537)

Author: Isaac Newton

Source: MINT 19/3/550, 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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  'Considerations about selling the tin' [MINT 19/3/537]

<550r>

The surest method for setting a price upon the Tynn at Amsterdam is to know the price of the Tynn in the market of Amsterdam at any certain time & the course of y^e Exchange at that time & thence to compute the price by the course of the Exchange at this present time.

When y^e L^d Trearer Godolphin set the price at 44 $\frac{1}{2}$ G. per 100 w^t Dutch, the price in the market was from 45 to 47 G. as I find by M^r Drummonds Letter; & his Lo^p abated half a Gilder to make room for the varying of the Exchange. At that time the Exchange was at 34^{ss} 6^d. Tis now at 35^{ss} 10^d. And as 34^{ss} 6^d to 35^{ss} 10^d so is 45 G. (the lowest price in the market at that time) to 46^G. 15^st the lowest price in the market suitable to the course of the Exchange at this time. This price answers to 4^li 3^s 5^d per C w^t English.

Last summer when the Exchange came down to {illeg}|3|4^{ss} or under, the lowest price of the Tinn in the market was 44 $\frac{1}{2}$ G. And at that r{illeg}|a|te the lowest price now ought \to be/ 46^G 15^st or 47^G^. And this price answers to 4^li. 3^s. 6^d, or 4^li. 4^s. per C w^t English.

In the Acc^t lately drawn up by me, the price came to 4^li. 5^s. 8^d per C^{w^t} English. But to bring it to the lowest price of the market some abatements must be made. A Dutch Commission for buying Tynn at y^e Tower was there put at 9^d \per C w^t/ whereas the Dutch in times of peace will not value it at {illeg}|3|^d can have their buisiness done by the Pewterers for 6^d. Insurance at se{illeg}|a| was there put at 9^d Whereas the Dutch in times of peace will not value it at {illeg}|3|^d. Interest for two months forbearance of payments was put at 9 st. per 100^{w^t} Dutch, whereas the Dutch who can borrow money at 4 p^r cent will reccon it but at 6 st. per 100^{w^t}. 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. If upon all these accounts about 14^d per C w^t be abated the remaining price will be about 4^li 4^s 6^d per C w^t. And further there must be an abatement out of the Duties paid in Holland, w^ch in the said Acc^t amounted to 1 Gilder 5 $\frac{5}{6}$ stivers per 100^{w^t}. For a Dutchman <550v> usually contrives to have his Tynn put on board several ships for lessening the charge of freight, & to run as much of it as he can, & what they cannot run they endeavour by their acquaintance to get taxed low. And I know not what abatement to make for these practises. If only 6^d be abated per C w^t, the remaining price will be 4^li. 4^s. per C w^t; if 1^s, it will be 4^li. 3^s. 6^d.

By all these recconings the lowest price of Tynn per 100^{w^t} Dutc in y^e Dutch markets should answer to 4^li 3^s 6^d or 4^li. 4^s. per C w^t English. For I know not how to be more exact in this slippery recconing where the uncertainties secrets & mysteries of tra{illeg}|d|e cannot be brought to a certain{ty} recconingty.

Out of this price a deduction is to be made of one per cent Commission; one p^r cent prompt paym^t, one per cent {illeg}|In|surance of paym^ts if the Queen insures, $\frac{1}{3}$ per cent Brokerage, $\frac{1}{6}$ per cent carriage to the city weighouse & weighing for sale, $\frac{1}{2}$ per cent City Duty at the weigh house, $\frac{1}{5}$ p^r cent Warehouse room: in all 4 $\frac{1}{5}$ per cent of 3^s 6^d p^r C w^t. And the remaining price will be 4^li, or 4^li. 0^s. 6^d clear of all charges, except what shall be allowed for returning the money for w^ch the Tynn is|sh|all be sold. For M^r Beranger insisted upon 5^d per C w^t for turning specie money into Banck money & making returns.

In the discourse betwwen M^r Beranger & me he proposed to sell the Tynn himself by his Agents & pay the produce clear of all charges to his Lord^ps Order, & account for the same before an Auditor provided he c{illeg}|o|uld have good vouchers. And he {illeg}|i|s still willing to undertake this

Considering the great quantity of the Tynn, & that M^r Beranger does not live in Holland as M^r Drummond did an Agent when ever it shall be thought fit, may be sent into Holland to oversee the Sales & Accounts & Tynn remaining & keep a recconing thereof & perhaps have one of the {illeg}|k|eys to each Ware house where the Tynn is laid up to be sold till it shall \begin to/ be sold out of that warehouse.