542-3)

Author: Isaac Newton

Source: MINT 19/3/517-18, 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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  - 24 May 2017
    - Transcribed by Will Scott
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  'The state of the Tinn' [MINT 19/3/542-3]

<517r>

		Tuns Averd.
Tin the Queens hands at the beginning of this contract Iune 1710	}
Added 800 Tunns stannary weight
Total		3257
Left by the Queen at her death Aug 1, 1704		5260





Add for the two Months between the summer coynage & the Queens death	}	307
Total Tyn belonging to the Queen at her death		5577
Increased in four years & two months		2310
Increased annually		554
Received from the stannaries in 3 years 4920 Tuns stannary weight	}	7572
Received more in a year 1840, in 2 months 307. Total 7067
REceived more then hath been sold off		2310
Sold off in four years & two month		5252
Sold annually		1260
Vnsold since the beginning of the two contracts		5260
Received since the beginning of the two contracts		19417
Sold since the beginning, viz in 9 $\frac{1}{2}$ years		14157

The Queen contracted the 2^d of Iune 1710 to take annually from Cornwal , 1600 Tunns of Tin during the war & 1800 Tunns in times of peace besides about 40 Tunns from Truro in Devonshire These Tunns were stannary weight each Tunn consisting of 2400 pounds averdupois. But the Tin was sold by the Queens Officers to merchants by Tunns averdupois each Tun consisting of 2240 pounds averdupois. The Queen paid 65 pounds per Tun stanary weight besides the Coynage & post groats amounting to 4^li 6 8 per Ton which she remitted to the people of Cornwal And she sold about 1260 Tunns averdupois to the merchant annually at 76^li per Ton. And in the beginning of this a contract the Queen had 2400 Tuns averdupois remaining in her hands upon a former contract.

At her Majestys death there were about 5240 Tunns Averdupois of Tin left in the hands of Trustees for paying debts upon the Tin & civil list.

Case 1. If the contract should crease, the Trustees & Cornwal by selling against one another will bring down the price of Tin

<517v>

In the time of the 1^st contract the sales amounted to about 1500 Tuns averdupois per cent

During the last 4 years there has been sold annually about 1260 Tunns of Tin averdupois or almost 1200 Tuns stannary weight. The price was 76^li per Tun Averdupois.

Case 1. There were about 5200 Tuns of Tin left by her Majesty in the hand of Trustees to be sold for paying her debts, the Trustees & Cornwall by selling against one another will bring down the price to what it hath been formerly or suppose to 40 or 50^li per Tun, or perhaps lower. And if the Trustees & Cornwall should both together sell about 1260 Tunns 1300^T per annum, & each of them sell as much as the other, the Queens Tin would be eight years in selling. Case 1 For bringing this matter to a recconing I will suppose that the Trustees may sell about 650 Tuns per annum at 54^li per Tunn & the sale will bring in 32500^li for eight years together. And this annuity rebating interest at 5 per cent will be worth in ready money 210054^li the neare value of the Queens Tin at present upon the afforesaid suppositions, if the contract ceases. The Trustees sell 650 Tunns per annum must fall their price so low that it will not be worth the while to raise above 650 Tuns per annum in all Cornwal per annum. And in this case Tin will scarce sell for 45^li per annum & the owners of the Tinn lands will be much discontented.

Case 2 On the other hand if the contract be renewed & the King takes off annually 1840 Tunns stannary as in the last contract, there will be every year an addition to the dead stock of Tin of the Crown of about 664 Tunns stannary weight or 712 Tunns averdupois which the longer the contract is continued the greater will the complaint & discontent of the Cornish men whenever it breaks off & the greater will be the loss of the crown.

Case 3. If his Majesty should renew the contract & take only 1200 Tunns stannary weight from Cornwal & Devonshire annually & which is much as will go off to the Merchant & pay the Queens Trustees annually about 32000 per annum eight years together The recconing would stand thus

1200 Tunns of Tin stannary weight at 70^li $\frac{1}{3}$ per Tun including freight		84400
Other expences & hazzards annually		5000
To the Queens debts per annum		32000
Total charge annually		121400
Produced annually be the sale of 1260 Tunns averdupois at 76^li per Tunn	}	95760
Annual excess of the expence above the income		25640
The total value of this annual expence at the end of eight years with interest at 5 per cent interest for the money borrowed to pay this excess of expence	}	247400
In recompence for this expence the King will have about 5200 Tunns of Tin of about the same value at the end of the eight years.

<518r>

Iust before the beginning of the first contract for Tyn the Pewterers furnished themselves with Tyn from Cornwall & being factors for the merchants sold off their own Tin first so that the Queen sold very little Tyn the first year. I reccon that their Tyn sold that year & the first quarter of the second year might amount to about 1400 Tuns stannary weight.

At the end of 6 $\frac{1}{2}$ years, the time of that contract there remained about 2400 Tunns averdupois that is 224 Tunn Stannary in the Queens hands unsold. She had then received 6 $\frac{1}{2}$ years produce that is 10660 Tunns stannary weight & therefore sold 8420 Tunns. Add the 1400 Tunns of the Pewterers & the whole quantity sold in six $\frac{1}{2}$ years will be about 9820, which is after the rate of about 1510 Tunns stannary weight per annum.

In the four last years there has been sold after the rate of only 1260 Tunns per annum Averdupois that 1176 Tuns stannary weight. The reason of the decrease of the sale I take to be the high price of the Tin & that where Tin could not be imported during the war, the people learnt to use other vessels then Tin & now being impoverished by the warr are less able to purchase Tin vessels then formerly & content themselves with vessels of wood & earth.

The dead stock left by the Queen at her death amounts to about 5240 Tunns averdupois. If the contract should not be renewed, this Tin will scarce be sold for above 40 or 50^li per Tun & if it should be sold for 45^li per Tunn, & 1260 Tunns averdupois should be sold annually, the one half by Cornwall the other half by the Trustees for the Queens Tin, the Queens Tin would be eight years & four months in selling, & for so long time would produce annually 28350^li for paying off the Queens debts untill 5240 Tunns be sold off & all the payments amount unto 235800^li the price of the whole. At a higher price the Tin would go off slower at a lower price it would go off faster, & what is got by the time of sale would be lost by the price quam proxime. If the Commissioners for the sale of Tynn should sell all the Tin to the King for 240000^li to be paid by quarterly payments of 7500^li at each payment for eight years together: their bargain in my opinion would be more advantageous then to let the contract cease. For if the contract be not renewed they will scarce be able to sell 630 Tunns per annum for 45^li per Tunn & out of the price they must defray the charges of warehouse room, factors, Porters & Incidents.

If therefore the contract be not renewed the sale of Tin may amount unto about 630 Tunns averdupois or 600 stannary weight & bring into Cornwall about 240000^li in eight years or 28000^li per annum till all the Queens Tin be sold. And if his Majesty should purchase only 400 Tuns stannary weight per annum at 3^li 9^s per cwt it would {be} more to their advantage. For it would bringto Cornwall 27{6}00^li in eight years, & save them the charges of diffing of 200 Tunns stannary weight annually above the 400 Tunns

Cornwall therefore ought to thank the king if he should contract with them for 600, 800 or 1000 or 1200 Tunns annually they ought to thank him much more, & shew themselves very sensible of the favour before any contract be made.

<518v>

Twelve hundred Tunns Stannary weight as much as will go off & as the king can purchase without losing by it. The recconing stands thus.

Twelve hudnred Tunns of Tin at 70^li per Tun for Tin & freight		84000
Other expences & hazzards		5000
Queens debts per annum		30000
Total expence		119000
Sold annually 1260 Tunns Averdupois at 76^li per Ton		95760
Annual expence above the income		23240
The value of this annuity or expence at the end of 8 years at 5 per cent interest for the money borrowed	}	224243.

If his Majesty should receive annually from Cornwall only 1000 or 800 or 600 or even but 400 Tunns annually from Cornwall at 69^li 6. 8 per Tun including the coynage & post Groats, it would be better for Cornwall then to let the contract quite cease. And therefore they have reason to take it as an Act of grace if his Majesty should contract with them for no more then 800 or 1000 Tunns per annum.

And tho his Majesty should pay an annuity eight years together to the Trustees for the Queens Tin, yet it will not be necessary that the contract with Cornwal should be for above three years.