537)

Author: Isaac Newton

Source: MINT 19/3/536, National Archives, Kew, Richmond, Surrey, UK

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  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
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  - 11 June 2017
    - Transcribed by Will Scott
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  'Considerations about selling the tin' [MINT 19/3/537]

<536r>

The charges of sending Tynn to Amsterdam (in the Account drawn up by me) amounted to 4^li. 3^s. 11 $\frac{1}{2}$ per C w^t. to which I added the interest of two months forbearance of payments after sale at 6 per cent & the allowance of one per cent for prompt payment at the end of that time; both amoounting to 20^d $\frac{1}{2}$ per C. And these summs added made the selling price 4^li 5^s 8^d per C English weight, to be turned into Dutch money per C 100 Dutch weight according to y^e course of the Exchange for {illeg}|th|e time being.

This recconing was made at a medium, or rather favoured the Queen more |yⁿ| the Dutch. But there are \uncertainties &/ secrets & mysteries in trade w^ch cannot be brought to any recconing And unless competent allowance be made for ht e same the Dutch will send to London for Tynn & undersell the Queen's \Agent/ at Amsters|d|am.

Particularly, in the said recconing, Commission for buying Tinn {illeg}|a|t the Tower was put at 9^d whereas the Dutch can have their business done by the Pewterers for six pence Insurance at sea was put at 9^d whereas the Dutch \in times of peace/ will not reccon it at 3^d. Interest for two months forbearance was put at 9 stivers per 100 w^t, whereas the Dutch who can borrow money at 4 p^r cent will reccon it but at 6 st. p^r 100 w^t. And freight was put at 3 $\frac{1}{3}$ st. per 100 w^t, whereas the Dutch can have Tynn {illeg}|b|rought home upon their own bottomes {illeg}t sometimes at half that price & sometimes for ballast. And if upon all these considerations about 14^d be abated, the remaining price will be 4^li 4^s 6^d per C.

The Dutues paid by her Ma^ty in Holland for the Tynn now there, amounted {illeg}|t|o 1v Gilder, 5 $\frac{5}{6}$ styvers per C 100 Dutch w^t, that is to about 29 $\frac{1}{2}$ ^d \per C/ English. But a Dutch-man usually contrives to have his Tin put on board several ships for lessening the charge of freight, & too runn as much of it as he can; & what they cannot runn they endeavour by their acquaintance to get taxed low. And what allowance to make for these practises I do not kn{illeg}|o|w. If only 6^d per C should be allowed it would bring down the price to 4^li 4^s 0^d English to be per C, to be turned into Dutch money per Dutch weight from time to time according to the course of the Exchange for the time being. And this price as the Exchange goes now, would <536v> amount to 46 $\frac{1}{2}$ Gilders per 100 weight Dutch.

Out of this price a deduction is to be made of one per cent Commission, one per cent prompt payment, one per cent insurance of payments, $\frac{1}{3}$ per cent Brokerage, $\frac{1}{6}$ per cent carriage to the city Weigh house & weighing for sale, $\frac{1}{2}$ per cent City Duty at the weigh house, & $\frac{1}{5}$ per cent warehouse roome, in all 4 $\frac{1}{5}$ per cent, or 3^s. 6^d $\frac{1}{4}$ per C w^t. Which being deducted from {illeg}|4|^li 4^s 0^d leaves 4^li. 0^s. 5 $\frac{3}{4}$ ^d clear of all charges except the charges of returning the moneys for w^ch the Tynn is sold. A{illeg}|n|d this charge M^r Beranger (in the presence of my Lord Treasurer) recconed at 5^d in changing specie money into Bank money.

In the discourse between M^r Beranger & me {illeg}|ab|out this matter, no mention was made of Vsance. For it was proposed between us that he himself should pay to his Lordships Order the price to be set by his Lord^p clear of all charges for so much Tin as he sh{illeg}|o|uld sell & account for the payments before an Auditor provided he could have good \& unquestionable/ vouchers for the payments, & that the payments or returns should be made within two months after the sales, that time being given to the bye|uy|er.

Considering the great quantity of |y^e| Ti{illeg}|n|n & that M^r Beranger does not live in Holland as M^r Drummond did, ML^d Trearer, when ever it shall be tho{illeg}|u|ght fit, may send over an Agent to oversee the sales & Accounts \& tynn remaining/ & keep a recconing {illeg}|t|hereof, & \perhaps/ have one of the keys to each warehouse where the Tinn is laid up till it shall begin to be sold out of that warehouse.

When the late L^d Trearer, the Lord Godolphin, set {illeg}|t|he selling price of y^e Tynn at 44 $\frac{1}{2}$ {illeg}|Gi|lders {he} per 100 Dutch weight The Exchange {illeg} w^th Amsterdam {illeg}|w|as a{illeg}|t| 34^sc. 6^{illeg}|d| \Bank money/. tis now at 35^s{illeg}|c| 9^d. and this brings up that \his {illeg} my L^d Godolphins price {sic}/ price to 46 Gilders 2^st per 100 Dutch weight. |But| \whereas/ A|a|t 4^li 4^s per C English w^t, the price will be 4{6}|7| Gilders 19 st supposing the Agio 4 $\frac{1}{4}$ | $\frac{1}{3}$ | per cent. Which \price/ being 18^st more then (or 20^d) \p^r C/ more then according to\in/ \by/ my Lord Godolphins price \recconing/. I doubt whether the Tin will sell readily at a price answerin{illeg}|g| to 4^li. 4^s, If it be put at 4^li 3^s 6^d &\per C/ {illeg}|&| therefore beleive {sic} 4^li \per C/ clear of all charges to {illeg}|b|e {illeg}|a| {illeg}|g|o{illeg}|o|d price if it can be had without clogging the sale of the T{illeg}|in|n.