# Holograph draft memorandum on the Queen's trade in tin, predicting a loss to the Crown of over quarter of a million pounds by the end of a seven-year contract with the Cornish tin mines.

The 1600 Tuns of Tin bought annually in Cornwal amounts to 1714$\frac{2}{7}$ Tuns averdupoi in Merchants weight to 1714$\frac{2}{7}$ Tunns annualy\yearly/ & in all the seven years to 12000 Tunns. Between Apr 6^{ty} 1704 & Sept 12^{th} 1705 there has been sold by the Pewterers {{7}|6|}00 Tons, by the Officers of the Mint 488 Tons & by M^{r} Drummond about 1000 blocks or 144 Tonns, in all 1232 Tons w^{ch} is after the rate of 860 Tons per an. From the 12000 Tons deduct the 488 Tons & the 144 Tons already sold & there will remain to be sold 11368 Tons. Deduct further 860 Tons per an for the 5$\frac{1}{4}$ years to com{{illeg}|e|} & {the} at the end of the term of the bargain there will be sold of 5148 Tons & remain in the Queens hands {& the} 6853 Tons. Which will 8 y^{rs} more to sell it all supposing a cessation of digging Tin in Cornwall all that time & without such a cessation it may require a much longer time.

The Queen pays annualy for Tin 112000^{} Salaries 3000 carriage by sea 2000 incident charges about 1200^{li} in all 118200^{li} besides in {illeg}|&| in all the seven years 8{illeg}|27400| besides interest. Her Maj^{ty} has receved for 632 Tons already sold 48032^{} & will receive further for 860 Tons 65360^{li} annualy & in all the 5$\frac{1}{4}$ years to come 3431{illeg}|4|0. Deduct the 65360^{} from the 118200^{li} & the 343140 from the 827400 & the Q. will run in debt 52840 yearly & at the end of the {illeg}|time| of the bargain be in debt {illeg}4|48426|0 besides interest w^{ch} amounts to about 64000\72000/^{li} more, so that y^{e} whole debt will be about {illeg}|556000|^{}. |& for paying of it off y^{e} Q. has 6897 Tons of Tin remaining in her|

The price of Tin in Cornwal has sometimes fallen to 50^{s} & 58^{s} & {illeg}\even/ 45^{s} p^{r} Ton\/ merchants weight: & the great glut of Tin {in}|w|hen the time of y^{e} bargain expires may make it fall down to 45^{s} p^{r} Ton\/ in London or lower. The 6853 Tons of Tin at 45^{} p^{r} will bring in 30{illeg}|838|5^{} w^{ch} deducted from the said debt of 556000^{} leaves the Queen 25{illeg}|7|615^{} a loser by the bargain besides the interest of the debt till it be paid off. w^{ch} in{est} the 30 while the tin is selling off; w^{ch} interest if the Tin be eight years selling off or above will {illeg} amount to about 194787^{li} or above so the Queen will lose \at least/ {illeg}|45|{illeg}/2\402 by the bargain.

By the like computation I find that if for y^{e} future Tin should be sould after the rate of 1000 Tons p^{r} an, there would remain in y^{e} Queens hands at the end of the term 6118 Tons & the Queen would be then in debt {44703}\380368/^{} besides interest of money taken up to carry on the service w^{ch} interest would amount to about {65971}\58320/^{li} & make the whole debt {illeg}/445939\\438688/^{}. And the 6118 Tons \sold/ at 45^{s} p^{r} Ton would bring in {illeg}|2|75310^{} w^{ch} deducted from the debt would leave the Queen 237293\170629//163378{illeg}\^{li} in debt\a loser/ besides the intere{st} {illeg}|o|f the debt while the tin is selling off, w^{ch} may amount to about 58320\above 108372/^{}, & so make y^{e} Queen 2{illeg}8949^{} a loser above 271750^{li} a loser by the bargain.