Draft of MINT00702 (Mint 19/3/566)

<563r>

To the Rt Honble the Lord High Treasurer of England. [1]

May it please yor Lordp

In obedience to your Lordps Order of Reference of the 19th instant upon Mr Drummonds Letter wherein he proposes that upon the receipt of 400 Tunns of Tin at Amsterdam or within 14 days after, he will there pay to {illeg}yor Lordps Order 4 pounds sterling per C, wch is 32000 pounds sterling in all, at the rate of 10 Gilders 10 stivers pr pound, rebating 4 pr cent for paying ready money; the freight, duty in Holland & all other charges after it is once on board, to be for his account:

We humbly represent to yor Lordp that the Tin put on board will stand her Majty in 4li per C, vizt 3li 16s the price sold at here, 3s custome & one shilling petty charge for shipping it. And that the payment of this moeny within 14 days after the arrival of the Tin at Amstera rebate of two pr cent {illeg} seems to us a sufficient recompence for paying ready money.dam, at 10 Gilders 10 stiver pr pound, with a rebate of 4 pr cent wch in Holland is one years interest, is equivalent as advantageous to him as if he had time given himamounts to as much as if time were given Mr Drummond till the Tinn arrives at Amsterdam besides & for a year & 14 days longer, besides his paying the money at a low rate of Exchange, & being freed from the hazzards of ye sea. All wch renders the contract manifestly disadvantageous to her Majty.

For since Mr Drummond has sold 400 Tunns of Tinn in ten months as he represents in his Letter; if we should sell the like quantity in the Tower in that time in small parcells for ready money either to him or to other Merchants trading to Holland; the Tin being constantly selling would produce some of the money every day & half of it in half theat time of sale {illeg}: wch would be as advantageous to her Maty as if we were to receive the price of ye whole at once in the middle of theat time of sale, [that is, at the end of the first five months & this without any hazzard at sea or loss by Exchange.And therefore her Maty should allow interest for so much time only as she receives the money before the end of the five months next ensuing the delivery of the Tin: wch interest will in Mr Drummonds case will {sic} For the use of one half of the money received by parcells in the first five months, would recompence te want of the use of the other half to be received in like parcells in the last five months.] And therefore her Maty by ready money receiving the whole price in the begining would gain the interest only for five months & & by consequence should allow
    Whence we humbly conceive that Mr Drummond should be allowedshould be allowed interest only for [five months dated from the delivery of the Tin at the Tower, or rather for] so much of the five months next after the delivery as remain when he pays the money in Holland: wch interest will scarce exceed two pr cent. And thereforeso that And so the four pr cent wch he demands is about two pr cent too much.

Also the ris of the sea, wch by his And since he proposinesg to pay for the Tin upon its arrival at Amsterdam her seems to place upon her Majties account, is byMaty runs a risque at sea wch Merchants recconed at two pr cent. So that her Majty <563v> by this contract would lose 2 pr cent interest & 2 pr cent {illeg}insurance, in all 4 pr cent: wch is above 3s pr C & in the whole price of 32000li amounts to 1280{illeg}li.

And there may be a further loss as great by paying the money in Holland at 10 Gilders 10 stiver pr pound sterling, wch the Exchange at present beisng there at 11 Gilders pr pound sterling, as we heare from Merchants.

And we further lay before yor Lordp that the former contracts have hitherto discouraged all other Merchants from exporting Tin into Holland; who, as we are very credibly informed, are ready to export it thither in good quantities so soon as Trade shall be left free.

All which is most humbly submitted to yor Lordps great

Wisdome.

[2]

And by proposing to pay the money at {illeg} 10G 10st pr pound st. [{illeg}as we wch is none at 10G 15 or 16st] he reccons to have a preference of one pr cent

Besides thepreference is& 1 pr cent preference wch he demand{illeg}s of 1 pr cent in the exchange, in all, 5$\frac{\mathrm{1}}{\mathrm{4}}$ pr cent, wch is abou{illeg}t 4s 2{illeg}d pr Cwt{illeg}, & in the whole price of 32000li amounts to 1680li sterling.

He proposes If The course of Exchange wch at prsent & {illeg}in Holland is 10 G 15 or 16st falls down to 10 G 12st before he pays the money, h{illeg}is preference in the exchange may be about 1 pr cent otherwise it may be greater. For hHe proposes to pay only 10 G 10 st for 1lib sterling., wch is {illeg} about 2$\frac{\mathrm{1}}{\mathrm{2}}$ below the
   Whether present course of exch. at Amsterdam, so that [unless the course falls 1$\frac{\mathrm{1}}{\mathrm{2}}$ per cent before he pays the money, h{illeg}is will get above 1 pr prefernece byis theis course of exchange will be above 1$\frac{\mathrm{1}}{\mathrm{2}}$ pr cent] if the Tin were now on board, his preference in this course might be 2 or 2$\frac{\mathrm{1}}{\mathrm{2}}$about 1 or 1$\frac{\mathrm{1}}{\mathrm{2}}$ per cent more then we have recconed wch he reccons 1 pr cent might prove 2 or 2$\frac{\mathrm{1}}{\mathrm{2}}$ per cent.

We cannot affirm what quantity of Tin

And we further lay before yor Lordp that formerly heretofore in times of peace Holland & Flanders have taken off about     Tuns of Tin pr an {illeg}besides what has been sent into France, & that her Majts Tin has gone sol{illeg} in the first year of ther present contract wth the stannaries & most part of the second year the Pewterers supplied Holland with their own Tin the first year of her Majts prsent contract wth the stannary & {illeg}mo{illeg}st{illeg} part of the second year, & as their stock of Tin washas consumed, the sale of her Majts tin has mended; that it has mended this last year as well in the Tower as in Holland & that the formerformer late contracts wth Mr Drummond have hitherto discouraged all other Merchants {illeg} from exporting Tin into Holland & that others who are other as we are very credibly informed are ready to export it thither in good quantities so soon as {{illeg}th{illeg}e {illeg}preference is at an end ceases. they can do it upon equal terms.