'Considerations upon Trade'

Author: Isaac Newton

Source: MINT 19/2/604, National Archives, Kew, Richmond, Surrey, UK

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  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
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  - 15 March 2017
    - Transcribed by Will Scott
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<604r>

Considerations upon Trade

The french \are poor &/ work cheaper then the English & therefore will not buy much of y^e English manufactures where they can have a good of their own. But the English will by {sic} much of the French manufactures because of their cheapness & must pay the ballance {illeg}|of| trade in money. The case is much the same as that of o^r trade w^th India whose manufactures by reason of their ch|e|apness carry away our silver & hinder the consumption of o^r own manufactures.

We can have no bullion but from the West Indies belonging to Spain & Portugal. The question is whether {illeg}|w|e shall trade with those nations immediately for bullion, or by the mediation of France.

In the reign of K. Cha I, while England furnished the Spaniards in their warrs in Flanders the c{illeg}|o|inage was very great amounting to \about/ 8 millions In the twelve years between {illeg}|th|e death of K. Cha: I & the return of K. Cha: II the cross & Harp money amounted not to more then {6}|8|00,000^li w^ch is less then 70,000^li p^r an at a medium. Soon after it encreased till in y^e last 10 years of K. Cha: II & {illeg}|K| Ia: II it amounted to above 500,000^li p^r an. Then by y^e French war it fell to {illeg}|2|00,000^li per an in gold at a medium. In y^e four years between y^e first & second French wars it amounted to 450,000^li \per an/ at a medium. In the first se|i|x years of y^e 2^d French war by the want of y^e Spanish trade it fell to about 24,000^li p^r an, & afterwards by the Portugal & Iamaica trade increased so as at p^rsent to be above|ut| 2|3|00,000 p^r an, & therefore is as good as ever, & by the addition of the Spanish trade will be better then ever if the French trade do not abate it.

The French manufactures of Linnen & Silk have formerly amounted to above 800,000^li p^r an, their {illeg}|w|ines & Brandies to above 200,000^li {illeg}|their| {illeg}|other| {illeg}|commod|ities to above 100,000^li. Where shall we have manufactures & other commodities to ballance this trade, over & above what will be necessary to carry on o^r trade w^th P{illeg}|o|rtugal Spain & the West Indies for Bullion.

What need is there of a trade between England & France for manufactures of Silk & wo\o/llen. Abate this trade & the rest will not must hurt us.