537)

Author: Isaac Newton

Source: MINT 19/3/550, 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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- This document is a version of:
  'Considerations about selling the tin' [MINT 19/3/537]

<550r>

The surest method for setting a price upon the Tynn at Amsterdam is to know the price of the Tynn in the market of Amsterdam at any certain time & the course of the Exchange at that time & thence to compute the price by the course of the Exchange at this present time.

When the Lord Treasurer Godolphin set the price at 44 $\frac{1}{2}$ Gilders per 100 weight Dutch, the price in the market was from 45 to 47 Gilders as I find by M^r Drummonds Letter; & his Lordship abated half a Gilder to make room for the varying of the Exchange. At that time the Exchange was at 34^{ss} 6^d. Tis now at 35^{ss} 10^d. And as 34^{ss} 6^d to 35^{ss} 10^d so is 45 Guilders (the lowest price in the market at that time) to 46^G. 15^st the lowest price in the market suitable to the course of the Exchange at this time. This price answers to 4^li 3^s 5^d per cwt weight English.

Last summer when the Exchange came down to 34^{ss} or under, the lowest price of the Tinn in the market was 44 $\frac{1}{2}$ Gilders. And at that rate the lowest price now ought to be 46^G 15^st or 47^G. And this price answers to 4^li. 3^s. 6^d, or 4^li. 4^s. per cwt weight English.

In the Account lately drawn up by me, the price came to 4^li. 5^s. 8^d per cwt^{w^t} English. But to bring it to the lowest price of the market some abatements must be made. A Dutch Commission for buying Tynn at the Tower was there put at 9^d per cwt weight whereas the Dutch can have their buisiness done by the Pewterers for 6^d. Insurance at sea was there put at 9^d whereas the Dutch in times of peace will not value it at 3^d. Interest for two months forbearance of payments was put at 9 stivers per 100^{w^t} Dutch, whereas the Dutch who can borrow money at 4 per cent will reccon it but at 6 stivers per 100^{w^t}. 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. If upon all these accounts about 14^d per cwt weight be abated the remaining price will be 4^li 4^s 6^d per cwt weight. And further there must be an abatement out of the Duties paid in Holland, which in the said Account amounted to 1 Gilder 5 $\frac{5}{6}$ stivers per 100^{w^t}. For a Dutchman <550v> 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 run they endeavour by their acquaintance to get taxed low. And I know not what abatement to make for these practises. If only 6^d be abated per cwt weight, the remaining price will be 4^li. 4^s. per cwt weight; if 1^s, it will be 4^li. 3^s. 6^d.

By all these recconings the lowest price of Tynn per 100^{w^t} in the Dutch markets should answer to 4^li 3^s 6^d or 4^li. 4^s. per cwt weight English. For I know not how to be more exact in this slippery recconing where the uncertainties secrets & mysteries of trade cannot be brought to a certainty.

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 if the Queen insures, $\frac{1}{3}$ per cent Brokerage, $\frac{1}{6}$ per cent carriage to the city weighouse & weighing for 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 of 3^s 6^d per cwt weight. And the remaining price will be 4^li, or 4^li. 0^s. 6^d clear of all charges, except what shall be allowed for returning the money for which the Tynn shall be sold. For M^r Beranger insisted upon 5^d per cwt weight for turning specie money into Banck money & making returns.

In the discourse betwwen M^r Beranger & me he proposed to sell the Tynn himself by his Agents & pay the produce clear of all charges to his Lordships Order, & account for the same before an Auditor provided he could have good vouchers. And he is still willing to undertake this

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