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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$\frac{1}{2}$, so are 2 livres 13$\frac{27}{61}$ sous to 1 livre 3 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 for the pound sterling 18 livres 3 sous 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 9li sterling are recconed at a par with 100 Gilders as above, the specie money of Holland is over-valued 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 9li sterling are intrinsecally worth about 103$\frac{1}{4}$ Gilders. & 1li sterling, which lately passed at about 10 Gilders 9$\frac{1}{2}$ stivers, is worth 11 Gilders 9$\frac{4}{9}$ stivers, & the loss by the exchange is about a Gilder whereof her Majesty bare only 5$\frac{1}{2}$ stivers, which is about a quarter of the whole loss. And according to this proportion her Majesty should beare but 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.

Is. Newton