542-3)

Author: Isaac Newton

Source: MINT 19/3/526, 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
  - 24 May 2017
    - Transcribed by Will Scott
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Related Texts
- This document is a version of:
  'The state of the Tinn' [MINT 19/3/542-3]

<526r>

The Q {sic}

If the king renews the Queens contract, w^ch is for 1800^li Tonn|s| {illeg}|s|tan. w^t from Cornwall & about 40 Tunns from Devon; he will |[|receive about 670 Tunn stan. w^t or 710 Tunns merch^ts weight p^r an more than he{illeg}|]| have in his hands sell no Tin till all the Queens Tin is sold\amounting to about 5250 {sta}/, & which will be in about 4 years & two months \recconed from the Queens death/; & at the end of that time he will have in his hands 7390_∟7\7667/ T. st. w^t or 7918_∟6\8215/ T. merch. w^t.|,| And w^ch is & so be in a much worse condition then the Queen was If the {illeg} at the time of her death. |This Tin will cost the King|
If the contract should then break off 5124219\569563/^li besides freight |7|{illeg}9|66|7{illeg}^li & charges in Cornwall 10000^li.|,| In {illeg} & interest of the money advanced 6|5|5{illeg}|0|00. In all 6 63 65|4|3030^li. The interest of w^ch money at 5 p^r cent would be 32151^li per an after the Queens Tin is sold off. And if the contract should then cease the Interest of the & the king sell \& Cornwall \should/ sell but 4 or 5 hundred Tunns per an\per an/ & the King should/ 800 Tunns per an at 40^s per C till all is sold, the produce of the sales \for the king/ would only pay the interest, & the king would lose the principall amounting to 643030^li.

If the Pri Prince of Wales re{illeg}|n|ews the contract for Tin & assignes it to the King.

Considerations upon the Contracts for Tin.

the last contract for Tin commencing Iune 1^st 167|71|0 & ending with the Queens death Aug 1^st 1714 was for 1800 Tunns \per an from Cornwall/ in times of peace besides about 40 Tunns from Truro in Devon. And the consumption carried off abou almost 1200\1260/ Tuns stan.\merch^ts/ w^t. \per an/ & at her death there {illeg}|r|emained unsold in her hands unsold {illeg}|ab|out 5150 T. st merch. w^t. If the contract be renewed by the Prince & assign{illeg}|e|d over to the King the Queens Tin will be \at least/ four years in so & a month in selling & th at the end of that time the King will have received 7360 T. T st. w^t or 7886 T. merc. w^t, & so be in a much worse condition \as to these contracts/ then the Queen was at her death. This Tin will cost the King 511520^li, besides feight 7360^li & charges in Cornwall \&/ 1000^li & & {sic} interest of the all the money advanced 10398 \at 5 p^r cent/ 518|9|88^li. In all 571868^li the interest of w^ch after the four years {illeg} will be 28593. 8^s. per an. before the king can begin to sell any Tin. |And when the King begins to sell\then/ the| /interest of this money \at 5 per cent/ will amount unto 28573 per an\

If {illeg}|at| the end of that tim{illeg}|e|, the contract should cease: the King, that he may sell as much Tin as shall be sold by the people of Cornwall, suppose 6{illeg}|0|0 Tunns per an, (the whole sales amounting only to 1200 |T.| stan. w^t,) \he/ must lower the price {illeg}|u|ntill it shall not be worth the while for the people of Cornwall to s|d|ig & work above 600 Tunns stannary w per an. And this will hardly be compassed without selling it at a lower price then hath been known these many years. Suppose he should sell 600 Tunns per an st \When the price has been only 50^s|l|i per Tun they have dug a much greater quantity And therefore the king must sell it at a price still lower, suppose at 45 or 40 st. per Tun. If he should sell it at 45^li {sic}/ it at 45^li per Tun. The sale of 600 Tunns per an would produce an annuity of 27000 for till all the Kings Tin be sold, that is, for 12 years & a a quarter. Which Annuity would would not pay the interest of the money advanced o|&|f/{illeg}\ \together w^th/ the charges of selling the Tin without an addition of two thousand pounds per an out of the civil list] \&/ in the end of the time htere will be nothing left to satisfy the King for the {illeg}|5|71868^li. {illeg}|A|nd if he would sell the Tin faster he must sell it for a lower price, & w^ch would \price still lower & thereby/ increase the discontent of Cornwall. So the King by a renewal of the contract for only four years would create a loss to king of above half a million of money. And if it be still greater, & \besides that/ it will every year grow more & more difficult to put an end to these contracts without ruining Cornwall.