Draft of MINT00702 (Mint 19/3/566)

<564r>

In obedience to yo^r Lo^ps order of Ref. of y^e 19^th instant upon M^r Drummonds letter wherein he proposes to advance 32000^li upon receipt that upon y^e rec^t of 400 Tunns of Tin \at Amsterdam/ or w^thin 14 days after he will \there/ pay \at Amsterdam/ 4 pound sterling per C w^ch is 32000 poudns sterling in all, at y^e rate of 10 Gilders 10 stivers p^r pound, w^th in all rebating 4 p^r cent for paying this ready money; the freight, duly in Holland & all other charges after it is once on board to be for his acc^t.

We humbly represent that to yo^r Lord^p that |y^e| Tin put on board will stand her Ma^ty in 4 p^r cent\this price/ \4^li p^r C/ viz 3^li. 16^s the price sold at here, 3^s custome & one shilling pe{illeg}|t|ty charges for shipping it|.| {illeg} it all 4^li p^r C, & \ready money/ and that w^thout any rebate. And that if a rebate of 4 p^r cent the paym^t of this money in holland {sic} the rebating 4 p^r cent interest is equipollent to \within 14 days/ after the arrival of the Tin {illeg}\at Amst./ \at 10 G 10^st p^r lib. w^th a rebate of 4 per cent for ready money\for ready money// is equipollent to {illeg} a deductive equipollent to the giving him time a years time after\till/ the arri tinn arrives {illeg}|at| Holland\Amsterdam/ & for a yeaar & 14 days longer besides the hazzards of the sea & \besides/ the allowance to\lowness of/ the exchange at w^ch he \proposes to/ pays the money. All w^ch |[|is much too great |an| allowance for ready money.|]| renders the {illeg} contract very \manifestly/ disadvantageous to her Ma^ty.

For if the {illeg} since M^r Drummond has sold 400 Tunns of Tin in 14 10 months \as he represents in his \Letter// if other Mer we should sell the like quantity {illeg}in the Tower to Merchants for for ready money \in that time \i small parcels/ for ready money either to him {illeg}\r to other/ Merchants trading to Holland ‡/ the money would be coming in daily without any hazzards at sea or |[|disadvantage in y^e exchange between England & {illeg} london & Amsterdam|]| \w^ch would be as advantageous as if we were to receive the whole price in the midle of the time of |y^e| sale: & this without any hazzards at sea or/ loss by the exchange, |[|& |[|the advantage of ready money for y^e whole would be |only| the interest of the whole for about half{illeg} the time of the sale.|]| \w^ch is an advantageous as if we were to receive the whole price in the middle of the time of sale/
    Since the money by the sale of the Tin in Holland will be dayly coming \{illeg}/ & one half will come in \|[|Whence it may be understood/ |y^t if| M^r Drummond should sell another 400 Tunns in 10 months \in Holland/ & pay for it at y^e Tower upon the shipping it off \to Holland & run the ris of y^e sea as other Merchants do/ & be allowed interest only for five month w^ch {illeg} & run the risque of y^e sea, we beleive {sic} the contract between her Ma^ty him would be upon equal terms. And therefore to he would h{illeg}|]| And therefore upon equal termes M^r Drummond should be allowed interest only for \about/ five months dated from y^e deli dated from y^e delivery of y^e Tin at the Tower, & {stand} or for the remainder\so much/ of y^e five months \{as} remain/ when he pays the money; {illeg} w^ch \interest/ will scarce exceed two per cent, & & {sic} her Maj^ty should run no ris at sea.

Seing {sic} the

‡ the Tin being constantly selling would produce some of y^e money every day \& about half of it in half the time of sale/ & w^ch thereby the red would be as advantageous as if we were to receive the price of the whole at once in the middle of the tim of sale \& this/ without any {illeg} \running any issue/ hazzards at sea or loss by exchange & this w^thout any hazzard at sea or loss by ex{illeg}|c|hange. |For the| /use of one half of the money received by parcels before that {illeg} equal {illeg} in equity\in the first five months/ would recompence the want of the use of the other half to be received in like parcels after that {illeg}\in the last five months/\

Whence {2} {illeg} we humbly conceive that M^r Drummond should \upon {illeg}|a|n equal contract/ be allowed interest only for five months dated from y^e delivery of the Tin {illeg}|at| for so much the Tower, or \rather/ for so much of the five months as remain when he pays the money: w^ch interest will exceed two p^r cent. And therefore the 4 p^r cent w^ch he demands is about two p^r cent t{illeg}|o|o much, besides {the} the ris of the sea w^ch by \his/ proposing to pay for the Tin upon its arrival at Amsterdam, he seems to put\place/ upon her Maj^tys acc^t, & w^ch Merchants reccon at two p^r cent more this for 4 p^r cent {illeg} \so that her Maj^ty would lose \by this contract would loose {sic} 2 p^r cent interest & 2 p^r cent insurance in all/ four p^r cent w^ch in the whole price of/ 3200^li amounts to 1280^li, besides loss a\a/ further loss w^ch may {arrive} \prove as great/ by the low course of y^e exchange paying the money in holland {sic} at 10^G 10^st p^r lib st pound sterling, w^ch at p^rsent is \there/ at 1{0}|1| Gilders per pound \sterling/ as we {heare} told by\from/ Merchants.