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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 2$\frac{2}{9}$ Styvers. But 1li sterling lately passed in Holland only for 10 Gilders & 9 or 10 styvers, or at a medium for 10 Gildrs 9$\frac{1}{2}$ Styvers. The defect is 12$\frac{13}{18}$ Styvers, whereof her Majty allowed to the forces in Flanders 5$\frac{1}{2}$ 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 13$\frac{27}{61}$ sous. But 20s sterling pass at Dunkirk for only 17 livres. The defect or loss is 2 l{illeg}|i|vres 13$\frac{27}{61}$ sous to be divided between her Maty & the forces. And as 12$\frac{13}{18}$ styvers to 5$\frac{1}{2}$ styvers, so are 2 livres 13$\frac{27}{61}$ 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 3$\frac{1}{4}$ per cent:|.| For the thre– Gilder piece unworn is worth only 6{1}|2||$\frac{3}{4}$| pence sterling by the weight & assay. And thence nine Gilders pounds sterling are worth intrinsecally worth ab{illeg}|o|ut 103$\frac{1}{4}$ Gilders. And one pound {illeg}|st|erling \which lately passed at about 10 G 9$\frac{1}{2}$ st/ is worth 11 {illeg}$\frac{}{}$ Gilders 9$\frac{4}{9}$ styvers. And \then/ the loss by the exchange is about a Gilder, whereof her Maty bare only 5$\frac{1}{2}$ 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.