,000 dollars, (or about thirty-four per cent.) upon a nominal capi- tal, of the use of which they would have been deprived for only five years. Reduce these profits to twenty-five, or twenty per cent., during the time for which the mines are contracted, and they will still be enormous ; although not at all equal to those which Captain Vetch expects to derive from Bolanos, where, by the