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In the course of Exchange, nine pounds sterling are recconed at a par with 100 Gilders specie money of Holland, or 1li with 11 Gildrs 229 Styvers. But 1li sterling lately passed in Holland only for 10 Gilders & 9 or 10 styvers, or at a medium for 10 Gildrs 912 Styvers. The defect is 121318 Styvers, whereof her Majty allowed to the forces in Flanders 512 Styvers, wch is a{illeg}|lm|ost one half o{illeg}|f| the defect or loss by the exchange.

The par between English & French money is|of| not|th||e| new species is not yet setled by the course of the Exchange: but by weight & assay I find that an unworn French crown piece of the new species wch passes at Dunkirk & in France for five Livres is worth 5s 1d sterling. And at this rate 20s sterling are worth 19 livres 132761 sous. But 20s sterling pass at Dunkirk for only 17 livres. The defect or loss is 2 l{illeg}|i|vres 132761 sous to be divided between her Maty & the forces. And as 121318 styvers to 512 styvers, so are 2 livres 132761 sous to 23 sous, her Majts proportional part of the defect: wch added to 17 livres the current value of 20s sterling at Dunkirk, makes her Majts allowance {illeg}|18| livres 3 sou{illeg}|s| for 20s sterling, recconing a French crown new species at 5 livres. But her Majty may alter the proportion at pleasure & make the allowance in a rounder number.

When nine pounds sterling are recconed at a par wth 100 Gilders as above the specie money of Holland is overvalued by about 314 per cent:|.| For the thre– Gilder piece unworn is worth only 6{1}|2||34| pence sterling by the weight & assay. And thence nine Gilders pounds sterling are worth intrinsecally worth ab{illeg}|o|ut 10314 Gilders. And one pound {illeg}|st|erling \which lately passed at about 10 G 912 st/ is worth 11 {illeg} Gilders 949 styvers. And \then/ the loss by the exchange is about a Gilder, whereof her Maty bare only 512 styvers, wch is about a quarter of the whole loss. And according to this proportion her Maty should beare but about a qu{illeg}|a|rter of the loss by the exchange at Dunkirk|.|, wch is about 14 or 15 sous. But the rules of the Exchange where they are setled being\are/ \being/ generally followed, I {illeg}|p|r{illeg}|e|sume it might be her Mats intention to beare about one half of the loss by the exeange {sic} \in Holland/|,| as in the recconing first set down in this paper.

© 2020 The Newton Project

Professor Rob Iliffe
Director, AHRC Newton Papers Project

Scott Mandelbrote,
Fellow & Perne librarian, Peterhouse, Cambridge

Faculty of History, George Street, Oxford, OX1 2RL - newtonproject@history.ox.ac.uk

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