1Mr Drummond by a WarrantCommission of 2 pr cent,Warrant dated Octob 20th 1704, had 400 Tunns of Tin consigned to him & company at Amsterdam to be disposed of after the best rates not under 44 Gilders per hundred merchant weight of Holland (that is not under 4l. 2s. 4 {illeg} per C Averdupois) or 4. 2. 5d for a commission of two per cent clear of all charges & advanced 22500l upon it at 4 pr cent as soon as it arrived {illeg}at Amsterdam. The charges at home were 1242li 18s. 10d including 1200li for customes.
2The like quantity was consigned to him Iune 8th 1705 on the same terms. The charges at home 1266li. 19s. 2d. The first parcel was sold in about 14 or 15 months the second in about ten months
3The first parcel produced by sale 31467li 14s sterling, the second 31656li 4s clear of all charges & the Queen paidexcept interest for money advanced upon all this tin about 1300li wch came to about 1300li. This interest being deducted from the produce of both parcells the remaindedr is 61823li 18s, wch is after the rate of 3. 17. 4d per C weight of Tin averdupois. And the Queen bare {sic} the charges at home & ran the hazzard of insolvent Chapmen
5 A new proposal of Mr Drummond for a third parcel of 400 Tuns being referred to the Officers of the Mint, they reported that the Queen would lose 5s per C {illeg} {illeg} by the bargain & my Lord Treasurer agreed to ye report & directed the Officers of the Mint to signify to theall Merchants that he would send no more Tin abroad by commission.
4Mr Stratford & Mr Free Feb 20th 175 had 240 Tunns of Tin consigned to them for Hamborough upon the same terms as the former was to Mr Drummond. The charges at home 765li 10s 8d. Sixteen blocks were lost by an insolvent Chapman, & the rest produc{illeg}ed 19332. 2. 5. clear of all charges interest except interest for money advanced wch amounted to about 490li. This interest being deducted the remainder is 318842li sterling wch is after the rate of 3li 18s 5d per C averdupois. And the Queen bare {sic} the charges at home.
If Mr Stratford & partne{illeg}rs will notwithstanding the advantage they have in their hands, at any time give for the Tin at Hamburgh will give {illeg}after the rate of 4li per hundred C & for every hundred Tunns pay 8000li wthin one month after the consignement of the same for sale at Hamborough, & takeing 100 {illeg}Tunns here for making up his security: the Queen will not only save the duty of 3s per C but also sell her Tin receive more money by the sale of tin this Tin then in the instances above mentioned, & money the ma{illeg}rkets at Hamborough & parts adjacent will be better supplied with Tin till Christmas 1702 then otherwise & money will come in faster then for paying off the debts in course upon ye Tin, & the great quantity of Tin at {illeg}her Majts Tin at Hambourgh will {illeg} whereby the Merchants are offrighted {sic} from that Market will be lessened & by dregrees {sic} removed to London. And as for the objections of a monopoly & selling at extravagant rates: this would being will be no more a monopoly then the Commissions above mentioned were now altogether so much wch were not called monopolies by the Merchants themselves. {sic}. It would onlyIt will only be a preference & enable Mr Stratford & other merchants Partners to undersell other Merchants by about 6d or 12d {illeg} {illeg} per C & but not hinder other merchants from trading there as far as much as they shall find it for their advantage, & therefore ought not to be called a monopoly. And if they Mr Stratford should sell at extravagant rates, the price would soon invite other merchants to ye market. Mr Stratford reccons that he can sell {illeg}200 Tun <558v> per a. [& Holland & Flanders will carry off three or four hundred Tuns per an. & sometimes above And I do not see .]wch wayhow this Tin will be disposed of at any time hereafter wth more {illeg} advanta{illeg}ge & less liability to exception
And this way the money will comeing in at the beginning ofbefore the sale but not {illeg} wch I take to bereccon an advantage of about 1s per C above that way of selling to the merchants receiving it out of the Queens warehouse at Hamburgh for Tin sold to the Merchants.
56 The present Commissions of Mr Stratf Bereinger & Mr Stratford & partners are to sell when the times & pay themselvescomes without selling them the lowest price, are more unlimited & by consequence less safe for her Maty then the former.; besides that the selling to pay themselves would interrupt the due course of payments.
67 The Proposal of Mr Stratford is more advantageous to her Majty then any of these Commissions & deserves less to be called a monopoly. It {illeg}would enable him to undersell other Merchants by about 6d or 12 d per C, & thereby discourage otherm merchants(but not disable them) forrom carrying Tin to that market, but not disable them and a {sic} a high price (wch is the crime of a monopoly) would invite them thither Mr Stratford reccons that he can sell 200 Tuns per an: wch would bring Hamburgh together carry {illeg}off above 500 Tunns per an.
I herewith send your Lordp a coppy of the Report of the Officers of the Mint upon a Petition from the Cornwall for a new Contract for Tin at such a price {illeg}as her Maty might not lose by, {illeg} & {illeg} for taking off a greater quantity of Tinn then before. T A few months before the date of this Report I {illeg} computed the price at 3li 8s 6d supposing no more Tin to be received then the consumption would carry off., And for preventing of I added the last clause of this report.
I send your Lordp also a further Report upon the Tin present state of the Tin, & remain
My Lord
Yor Lops most humble
& most obedient
<559v>3 The two parcels produced by the sale 63014li clear of interest & all other charges except 3s per C the duty of 3s pr C. And this produced is after the rate of 3li. 18s. 9d per C. He sold ye 1st parcel in about 14 or 15 Months & the second in {illeg}10 a ve{illeg} being in{illeg} over the Rhine into France being {sic}
Mr Stratford & Mr Free Feb 20 1705 had 240 Tunns of Tin consigned to Hamborough {illeg}upon like terms & upon notice of its arrival at Hamb. advanced 12000li upon it at 4 per cent. Sixteen blocks were lost by an unsolvent chapman & the rest {illeg}produc{illeg}ed 19286li. 11. 9 {illeg} clear of interest & all other charges wch except the duty of 3s pr Cent. And this produce is {sic} is after the rate of 4li. 0s. 4d pr cent C.
If Mr Stratford & partners will now give after ye rate of 4li pr C & wthin one month after consignemt of 100 Tuns for sale pay here for ye same 8000li advance the full price of 8000li, the bargain would be as good as any of the former & better then the present comm, & the Queen would save the d the duty of 3s per C. And I see not why
The present Commissions to sell when the time comes, without setting the lowest price aisre not so good as the former., not to mention the interruption of ye course of If payments & the damping of the markets by the great quantities of Tin lying abroad till it be sold.
T If Mr Stratford & partners will give after the rate of 4li pr cent C & {illeg} within one month after the consignemt of every 100 Tunns for sal{illeg}e advance the full price of 8000li, the bargain considering that the Queen runs no ris of selling upon Trust would be as good as any of the former commissioners besides the duty of 3s per C saved to her Maty. Mr Stratford expects to sell 200 Tuns per an, & thisen ba this bargain would be a quarter per cent better then to receive {illeg} ready money quart upon consignement of 500 Tuns quarterly for sale quarterly., & Merchant seldome take above 50 Tuns at a time
T And as for the objection of a monopoly, it lies as much against all the Commissions above mentioned. Other mercharts {sic} are not disabled from sending Tin to that market. A high price would invite them thither. And selling at too high a price (wch is the f{illeg}ault of a monopoly would invite them thither. Mr F Stratford would be only enabled to undersell other Merchants by about {illeg} 10d in the Cwt (wch promotes the sale), but not to raise the price of the market.
For a merchant may have Tin here for 3li 19s per Cwt including the duty, & will notscarce reccon the pputting{illeg} & tThe duty there & housing it there atmay be 6d more: [ & the interest of the price so that the whole charge 3li 16s pr C at the Mint & 4li. 0s. 6d at Hamborough]paid a {illeg} till it arrives at Hamborough 354d. more so that it will cost a Merchant to have it at Hamburgh {illeg} about 4li. 0s. 190d.
If her Maty should sell it {illeg} to Merchants at Hamburgh (as is done in ye Tower) for ready money withou at a set price wthout giving them leave to pick & chuse the blocks of Tin, {illeg}& that price should be 4li. 0s. 190d per C averdupois they would have no encouragement to bringuy at Hamb. rather then in the Tower. And therefore 4li per C would be a price high enough. Deduct the charge of the Office to be there set up for this sale, & the remainder clear to her Maty will scarce exceed 3li 18s 6d pr Cwt.
What is most fit to be done is most humbly submitted to yor Lordps gt wisdome
Source
MINT 19/3/558-9, National Archives, Kew, Richmond, Surrey, UK28 August 1711, c. 1,716 words.