# 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 Gilders 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 Gilders 9$\frac{1}{2}$ Styvers. The defect is 12$\frac{13}{18}$
Styvers, whereof her Majesty allowed to the forces in
Flanders 5$\frac{1}{2}$ Styvers, which is almost one half of the defect
or loss by the exchange.

The par between English & French money of the
new species is not yet setled by the course of
Exchange: but by weight & assay I find that an unworn
French crown piece of the new species which 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 livres 13$\frac{27}{61}$ sous
to be divided between her Majesty & 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 Majestys proportional part of the defect:
which added to 17 livres the current value of 20^{s} sterling
at Dunkirk, makes her Majestys allowance 18 livres 3 sous
for 20^{s} sterling, recconing a French crown new species at 5 livres. But her Majesty may alter the proportion at pleasure & make the allowance in a rounder number.

When nine pounds sterling are recconed at a par with 100 Gilders as above the specie money of Holland is overvalued by about 3$\frac{1}{4}$ per cent. For the three Gilder piece unworn is worth only 62$\frac{3}{4}$ pence sterling by the weight & assay. And thence nine pounds sterling are intrinsecally worth about 103$\frac{1}{4}$ Gilders. And one pound sterling which lately passed at about 10 Gilders 9$\frac{1}{2}$ styvers is worth 11 Gilders 9$\frac{4}{9}$ styvers. And then the loss by the exchange is about a Gilder, whereof her Majesty bare only 5$\frac{1}{2}$ styvers, which is about a quarter of the whole loss. And according to this proportion her Majesty should beare but about a quarter of the loss by the exchange at Dunkirk. But the rules of the Exchange where they are setled being generally followed, I presume it might be her Majestys intention to beare about one half of the loss by the exchange in Holland, as in the recconing first set down in this paper.