Draft of MINT00729 (Mint 19/3/542-3)

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		Tuns Averd.
Tin the Queens hands at the beginning of this contract Iu{illeg}ne      1710	}
Added 800 Tunns st. wt
Total		3257
Left by the Queen at he {sic} death Aug 1, 174 {sic}		5260
Increased in four years & two months		2003
Increased annually		50500
Receivied from ye stannaries in four year 676{illeg} T. st. wt		7243
Sold off in {illeg}four years & two months		5240
Sold per an at a medium		1250
Add for the two Months between the summer coynage & the Queens death	}	30{illeg}7{illeg}
Total Tyn belonging to ye Queen at her death		55707
Increased in four years & two months		2310
R Increased annually		554
Received from ye stannaries in 3 years 4920 T. st. wt	}	7572
Received more in a year 1840, in 2 months 307. Total 7067
REceived more then hath been sold off		5231{illeg}0
Sold off in four years & two month		5252
Sold annually		1260
{illeg}Vnsold sold since the beginning of the two {illeg} contracts		5260
Received since the beginning of the two contracts		19417
Sold since the beginning, viz in 9$\frac{\mathrm{1}}{\mathrm{2}}$ years		14157

The Queen contracted in ye 2d of Iune 16 1710 to take annually from Cornwal {illeg} {illeg}during the seven years ensuing, 1600 Tunns of Tin during the war & 1800 Tunns in in {sic} times of peace besides about 40 Tunns from Truro in Devonshire The contractThese Tunns cont{illeg} were stannary weight each Tunn consisting of 2400 pounds averdupois. But the Tin iswas sold by the Queens Officers to merchatnts by Tunns averdupo{illeg}is each Tun consisting of 2240 pounds averdupois. The Queen paid 6{illeg}5 pounds per Tun sta{illeg}nary weight besides 4. 6. 8 the Coynage & post groats amounting to 4li 6 8 per Ton wch she remitted to the people of Corn{illeg}wal And she {illeg} {illeg}so{illeg}ld about 1260 Tunns averdupois to ye merchant annually forat {illeg}76li per Ton. And in the beginning of this a contract the Queen had 2400 Tuns averdupois remaining in her hands upon a former contract.

At her Mats death there were about 5240 Tunns Averd. of Tin left in the hands of Trustees for paying debts upon the Tin & civil list.

Case 1. If the contract should crease, & the Trustees & Cornwal by selling against one {illeg}another will bring down the price of Tin

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In the time of ye 1st contract ye sales amounted to about 1500 T. av. pr cent

During the last 4 years there has been sold annually about 1260 Tunns averdupoi{illeg}s{illeg} of Tin averd. or almost 1200 Tuns st. wtt. The price wa{illeg}s 12 6 76li per Tun Averdupois.

If the con

Case 1. There were about {illeg}5200 Tuns of Tins in the late Queens hands at her death & so great a dead stock cannot left by her Maty in the hand of Trustees to be sold for paying her debts, the Trustees & Cornwall by selling against one another will bring down the price to what it hath been formerly or p suppose to 540 or 50li per Tun, or perhaps lower. And if the the Trustees & Cornwall should both together sell about 1260 Tunns per an 1300T per an, & each of them sell as much as the other, the Queens Tin would be eight years in selling. &Case 1 For bringing this matter to a recconing {illeg} {illeg} I will suppose that the Trustees willmay sell about 650 Tuns per annum for 50 at 54li per Tunn{illeg} & the Tsale will bring in 32500li for eight years together. And this annuity rebating interst {sic} at 5 per cent will be worth in presentready m{illeg}oney 210054li the neare value of the Tin as nearely as can be recQueens Tin if the contract ceases Queens Tin at present if the contract be not renewed. as nearely as I can reccon, {illeg} if the contract ceases. But in this case the low{illeg}upon the afforesaid suppositions, if the contract ceases. The Trustees sell 650 Tunns pr an must fall their price so low that it will not be worth the while to raise above 650 Tuns in {sic} per an in all Cornwa{illeg}l per an. And in this case Tin will scarce sell for 45li per an & the people of C owners of the Tinn lands will be much discontented.

Case 2 On the other hand till if the contract be renewed & the King takes off annually 1{illeg}840 Tunns stannary as in ye last contract, there will be every year an addition to the dead stock of Tin of the Crown of about 65564 Tunns stannary wt or 712 Tunns averdupois. {sic} which wch the longer the contract is continued &the greater will the complaint of the Cor & discontent of the Cornish men whenever it breaks off & the greater will be the loss of the crown. And therefore its much better to

W {illeg} Vp

Case 3. If upon his Maty should re{illeg}new the contract & take only 12{illeg}00 Tunns stannary wt from Cornwal & Devonshire annually & wch is much as will go off to ye Merchant & pay the Queens Trustees annually about 32000 per an eight years together The recconing would stand thus

1200 Tunns of Tin sta. wt at 70li$\frac{\mathrm{1}}{\mathrm{3}}$ per Tun including freight		84400
Other expences & hazzards annually		5000
To the Queens debts per an		32000
Total charge annually		121400
Produced annually be the sale of 1260 T{illeg}unns averd. at 76li per Tunn	}	95760
Annual excess of the expence above the income		25640
The total value of this annual expence at the end of 87li eight years with interest at 5 per cent interest for the money borrowed to pay thi{illeg}s excess of expence	}	247400
In recompence for this expence the King will have {illeg} {illeg}about 5200 Tunns of Tin of about the same value at the end of ye eight years.

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In theIust before the beginning of the first contract for Tyn the Pewterers {illeg} furnished themselves with {illeg} Tyn from Cornwl & being factors for the merchants sold off their own Tin first {illeg}so that the Queen sold very li{illeg}ttle Tyn the first year. I reccon that their Tyn sold that year & the first quarter of the second year might amount to about 16400 Tuns stannary wt.

If At the end of 6$\frac{\mathrm{1}}{\mathrm{2}}$ years, the time of that contract there remained 6$\frac{\mathrm{1}}{\mathrm{2}}$ yea about 2400 Tunns averdupois that is 1224 Tunn Averd Stann in the Queens hands unsold. She had then received 6$\frac{\mathrm{1}}{\mathrm{2}}$ years produce that is 10660 Tunns stannary weight Add the 1500 Tunns & there fore sold 8{illeg}6420 Tunns. Add the 15400 Tunns of the Pewterers & the whole quantity sold in six $\frac{\mathrm{1}}{\mathrm{2}}$ years will be {illeg}about 99820, wch is after the rate of about 1510 Tunns stan. wt per annum.

In the four last years there has been sold after the rate of only 1260 Tunns per an {illeg}Averd. othat {illeg}1176 Tuns stannary wt. And then at the If Queens death there was {illeg}a dead sto Then reason of the decrease of the sale I take to be the high price of the Tin & {illeg}that {sic} that in ye late warr. where Tin could not be imported during the war, the people learnt to use other {illeg} other vessels then Tin & now being impoverished by the warr chuse to buy earthen are less able to purchase Tin vessels then formerly & content themselv{illeg} with vessels of wood & earth.

The dead stock left by the Queen at her death amounts to about 5240 Tunns averdupois. If the contract should not be renewed, this Tin will scarce be sold for above 40 or 50sli per Tun & if it should be sold for 45li per Tunn, & 1260 Tunns averd. should be sold annually, between the one half by Cornwall the other half by the Trustees for the Queens Tin, the Queens Tin would be eight years & four months in selling, & for so long time would be produce an annuity ofannually 28350li per an. for paying off the Queens debts untill 5240 Tunns be sold off & all the payments amount unto 235800li the price of the whole. At a higher price the Tin would go off slower at a lower price it would go off faster, & what is got by the price would be lost by the time of sale: & what is got by the time of sale would be lost by the price quam proxime. If the {illeg} Commrs for the sale of Tynn should givereceive 7500li quarterly for eight years together for all the Tyn should {sic} sell all the Tin to the King for 75240000li to be paid by quarterly payments of 7500li at each payment for eight years together: their bargain in my opinion would be more advantageous then to let the contract cease: espe. For if the contract {illeg}be{illeg} not renewed they will scarce be able to sell 630 Tunns per ann for 45li per Tunn & out of the price they must defray the charges of warehouse room, factors, Porters & Incidensts.

I{illeg}f therefore the contract be not {illeg}renewsed the sale of Tin may amount unto about 630 Tunns averdupois or 600 stan{illeg}nary wt & bring into Cornwall about 240000li in eight years or {illeg}28000li per an till all the Queens Tin be sold. And if his Maty should purchase only 400 Tuns st wt per an stan. wt at 3li 9s pr C it would more to their advantage. For it would b{illeg}ringto the Corn{illeg}wall 273600li in eight years, & save them the charges of diffing of 200188200 Tunns stan. wt annually {illeg} above the above the {illeg}400 Tunns to make up 600 Tunns averdupos

Co{illeg}rnwall therefore ought to thank the king if he shou{illeg}ld contract wth them for 600, 800 or 1000 or 1200 Tunns annually they ought to thank him much more, & was shew themselves very sensible of the favour before any contract be made.

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Twelve hundred Tunns St. wt as much as will go off & as the king can purchase without losing by it. The recconing stands {illeg}thus.

Twelve hudnred Tunns of {illeg}Tin {illeg}at 70li pr Tun for Tin & freight		84000
Other expences & hazzards		5000
Queens debts per an		30000
Total expence		119000
Sold annually 1260 Tunns Averd. at 76li pr Ton		95760
Annual expence above the income		23240
The value of this annuity or expence at the end of 8 years at 5 per cent interest for the money borrowed	}	224243.

If his Maty should receive annually from Cornwall only 1000 or 800 or 600 or even but 400 Tunns annually from Cornwall at {illeg}69li 6. 8 per Tun including the coynage & post Groats, it would be better for Cornwall then to let the contract quite cease. And therefore they have reason to take it as an Act of grace if his Maty should contract with them for no more then {illeg}800 or 1000 Tunns per an.

And tho his Maty should pay {illeg}an annu{illeg}ity for the Que during 8 years eight years together to the Trustees for ye Queens Tin, yet it will not be necessary that the contract with C{illeg}ornwal sh{illeg}ould be for above three years.