537)

Author: Isaac Newton

Source: MINT 19/3/548, 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]

<548r>

In the Account drawn up by me, the charges of sending Tynn to Amsterdam amounted to 4^li together with the interest of two months forbearance of payments after sale at 6 per cent, & the allowance of one per cent for {illeg}|p|rompt payment at the end of that time, amounted to 4^li 5^s 8^d per C English weight, to be turned into Dutch money per 100 Dutch weight according to y^e course of the Exchange for the time being, for setting a price upon the Tynn Her Ma^ts Ty{illeg}|n|n in the market at Amsterdam.

This recconing was made at a Medium, or rather favoured the Queen \something/ more then the Dutch. But \For/ there are uncertainties, secrets & mysteries in trade w^ch can never be b{illeg}|ro|ught to an exact recconing. And unless competent allowance be made for the same the Dutch will send to London for Tynn & undersell the Queens Agent at Amsterdam.

Particularly, in the said recconing, a Dutch Commission for buying Tynn at London was put at 9^d \per C w^t/, 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 {illeg}|will| not reccon it at 3^d. Interest for two months forbearance was put at 9^d stivers per 100 weight whereas the Dutch who can borrow money at 4 p^r cent wil{illeg}|l| reccon it but at 6st. per 100 weight. And freight was put at 3 $\frac{1}{3}$ st per 100 w^t, whereas the Dutch can have Tynn brought home upon their own bottoms sometimes at half that price & sometimes for ballast. And if upon all the{illeg}|s|e consider{illeg}|a|tions about 14^d {illeg}|b|e abated, the remaining price will be 4^li 4^s 6^d p^r C english weight.

The Duties paid by her Ma^ty in Holland for y^e Tynn now there, amounted to 1 Gilder {illeg}|5| $\frac{5}{6}$ styvers per 100 Dutch weight, that is, to about 29 $\frac{1}{2}$ ^d per C Eng{illeg}|l|ish weight. But {illeg} {illeg}|a| Dutch man usually contrives to have his Tynn put on board several ships for lessening the {illeg}|char|ge of freight & to run as much of it as he can, & what they cannot runn they endeavour by their acquaintance to get taxed low. And I know not what allowance to make for these <548v> practises. If only 6^d be allowed per C w^t, it w{illeg}|i|ll bring down the \selling/ price to 4^li. 4^s. 0^d per C to be turned into Dutch money per 100 Dutch weight according to y^e course of the Exchange for the time being. And this price as the Ex{illeg}|c|hange goes now, would amount to 46 $\frac{1}{2}$ Gilders per 100 w^t Dutch.

Out of this price a deduction is to be made of one per cent Commission, one per cent prompt payment, one per cent i|I|nsurance of payments, $\frac{1}{3}$ per cent Brokerage, $\frac{1}{6}$ per cent carriage to the City weigh-house & weighing foor sale, $\frac{1}{2}$ per cent city Duty at the Weigh-house, & $\frac{1}{5}$ p^r cent Warehouse room: in all 4 $\frac{1}{5}$ p^r cent or 3^s 6 $\frac{1}{4}$ ^d per C w^t english. Which being deducted from 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. And this charge M^r Beranger (in the presence of my Lord Trearer) recconed at 5^d in changing specie money into Bank money.

In the discourse between M^r Beranger & me about this matter, no mention was made of Vsance. For it was proposed between us that he himself should pay to his Lord^ps Order the price to be set by his Lord^p clear of all charges for so much Tinn as he should sell & account for the payments before an Auditor provided he could have ver{illeg}|y| good V{illeg}|o|uchers for the payments, & that y^e payments or returns should be made within two months after the sales, that tiem being given to y^e buyer.

Considering the great quantity of the Tynn & that M^r Beranger doth not live in Holland as M^r Drummond did, My L^d Treasurer, when ever it shall be thought fit, may send over an Agent to oversee the sales & accounts & Tynn remaining unsold & keep a recconing thereof, & perhaps have keys one of the keys to each Warehouse where the Tynn is laid up till it shall begin to be sold out of {illeg}|that| Ware-house.