537)

Author: Isaac Newton

Source: MINT 19/3/536, 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]

<536r>

The charges of sending Tynn to Amsterdam (in the Account drawn up by me) amounted to 4^li. 3^s. 11 $\frac{1}{2}$ per cwt weight to which I added the interest of two months forbearance of payments after sale at 6 per cent & the allowance of one per cent for prompt payment at the end of that time; both amoounting to 20^d $\frac{1}{2}$ per cwt. And these summs added made the selling price 4^li 5^s 8^d per cwt English weight, to be turned into Dutch money per 100 Dutch weight according to the course of the Exchange for the time being.

This recconing was made at a medium, or rather favoured the Queen more then the Dutch. But there are uncertainties & secrets & mysteries in trade which cannot be brought to any recconing And unless competent allowance be made for ht e same the Dutch will send to London for Tynn & undersell the Queen's Agent at Amsterdam.

Particularly, in the said recconing, Commission for buying Tinn at the Tower was put at 9^d 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 will not reccon it at 3^d. Interest for two months forbearance was put at 9 stivers per 100 weight, whereas the Dutch who can borrow money at 4 per cent will reccon it but at 6 stivers per 100 weight. And freight was put at 3 $\frac{1}{3}$ stivers per 100 weight, whereas the Dutch can have Tynn brought home upon their own bottomes sometimes at half that price & sometimes for ballast. And if upon all these considerations about 14^d be abated, the remaining price will be 4^li 4^s 6^d per cwt.

The Dutues paid by her Majesty in Holland for the Tynn now there, amounted to 1v Gilder, 5 $\frac{5}{6}$ styvers per 100 Dutch weight, that is to about 29 $\frac{1}{2}$ ^d per cwt English. But a Dutch-man usually contrives to have his Tin put on board several ships for lessening the charge of freight, & too runn as much of it as he can; & what they cannot runn they endeavour by their acquaintance to get taxed low. And what allowance to make for these practises I do not know. If only 6^d per cwt should be allowed it would bring down the price to 4^li 4^s 0^d per cwt, to be turned into Dutch money per Dutch weight according to the course of the Exchange for the time being. And this price as the Exchange goes now, would <536v> amount to 46 $\frac{1}{2}$ Gilders per 100 weight Dutch.

Out of this price a deduction is to be made of one per cent Commission, one per cent prompt payment, one per cent insurance of payments, $\frac{1}{3}$ per cent Brokerage, $\frac{1}{6}$ per cent carriage to the city Weigh house & weighing for sale, $\frac{1}{2}$ per cent City Duty at the weigh house, & $\frac{1}{5}$ per cent warehouse roome, in all 4 $\frac{1}{5}$ per cent, or 3^s. 6^d $\frac{1}{4}$ per cwt weight. 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 which the Tynn is sold. And this charge M^r Beranger (in the presence of my Lord Treasurer) 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 Lordships Order the price to be set by his Lordship clear of all charges for so much Tin as he should sell & account for the payments before an Auditor provided he could have good & unquestionable vouchers for the payments, & that the payments or returns should be made within two months after the sales, that time being given to the buyer.

Considering the great quantity of the Tinn & that M^r Beranger does not live in Holland as M^r Drummond did, MLord Treasurer, when ever it shall be thought fit, may send over an Agent to oversee the sales & Accounts & tynn remaining & keep a recconing thereof, & perhaps have one of the keys to each warehouse where the Tinn is laid up till it shall begin to be sold out of that warehouse.

When the late Lord Treasurer, set the selling price of the Tynn at 44 $\frac{1}{2}$ Gilders per 100 Dutch weight. The Exchange with Amsterdam was at 34^sc. 6^d Bank money. tis now at 35^sc 9^d. and this brings up my Lord Godolphins price to 46 Gilders 2^st per 100 Dutch weight. But at 4^li 4^s per cwt English weight, the price will be 47 Gilders supposing the Agio 4 $\frac{1}{3}$ per cent. Which price being 18^st (or 20^d) per cwt more then by my Lord Godolphins recconing. I doubt whether the Tin will sell readily at a price answering to 4^li. 4^s per cwt & therefore believe 4^li per cwt clear of all charges to be a good price if it can be had without clogging the sale of the Tinn.