Draft of MINT00702 (Mint 19/3/566)

<563r>

To the R^t Hon^ble the Lord High Treasurer of England. ^[1]

May it please yo^r Lord^p

In obedience to your Lord^ps Order of Reference of the 19^th instant upon M^r Drummonds Letter wherein he proposes that upon the receipt of 400 Tunns of Tin at Amsterdam or within 14 days after, he will there pay to {illeg}|yo|^r Lord^ps Order 4 pounds sterling per C, w^ch is 32000 pounds sterling in all, at the rate of 10 Gilders 10 stivers p^r pound, rebating 4 p^r cent for paying ready money; the freight, duty in Holland & all other charges after it is once on board, to be for his account:

We humbly represent to yo^r Lord^p that the Tin put on board will stand her Maj^ty in 4^li per C, viz^t 3^li 16^s the price sold at here, 3^s custome & one shilling petty charge for shipping it. And that the payment of this moeny within 14 days after the arrival of the Tin at Amster\a rebate of two p^r cent {illeg} \seems to us/ a sufficient recompence for paying ready money./dam, at 10 Gilders 10 stiver p^r pound, with a rebate of 4 p^r cent w^ch in Holland is one years interest, is equivalent as advantageous to him as if he had time given him\amounts to as much as if/ \time were given M^r Drummond/ till the Tinn arrives at Amsterdam besides & for a year & 14 days longer, besides his paying the money at a low rate of Exchange, & being freed from the hazzards of y^e sea. All w^ch renders the contract manifestly disadvantageous to her Maj^ty.

For since M^r Drummond has sold 400 Tunns of Tinn in ten months as he represents in his Letter; if we should sell the like quantity in the Tower in that time in small parcells for ready money either to him or to other Merchants trading to Holland; the Tin being constantly selling would produce some of the money every day & half of it in half the|a||t| time of sale {illeg}: w^ch would be as advantageous to her Ma^ty as if we were to receive the price of |y^e| whole at once in the middle of the|a||t| time of sale, |[|that is, at the end of \the first/ five months & this without any hazzard at sea or loss by Exchange.\And therefore her Maty should allow interest for so much time only as she receives the money before the end of the five months next ensuing the delivery of the Tin: w^ch interest will in M^r Drummonds case will {sic}/ For the use of one half of the money received by parcells in the first five months, would recompence te want of the use of the other half to be received in like parcells in the last five months.|]| And therefore |her Ma^ty by ready money \receiving the whole price in the begining/ would gain \the/ interest| /only for five months & & by consequence should allow\
    Whence we humbly conceive that M^r Drummond should be allowed\should be allowed/ interest only for |[|five months dated from the delivery of the Tin at the Tower, or rather for|]| so much of the five months \next after the delivery/ as remain when he pays the money \in Holland/: w^ch interest will scarce exceed two p^r cent. And therefore\so that/ \And so/ the four p^r cent w^ch he demands is about two p^r cent too much.

Also the ris of the sea, w^ch by his \And since he/ proposin|es|g to pay for the Tin upon its arrival at Amsterdam he|r| seems to place upon her Maj^ties account, is by\Ma^ty runs a risque at sea w^ch/ Merchants reccon{ed} at two p^r cent. So that her Maj^ty <563v> by this contract would lose 2 p^r cent interest & 2 p^r cent {illeg}|in|surance, in all 4 p^r cent: w^ch \is above 3^s p^r C &/ in the whole price of 32000^li amounts to 1280{illeg}^li.

And there may be a further loss as great by paying the money in Holland at 10 Gilders 10 stiver p^r pound sterling, w^ch \the Exchange/ at present |be|is|n||g| there at 11 Gilders p^r pound sterling, as we heare from Merchants.

And we further lay before yo^r Lord^p that the former contracts have hitherto discouraged all other Merchants from exporting Tin into Holland; who, as we are very credibly informed, are ready to export it thither in good quantities so soon as Trade shall be left free.

All which is most humbly submitted to yo^r Lord^ps great

Wisdome.

^[2]

And by proposing to pay the money at {illeg} 10^G 10^st p^r pound st. |[|\{illeg}|a|s we/ w^ch is none at 10^G 15 or 16^st|]| he reccons to have a preference of one p^r cent

Besides the\preference is/|& 1 p^r cent| preference w^ch he demand{illeg}|s| of 1 p^r cent in the exchange, in all, 5$\frac{1}{4}$ p^r cent, w^ch is abou{illeg}|t| 4^s 2{illeg}^d p^r C^wt{illeg}, & in the whole price of 32000^li amounts to 1680^li sterling.

\He proposes/ |If| The course of Exchange w^ch at p^rsent & {illeg}\in Holland/ is 10 G 15 or 16^st falls down to 10 G 12^st before he pays the money, h{illeg}|i|s preference in the exchange may be about 1 ^pr cent otherwise it may be greater. For h|H|e proposes to pay \only/ 10 G 10 st for 1^lib sterling.|,| w^ch is {illeg} about 2$\frac{1}{2}$ below the
   Whether present course of exch. at Amsterdam, so that |[|unless the course falls 1$\frac{1}{2}$ per cent before he pays the money, h{illeg}|i|s will get above 1 p^r prefernece by\is/ the|i||s| course of exchange will be above 1$\frac{1}{2}$ p^r cent] if the Tin were now on board, his preference in this course might be 2 or 2$\frac{1}{2}$\about 1 or 1$\frac{1}{2}$/ per cent more then we have recconed w^ch he reccons 1 p^r cent might prove 2 or 2$\frac{1}{2}$ per cent.

We cannot affirm what quantity of Tin

And we further lay before yo^r Lord^p that \formerly heretofore/ in times of peace Holland & \Flanders/ have taken off about     Tuns of Tin p^r an {illeg}|b|esides what has been sent into France, & that her Maj^ts Tin has gone sol\{illeg}/ \in the first year of |t|her present contract w^th the stannaries & most part of the second year/ the Pewterers supplied Holland with their own Tin the first year of her Maj^ts \p^rsent/ contract \w^th the stannary/ & {illeg}|m|o{illeg}|st|{illeg} part of the second \year/, & as their |stock of| Tin was\has/ consumed, the sale of her Maj^ts tin has mended; \that it has mended this last year as well in the Tower as in Holland &/ that the former/former\ \late/ contracts w^th M^r Drummond have hitherto discouraged \all/ other Merchants {illeg} from exporting Tin into Holland & that others who are other as we are \very/ credibly informed are ready to export it thither in good quantities so soon as |{|{illeg}|t|h{illeg}|e| {illeg}|p|reference is at an end ceases. /they can do it upon equal terms.\