Holograph draft memorandum on the Queen's trade in tin, predicting a loss to the Crown of over quarter of a million pounds by the end of a seven-year contract with the Cornish tin mines

Author: Isaac Newton

Source: MINT 19/3/520, National Archives, Kew, Richmond, Surrey, UK

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- Revision History
  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
    - Catalogue exported to teiHeader by Michael Hawkins
  - 7 September 2016
    - Transcribed by Will Scott
  - 25 September 2016
    - Will Scott finished transcription
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<520r>

The 1600 Tuns of Tin bought annually in Cornwal amounts to 1714 $\frac{2}{7}$ Tuns averdupoi in Merchants weight to 1714 $\frac{2}{7}$ Tunns annualy\yearly/ & in all the seven years to 12000 Tunns. Between Apr 6^ty 1704 & Sept 12^th 1705 there has been sold by the Pewterers {{7}|6|}00 Tons, by the Officers of the Mint 488 Tons & by M^r Drummond about 1000 blocks or 144 Tonns, in all 1232 Tons w^ch is after the rate of 860 Tons per an. From the 12000 Tons deduct the 488 Tons & the 144 Tons already sold & there will remain to be sold 11368 Tons. Deduct further 860 Tons per an for the 5 $\frac{1}{4}$ years to com{{illeg}|e|} & {the} at the end of the term of the bargain there will be sold of 5148 Tons & remain in the Queens hands {& the} 6853 Tons. Which will 8 y^rs more to sell it all supposing a cessation of digging Tin in Cornwall all that time & without such a cessation it may require a much longer time.

The Queen pays annualy for Tin 112000^li Salaries 3000 carriage by sea 2000 incident charges about 1200^li in all 118200^li besides in {illeg}|&| in all the seven years 8{illeg}|27400| besides interest. Her Maj^ty has receved for 632 Tons already sold 48032^li & will receive further for 860 Tons 65360^li annualy & in all the 5 $\frac{1}{4}$ years to come 3431{illeg}|4|0. Deduct the 65360^li from the 118200^li & the 343140 from the 827400 & the Q. will run in debt 52840 yearly & at the end of the {illeg}|time| of the bargain be in debt {illeg}4|48426|0 besides interest w^ch amounts to about 64000\72000/^li more, so that y^e whole debt will be about {illeg}|556000|^li. |& for paying of it off y^e Q. has 6897 Tons of Tin remaining in her|

The price of Tin in Cornwal has sometimes fallen to 50^s & 58^s & {illeg}\even/ 45^s p^r Ton\C/ merchants weight: & the great glut of Tin {in}|w|hen the time of y^e bargain expires may make it fall down to 45^s p^r Ton\C/ in London or lower. The 6853 Tons of Tin at 45 p^r C will bring in 30{illeg}|838|5^li w^ch deducted from the said debt of 556000^li leaves the Queen 25{illeg}|7|615^li a loser by the bargain besides the interest of the debt till it be paid off. w^ch in{est} the 30 while the tin is selling off; w^ch interest if the Tin be eight years selling off or above will {illeg} amount to about 194787^li or above so the Queen will lose \at least/ {illeg}|45|{illeg}/2\402 by the bargain.

By the like computation I find that if for y^e future Tin should be sould after the rate of 1000 Tons p^r an, there would remain in y^e Queens hands at the end of the term 6118 Tons & the Queen would be then in debt {44703}\380368/^li besides interest of money taken up to carry on the service w^ch interest would amount to about {65971}\58320/^li & make the whole debt {illeg}/445939\\438688/^li. And the 6118 Tons \sold/ at 45^s p^r Ton would bring in {illeg}|2|75310^li w^ch deducted from the debt would leave the Queen 237293\170629//163378{illeg}\^li in debt\a loser/ besides the intere{st} {illeg}|o|f the debt while the tin is selling off, w^ch may amount to about 58320\above 108372/^li, & so make y^e Queen 2{illeg}8949^li a loser above 271750^li a loser by the bargain.