487) with variant figures but to the same general effect

Author: Isaac Newton

Source: MINT 19/3/490, National Archives, Kew, Richmond, Surrey, UK

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  Correspondence relating to the tin trade [MINT 19/3/486-7]

<490r>

To the Right Honourable the Lord High Treasurer of great Britain.

May it please your Lordship

In obedience to your Lordships Order of Reference of the 9^th instant upon the annexed representation of the Gentleman owners of Tin lands in Cornwall to the Lord Warden of the Stannaries relating to a new contract for Tinn: we humbly represent that by the course of the sale of Tin this & the four last years there has been sold in Cornwall & London at a medium about 1560 tunns per annum stannary weight, which being deducted from 1600 Tunns received annually from Cornwall, & allowing 40 tunns more for Devonshire, there hath remained about 80 Tunns yearly unsold, so that 1520 tunns of Cornish Tinn has been sold yearly, more or less; and if the same course of the sale continues, there will remain at the end of the present contract so much tinn unsold as at the rate of 3^li 16^s per cwt averdepois will produce about 180000^li. And so long as the same course of sale continues, if six per cent (the interest of the moneys now advanced to the owners of Tinn-lands) be allowed upon the said dead stock of 180000 & the coinage duty & post groats be paid, & 1400^li been accounted sufficient to answer accidents & unforeseen charges, her Majesty may without losing by the contract give 3. 9. 6 per cwt stannary weight for 1520 tunns of tinn the quantity annually consumed, as will appear by the following account.

1520 tunns of tinn at 3^li. 9^s. 6^d per stannary weight	105640
Freight to London	2035.	14.	3
Salaries in London	1350
Incidents & Porters in London	200
Passing accounts	90
Salaries in Cornwall & 30 to Truro	1540
Incidents in Cornwal	700
Interest of 18000 at 6 per cent	10800
Total	122359.	14.	3
Insurance & other accidents & unforeseen charges	1411.	14.	0
Produced annually by sale of tin at 3^li 16^s per cwt stannary weight	123771.	8.	7

If it be supposed that the consumption may carry annually 1600 or 1800 tunns stannary: it will appear by the like recconing upon that supposition, that her Majesty may give 3^li 10^s in the first case & 3^li. 11^s in the second, & so in proportion to a greater or less consumption But every 100 tunns purchased above what the consumption will carry off makes a dead stock annually increasing, the interest of which at 6 per cent will in the end of seven years amount to about ten thousand pounds.