Incomplete holograph draft of <ref target="/catalogue/record/MINT00716">MINT00716</ref> (Mint 19/3/482), followed by calculations relating to the tin trade and two holograph drafts of <ref target="/catalogue/record/MINT00715">MINT00715</ref> (Mint 19/3/483)

504

May it please yoryour LordpLordship

I humbly beg leave to lay before yoryour Lordship a further account of yethe Tin Mr Drummond by a Warrant dated Octob. 20th 1704, had 400 Tunns of consigned to him & company at Amsterdam to be disposed of after the best rates not under 44 $\frac{1}{2}$ Guilders per hundred merchant weight of Holland (that is not under 4li 2s 4d per Ccwt averdupois) for a commission of two per cent clear of all charges & advanced 22500li upon it at 14li per cent paid upon notice of its arrival at Amsterdam. An the like quantity was consigned to him Iune 8th 1705 on the same terms. The first parcel was sold in about 15 months, the second (by openiong a trade over the Rhene into France) in about9 or 10 months. And both parcels produced by the sale 63014li clear of interest & all other charges except the duty of 3s per Ccwtwt. Which produce is after the rate of 3li 19819817s 9 $\frac{1}{4}$ 9 $\frac{1}{2}$ 1 $\frac{3}{4}$ d per Ccwtwt. Part of wchwhich money came in some time after the sale.

Mr Stratford & part as Mr Free Feb. 20, 170

\frac{4}{5}

had 250 Tunns of Tin consiged to Hamburgh upon the like terms & upon notice of its arrival at Hamburgh advanced 12000li ipon it at 4 per cent. Sixteen blocks were lost by an unsolvent chapman & the rest produced 19286li 11s 9d clear of all charges interest & all other charges except the duty of 3s per Ccwtwt: wchwhich produce is after the rate of 4.4.3.li 0.0.19.s 441

\frac{1}{2}

d per Ccwt wtweight. Part of wchwhich money came in late. The present Commissions to sell when the time comes are less advantageous then the former. There is no lowest price set. They interrupt the course of payments. And by the great quantity of Tin lying abroad put a damp upon the markets till the sale begins. TA merchant may have Tin here for 3li 19s prper Ccwt including the Duty, & ship it off for 6d prper Ccwt or less & will scarce reccon the shipping it off & carrying it to Hamborough at above 1s6d per Ccwt. The Duty there & housing may be also 6d & the interest of the price till it arrives at Hamburgh 43d more. Tin therefore at 3li 16 per Ccwt in the Tower &stands the merchant in about 4li. 0s. 109d at Hamborough. is of equal value to yethe Merchant in ready money shouldTherefore And if her Majesty sell it thereshould sell it there to the Merchant at Hamboroug for ready money wthwith at a set price, something must be abated of 4l. 0s. 109d to incline him to buy at Hamborough rather then at London. If 4li per Ccwt should be the price & 1s 6d should beto the merchant at Hamborough& the charges of an Office for selling it, the Queen would receive but 3l. 18s 6d per Ccwt. That market may take off 200 Tunns per an& 1s 6d per & upon thatis quantity sold, will amount to 300li pr an wchwhich is scarce enough for all the charges of such an Office.wchwhich would scarce be enough be less then 1s 6d per Ccwt, lbe dseducdted, the Queen will receive but 3li 18s 0d or 3li 18s 6d per & & this without advancinghaving any part of the money advanced. If Mr Stratford & partners will give after the rate of 4li prper cent Ccwt & within one month after the consinetmtconsignement of every 100 Tuns for sale advance the full price of 8000li: the bargain (considering that it willwill revive the market & diminish the Tin abroad & bring in more money to her MatyMajesty & that her MatyMajesty runs no risque of selling upon upon trust nor stay for any part of the money till debts can be got in;) will be much more advantageous then any of the Commissions above mentioned besides the duty of 3s per Ccwt saved to her MatyMajesty And the money coming in before the sale I reccon an advantage of prper above that of receiving it for the Queens warrehouse at Hamburgh for Tin sold to yethe Merchants And to take 100 Tunns at a time & pay here within a month is better by four or five months interest of the money then to take only 10 or 20 Tunns at a time for ready money at Hamborough: besides not to no ion the interest of the money received till it can be returned from Hamborough to London. So that to set up an Officer there, wouldmay be three or four shilling per Ccwtwt loss to her MatyMajesty besides the hazzard of mismanagemt. So thatAnd therefore this bargain would be 3 or 4s per Ccwt better then to set up an Office for sale. And as for The Objection of a monopoly the lies as much against all the Commissions above mentioned He will not He will not & the merchants to not object it. is not made by the MerchtsMerchants. Mr Stratford will not disable other Merchants from sending Tin to that Market if they can get by it: & a high price (wchwhich is the fault of a monopoly) would invite them thither. Mr Stratford He willwill be enabled to undersell other Merchants by about 9d in the Ccwt (wchwhich willwould promote the sale) but not to raise the price of the market. He reccons that he can sell 200 Tunns per anannum, & theat market mayusually takes of Tunns more. Anabout 2t0 Tunns more about 40220. Tunns per an. And to take 100 Tuns at a time & pay wthwithin a month is better by three or four months interest of the money then to take only 10 or 20 Tuns at a time for ready money. The Tin sold the two last months came tosince towithin thein Iune Iuly & Augt comes to about 717000li sale between this in the quarter ending at Christmas may bring in as muchused to be carry of be the & not mumoreless then in any the sales being slack in yethe winter monthsother Quarter.. Sr Henry The Tin in Mr Berangers hands when his course of paymtpayment comes may be sold by parcell to other Merchants who will to pay off his debt. & Mr Drummond may probably prove a good Chapman. The Officers of the Mint We The Officers of the Mint have been of opinion that her MatyMajesty loses by private contracts & Cpsomething by all something by sending Tin abroad upon private contracts & commissions but the Tin is already abroad & whether her MatyMajesty shall now be at the charge of setting up new Officers abroad for selling no more then 200 Tuns per annannum in an Office, is a new question, wchwhich has made me think it my duty to state the matter thus fully to your LordpLordship. 9

\frac{1}{2}

. 10d :: 8

\frac{1}{2}

\frac{170}{19}

d = 8

\frac{18}{19}

d per Lwtpound weight Hamburgh =

\frac{170, 92}{1900}

d per lwtpound weight averdupois =

\frac{17, 46}{95}

d per lwtpound weight averdupois =

\frac{17, 46, 112}{95}

d per Ccwt 505 Petty charges in shipping off 400Tuns =42li. 18s. 10d. Carrying it out of the Tower 1s prper Tunn 20. 0. 0. 62. 18. 10 Porterage & other charges in shipping of another 400 Tuns for HambHolland. 66. 18. 2 62. 18. 10 130li. 0. 0 800Tun = 1600Ccwt = 130li =260605200s = 312000d. 1Ccwt = 2d. In the Tower the small charges of shipping come to but 2d per Ccwt but yethe Merchants allow 6s per Ccwt My Lord I herewith send yoryour LordpLordship a further rReport about the state of yethe Tin, and also a copy of the Report formerly made by the Officers of the Mint upon a Petition from Cornwall for renewing the contract for Tin at such a price that her MatyMajesty might not be a loser, & for taking off a greater quantity of Tin then before. I have also adder I am My Lord YorYour LordpsLordships mostt humble & most obedtobedient servant Is. Newton My LdLord I beg leave to send your LordpLordship the two annexed papers The one is a further report upon the Tin. The other is a copy of the Report formerly made by the Officers of the Mint upon a Petition from Cornwall. The Petition was for renewing the contract for Tin at such a price that her MajtyMajesty might not be a loser & for taking off a greater quantity of tin. then before