Incomplete holograph draft of MINT00716 (Mint 19/3/482), followed by calculations relating to the tin trade and two holograph drafts of MINT00715 (Mint 19/3/483)

<504r>

May it please yo^r Lord^p

I humbly beg leave to lay before yo^r Lordship a further account of y^e Tin M^r Drummond by a Warrant dated Octob. 20^th 1704, had 400 Tunns of consigned to him & company at Amsterdam {illeg}|t|o be disposed of after the best rates not under 44$\frac{1}{2}$ Guilders per hundred merchant weight of Holland (that is not under 4^li 2^s {illeg}|4|^d per C averdupois) for a commission of two per cent clear of all charges & advanced 22500^li upon it at {1}|4|^{li} per cent \paid/ upon notice of its arrival at Amsterdam. An the like quantity was consigned to him Iune 8^th 1705 on the same terms. The first parcel was sold in about 15 months, the second (by openiong a trade over the Rhene into France) in about\9 or/ 10 months. And both parcels produced by the sale 63014^li clear of interest & all other charges except the duty of 3^s per C^wt. Which produce is after the rate of 3^li 19|8| {sic}\17/^s 9$\frac{1}{4}$ {sic}\1$\frac{3}{4}$/^d per C^wt. |Part of w^ch money came in some time after the sale.|

M^r Stratford & {part as} M^r Free Feb. 20, 170$\frac{4}{5}$ had 250 Tunns of Tin consiged to Hamburgh upon the like terms & upon notice of its arrival at Hamburgh advanced 12000^li ipon it at 4 per cent. Sixteen blocks were lost by an unsolvent chapman & the rest produced 19286^li 11^s 9^d clear of all charges interest & all \other/ charges except the duty of 3^s per C^wt: w^ch produce is after the rate of 4. {sic}/3.\^li 0. {sic}/19.\^s 4 {sic}/1$\frac{1}{2}$\^d per C w^t. |Part of w^ch money came in late.|

The present Commissions to sell when the time comes are {illeg}|l|e{illeg}|ss| advantageous then the former. There is no lowest price set. They interrupt the course of payments. And by the great quantity of Tin lying abroad put a damp upon the markets till the sale begins.

T|A| merchant may have Tin here for 3^li 19^s p^r C including the Duty, \& ship it off for 6^d p^r C or less/ & will scarce reccon the shipping it off & carrying it to Hamborough at above 1^s|6^d| |per C.| The Duty there & housing may be \also/ 6^d & the interest of the price till it arrives at Hamburgh 4|3|^d more. Tin therefore at 3^li 16 per C in the Tower &\stands the merchant in about/ 4^li. 0^s. {10}|9|^d at Hamborough|.| is of equal value to y^e Merchant in ready money should\Therefore |And| if/ her Majesty sell it \there\should/ sell it there/ to the Merchant at Hamboroug for ready mon\e/y w^th at a set price, something must be abated of 4^l. 0^s. {10}|9|^d to incline him to buy at Hamborough \rather then at London/. If 4^li per C should be the price & 1^s 6^d {illeg} should be\to the merchant at Hamborough/\&/ the charges of an Office for selling it, the Queen would receive but 3^l. 18^s {illeg}|6|^d per C. That market may take off 200 Tunns per an& 1^s 6^d per & upon that|is| quantity sold, will amount to 300^li |p^r an| w^ch is scarce enough for all the charges of such an Office.\{illeg}w^ch would scarce be {enough} be less then 1^s 6^d per C, {illeg} l|b|e ds|e|ducd|t|ed, the Queen will receive but 3^li 18^s 0^d or 3{^li} 18{^s} 6{^d} per & \& this/ without advancing\having/ any part of the money advanced./

If M^r Stratford & partners will give after the rate of 4^li p^r cent C & within one month after the consin{illeg}|e|^t|m^t| of every 100 Tuns for sale advance the full price of 8000^li: the bargain |(|considering that it w{i}ll\will/ revive the market & diminish the Tin abroad \& bring in more money to her Ma^ty/ & that her Ma^ty runs no ris of selling <504v> upon trust \nor stay for any part of the money till debts can be got in/;|)| will be \much/ m{illeg}|or||e| advantageous th{illeg}|en| any of the Commissions above mentioned besides the duty of 3^s per C saved to her Ma^ty |And the money coming in before the sale I reccon an advantage of p^rper {illeg} above that of receiving it {for} the Queens warrehouse at Hamburgh for Tin < insertion from f 505r > sold to y^e Merchants| < text from f 504v resumes > |And to take 100 Tunns at a time & pay \{here}/ within a month is better by {illeg}|four| or f{illeg}|ive| months| < insertion from the top of f 504r > interest of the money then to take only 10 or 20 Tunns at a time for ready money \at Hamborough/: besides \not {to no} {illeg}ion/ the interest of the money \received/ till it can be returned from Hamborough to London.

So that to set up an Officer there, would\may/ be three or four shilling per C^wt loss to her Ma^ty besides the hazzard of mismanagem^t.

< text from f 504v resumes > < insertion from the top left of f 504r >

So that\And therefore/ this bargain would be 3 or 4^s per C better then to set up an Office for sale.

< text from f 504v resumes >

And as for The Objection of a monopoly the lies as much against all the Commissions above mentioned {He} will not He < insertion from f 504r > will not < text from f 504v resumes > \{illeg}\& the merchants to not object it|.| {sic} {illeg}// /is not made by < insertion from f 504r > the Merch^ts. < text from f 504v resumes > \ |M^r Stratford will not| disable other Merchants from sending Tin to that Market if they can get by it: & a high price (w^ch is the \{illeg}/ fault of a monopoly) would invite them thither. M^r Stratford \He/ will{illeg}\will/ be enabled to undersell other Merchants by about 9^d in the C (w^ch will\would/ promote the sale) but not to raise the price of the market. He reccons that he can sell 200 Tunns per an, & the|a|t market may\usually/ takes of {illeg} Tunns more. An\about {2}t0 Tunns more/ about {illeg}40|220||.| Tunns per an. And to take 100 Tuns at a time & pay {illeg} w^thin a month is better by three or four months interest of the money then to take only 10 or 20 Tuns at a time for ready money.

The Tin sold the two last months came to\{since} {illeg} to\within the/\in Iune Iuly & Aug^t/ comes to about {illeg}7|17|000^li/ sale between this {illeg}\in the quarter ending at/ Christmas may bring in as much\used to \be/ carry of be the/ & not mu\more|less then in < insertion from f 504r > any < text from f 504v resumes > |/ the sales being slack in y^e winter months|other Quarter. {sic}|.

S^r Henry

The Tin in M^r Berangers hands when his course of paym^t comes may be sold {illeg} \by parcell/ to other Merchants who will to pay off his debt. & M^r Drummond may probably prove a good Chapman.

The Officers of the Mint

We \The Officers of the Mint/ have been of opinion that her Ma^ty \{illeg}/ loses by private contracts & Cp\something by all/ something by sending Tin abroad upon private contracts & commissions but \the Tin is already abroad &/ whether her Ma^ty shall \now/ be at the charge of setting up new Officers abroad for selling \no more {illeg} then/ 200 {illeg}|T|uns per ann in an Office, is a new question, w^ch has made me think it my duty to state the matter thus fully to your Lord^p.

{illeg}|9|$\frac{1}{2}$. 10^d :: 8$\frac{1}{2}$. $\frac{170}{19}$^d = 8$\frac{18}{19}$^d per Lw^t Hamburgh = $\frac{\mathrm{170,\; 92}}{1900}$^d per lw^t averdupois = $\frac{\mathrm{17,\; 46}}{95}$^d per lw^t averdupois = $\frac{\mathrm{17,\; 46,\; 112}}{95}$^d per C

<505r>

800^Tun = 1600^C = 130^li =260 {sic}/52\00^s = 312000^d.    {illeg}1^C = 2^d.

In the Tower the small charges of shipping come to but 2^d per C but y^e Merchants allow 6^s per C

My Lord

I herewith send yo^r Lord^p \a further r|R|eport about the state of y^e Tin, and also/ a copy of the Report \formerly/ made by the Officers of the Mint upon a Petition from Cornwall for renewing the contract for Tin at such a price that her Ma^ty might not be a loser, & for taking off a greater quantity of Tin then before. I have also adder{illeg} I am

My Lord

Yo^r Lord^ps mos^t humble

& most obed^t servant

Is. Newton

My L^d

I beg leave to send your Lord^p the two annexed papers The one is a further report upon the Tin. The other is a copy of the Report formerly made by the Officers of the Mint upon a Petition from Cornwall. The Petition was for renewing the contract for Tin at such a price that her Maj^ty might not be a loser & for taking off a greater quantity of tin. then before