537)

Author: Isaac Newton

Source: MINT 19/3/548, 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]

<548r>

In the Account drawn up by me, the charges of sending Tynn to Amsterdam together with 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, amounted to 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, for setting a price upon Her Majestys Tynn in the market at Amsterdam.

This recconing was made at a Medium, or rather favoured the Queen something more then the Dutch. For there are uncertainties, secrets & mysteries in trade which can never be brought to an exact recconing. And unless competent allowance be made for the same the Dutch will send to London for Tynn & undersell the Queens Agent at Amsterdam.

Particularly, in the said recconing, a Dutch Commission for buying Tynn at London was put at 9^d per cwt weight, 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^d stivers per 100 weight whereas the Dutch who can borrow money at 4 per cent will reccon it but at 6stivers 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 bottoms 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 english weight.

The Duties paid by her Majesty in Holland for the Tynn now there, amounted to 1 Gilder 5 $\frac{5}{6}$ styvers per 100 Dutch weight, that is, to about 29 $\frac{1}{2}$ ^d per cwt English weight. But a Dutch man 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 runn they endeavour by their acquaintance to get taxed low. And I know not what allowance to make for these <548v> practises. If only 6^d be allowed per cwt weight, it will bring down the selling price to 4^li. 4^s. 0^d per cwt to be turned into Dutch money per 100 Dutch weight according to the course of the Exchange for the time being. And this price as the Exchange goes now, would 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 foor sale, $\frac{1}{2}$ per cent city Duty at the Weigh-house, & $\frac{1}{5}$ per cent Warehouse room: in all 4 $\frac{1}{5}$ per cent or 3^s 6 $\frac{1}{4}$ ^d per cwt weight english. 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 charge 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 Tinn as he should sell & account for the payments before an Auditor provided he could have very good Vouchers for the payments, & that the payments or returns should be made within two months after the sales, that tiem being given to the buyer.

Considering the great quantity of the Tynn & that M^r Beranger doth not live in Holland as M^r Drummond did, My Lord Treasurer, when ever it shall be thought fit, may send over an Agent to oversee the sales & accounts & Tynn remaining unsold & keep a recconing thereof, & perhaps have one of the keys to each Warehouse where the Tynn is laid up till it shall begin to be sold out of that Ware-house.