Incomplete holograph draft of MINT00716 (Mint 19/3/482), followed by calculations relating to the tin trade and two holograph drafts of MINT00715 (Mint 19/3/483)

<504r>

May it please yor Lordp

I humbly beg leave to lay before yor Lordship a further account of ye Tin Mr Drummond by a Warrant dated Octob. 20th 1704, had 400 Tunns of consigned to him & company at Amsterdam {illeg}to be disposed of after the best rates not under 44$\frac{\mathrm{1}}{\mathrm{2}}$ Guilders per hundred merchant weight of Holland (that is not under 4li 2s {illeg}4d per C averdupois) for a commission of two per cent clear of all charges & advanced 22500li upon it at 14li per cent paid upon notice of its arrival at Amsterdam. An the like quantity was consigned to him Iune 8th 1705 on the same terms. The first parcel was sold in about 15 months, the second (by openiong a trade over the Rhene into France) in about9 or 10 months. And both parcels produced by the sale 63014li clear of interest & all other charges except the duty of 3s per Cwt. Which produce is after the rate of 3li 198 {sic}17s 9$\frac{\mathrm{1}}{\mathrm{4}}$ {sic}1$\frac{\mathrm{3}}{\mathrm{4}}$d per Cwt. Part of wch money came in some time after the sale.

Mr Stratford & part as Mr Free Feb. 20, 170$\frac{\mathrm{4}}{\mathrm{5}}$ had 250 Tunns of Tin consiged to Hamburgh upon the like terms & upon notice of its arrival at Hamburgh advanced 12000li ipon it at 4 per cent. Sixteen blocks were lost by an unsolvent chapman & the rest produced 19286li 11s 9d clear of all charges interest & all other charges except the duty of 3s per Cwt: wch produce is after the rate of 4. {sic}3.li 0. {sic}19.s 4 {sic}1$\frac{\mathrm{1}}{\mathrm{2}}$d per C wt. Part of wch money came in late.

The present Commissions to sell when the time comes are {illeg}le{illeg}ss advantageous then the former. There is no lowest price set. They interrupt the course of payments. And by the great quantity of Tin lying abroad put a damp upon the markets till the sale begins.

TA merchant may have Tin here for 3li 19s pr C including the Duty, & ship it off for 6d pr C or less & will scarce reccon the shipping it off & carrying it to Hamborough at above 1s6d per C. The Duty there & housing may be also 6d & the interest of the price till it arrives at Hamburgh 43d more. Tin therefore at 3li 16 per C in the Tower &stands the merchant in about 4li. 0s. 109d at Hamborough. is of equal value to ye Merchant in ready money shouldTherefore And if her Majesty sell it thereshould sell it there to the Merchant at Hamboroug for ready money wth at a set price, something must be abated of 4l. 0s. 109d to incline him to buy at Hamborough rather then at London. If 4li per C should be the price & 1s 6d {illeg} should beto the merchant at Hamborough& the charges of an Office for selling it, the Queen would receive but 3l. 18s {illeg}6d per C. That market may take off 200 Tunns per an& 1s 6d per & upon thatis quantity sold, will amount to 300li pr an wch is scarce enough for all the charges of such an Office.{illeg}wch would scarce be enough be less then 1s 6d per C, {illeg} lbe dseducdted, the Queen will receive but 3li 18s 0d or 3li 18s 6d per & & this without advancinghaving any part of the money advanced.

If Mr Stratford & partners will give after the rate of 4li pr cent C & within one month after the consin{illeg}etmt of every 100 Tuns for sale advance the full price of 8000li: the bargain (considering that it willwill revive the market & diminish the Tin abroad & bring in more money to her Maty & that her Maty runs no ris of selling <504v> upon trust nor stay for any part of the money till debts can be got in;) will be much m{illeg}ore advantageous th{illeg}en any of the Commissions above mentioned besides the duty of 3s per C saved to her Maty And the money coming in before the sale I reccon an advantage of prper {illeg} above that of receiving it for the Queens warrehouse at Hamburgh for Tin < insertion from f 505r > sold to ye Merchants < text from f 504v resumes > And to take 100 Tunns at a time & pay here within a month is better by {illeg}four or f{illeg}ive months < insertion from the top of f 504r > interest of the money then to take only 10 or 20 Tunns at a time for ready money at Hamborough: besides not to no {illeg}ion the interest of the money received till it can be returned from Hamborough to London.

So that to set up an Officer there, wouldmay be three or four shilling per Cwt loss to her Maty besides the hazzard of mismanagemt.

< text from f 504v resumes > < insertion from the top left of f 504r >

So thatAnd therefore this bargain would be 3 or 4s per C better then to set up an Office for sale.

< text from f 504v resumes >

And as for The Objection of a monopoly the lies as much against all the Commissions above mentioned He will not He < insertion from f 504r > will not < text from f 504v resumes > {illeg}& the merchants to not object it. {sic} {illeg} is not made by < insertion from f 504r > the Merchts. < text from f 504v resumes > Mr Stratford will not disable other Merchants from sending Tin to that Market if they can get by it: & a high price (wch is the {illeg} fault of a monopoly) would invite them thither. Mr Stratford He will{illeg}will be enabled to undersell other Merchants by about 9d in the C (wch willwould promote the sale) but not to raise the price of the market. He reccons that he can sell 200 Tunns per an, & theat market mayusually takes of {illeg} Tunns more. Anabout 2t0 Tunns more about {illeg}40220. Tunns per an. And to take 100 Tuns at a time & pay {illeg} wthin a month is better by three or four months interest of the money then to take only 10 or 20 Tuns at a time for ready money.

The Tin sold the two last months came tosince {illeg} towithin thein Iune Iuly & Augt comes to about {illeg}717000li sale between this {illeg}in the quarter ending at Christmas may bring in as muchused to be carry of be the & not mumoreless then in < insertion from f 504r > any < text from f 504v resumes > the sales being slack in ye winter monthsother Quarter. {sic}.

Sr Henry

The Tin in Mr Berangers hands when his course of paymt comes may be sold {illeg} by parcell to other Merchants who will to pay off his debt. & Mr Drummond may probably prove a good Chapman.

The Officers of the Mint

We The Officers of the Mint have been of opinion that her Maty {illeg} loses by private contracts & Cpsomething by all something by sending Tin abroad upon private contracts & commissions but the Tin is already abroad & whether her Maty shall now be at the charge of setting up new Officers abroad for selling no more {illeg} then 200 {illeg}Tuns per ann in an Office, is a new question, wch has made me think it my duty to state the matter thus fully to your Lordp.

{illeg}9$\frac{\mathrm{1}}{\mathrm{2}}$. 10d :: 8$\frac{\mathrm{1}}{\mathrm{2}}$. $\frac{\mathrm{170}}{\mathrm{19}}$d = 8$\frac{\mathrm{18}}{\mathrm{19}}$d per Lwt Hamburgh = $\frac{\mathrm{170,\; 92}}{\mathrm{1900}}$d per lwt averdupois = $\frac{\mathrm{17,\; 46}}{\mathrm{95}}$d per lwt averdupois = $\frac{\mathrm{17,\; 46,\; 112}}{\mathrm{95}}$d per C

<505r>

Petty charges in shipping off 400Tuns =	42li. 18s. 10d.
Carrying it out of the Tower 1s pr Tunn	20. 0. 0.
	62. 18. 10

{illeg}Porterage & other charges in shipping of another 400 Tuns for HambHolland.	66. 18. 2
	62. 18. 10
	130li. 0. 0

800Tun = 1600C = 130li =260 {sic}5200s = 312000d.    {illeg}1C = 2d.

In the Tower the small charges of shipping come to but 2d per C but ye Merchants allow 6s per C

My Lord

I herewith send yor Lordp a further rReport about the state of ye Tin, and also a copy of the Report formerly made by the Officers of the Mint upon a Petition from Cornwall for renewing the contract for Tin at such a price that her Maty might not be a loser, & for taking off a greater quantity of Tin then before. I have also adder{illeg} I am

My Lord

Yor Lordps most humble

& most obedt servant

Is. Newton

My Ld

I beg leave to send your Lordp the two annexed papers The one is a further report upon the Tin. The other is a copy of the Report formerly made by the Officers of the Mint upon a Petition from Cornwall. The Petition was for renewing the contract for Tin at such a price that her Majty might not be a loser & for taking off a greater quantity of tin. then before