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In the course of Exchange, nine pounds sterling are recconed at a par with 100 Gilders specie money of Holland, or 1li with 11 Gilders 2$\frac{2}{9}$ Styvers. But 1li 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 5s 1d sterling. And at this rate 20s sterling are worth 19 livres 13$\frac{27}{61}$ sous. But 20s 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 20s sterling at Dunkirk, makes her Majestys allowance 18 livres 3 sous for 20s 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.