# On differences between the customary par and the current rate of exchange between English and French money at Dunkirk, and what proportion of the loss should be born by the Crown.

In the course of Exchange, nine pounds sterling are
recconed at a par with 100 Gilders specie money of Holland,
or 1^{li} with 11 Gild^{rs} 2$\frac{2}{9}$ Styvers. But 1^{li} sterling lately
passed in Holland only for 10 Gilders & 9 or 10 styvers, or
at a medium for 10 Gild^{rs} 9$\frac{1}{2}$ Styvers. The defect is 12$\frac{13}{18}$
Styvers, whereof her Maj^{ty} allowed to the forces in
Flanders 5$\frac{1}{2}$ Styvers, w^{ch} 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 w^{ch} passes at
Dunkirk & in France for five Livres is worth 5^{s} 1^{d}
sterling. And at this rate 20^{s} sterling are worth 19
livres 13$\frac{27}{61}$ sous. But 20^{s} 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 Ma^{ty} & 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 Maj^{ts} proportional part of the defect:
w^{ch} added to 17 livres the current value of 20^{s} sterling
at Dunkirk, makes her Maj^{ts} allowance {illeg}|18| livres 3 sou{illeg}|s|
for 20^{s} sterling, recconing a French crown new species at 5 livres. But her Maj^{ty} may alter the proportion at pleasure & make the allowance in a rounder number.

When nine pounds sterling are recconed at a par
w^{th} 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}$\frac{\mathrm{}}{\mathrm{}}$ Gilders 9$\frac{4}{9}$ styvers. And \then/ the
loss by the exchange is about a Gilder, whereof her Ma^{ty} bare
only 5$\frac{1}{2}$ styvers, w^{ch} is about a quarter of the whole loss. And
according to this proportion her Ma^{ty} should beare but about
a qu{illeg}|a|rter of the loss by the exchange at Dunkirk|.|, w^{ch} 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
Ma^{ts} 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.