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

<526r>

The Q {sic}

If the king renews the Queens contract, wch is for 1800li Tonns {illeg}stan. wt from Cornwall & about 40 Tunns from Devon; he will [receive about 670 Tunn stan. wt or 710 Tunns merchts weight pr an more than he{illeg}] have in his hands sell no Tin till all the Queens Tin is soldamounting to about 5250 sta, & which will be in about 4 years & two months recconed from the Queens death; & at the end of that time he will have in his hands 7390∟77667 T. st. wt or 7918∟68215 T. merch. wt., And wch is & so be in a much worse condition then the Queen was If the {illeg} at the time of her death. This Tin will cost the King
    If the contract should then break off 5124219569563li besides freight 7{illeg}9667{illeg}li & charges in Cornwall 10000li., In {illeg} & interest of the money advanced 655{illeg}000. In all 6    63 6543030li. The interest of wch money at 5 pr cent would be 32151li per an after the Queens Tin is sold off. And if the contract should then cease the Interest of the & the king sell & Cornwall should sell but 4 or 5 hundred Tunns per anper an & the King should 800 Tunns per an at 40s per C till all is sold, the produce of the sales for the king would only pay the interest, & the king would lose the principall amounting to 643030li.

If the Pri Prince of Wales re{illeg}news the contract for Tin & assignes it to the King.

Considerations upon the Contracts for Tin.

the last contract for Tin commencing Iune 1st 167710 & ending with the Queens death Aug 1st 1714 was for 1800 Tunns per an from Cornwall in times of peace besides about 40 Tunns from Truro in Devon. And the consumption carried off abou almost 12001260 Tuns stan.merchts wt. per an & at her death there {illeg}remained unsold in her hands unsold {illeg}about 5150 T. st merch. wt. If the contract be renewed by the Prince & assign{illeg}ed over to the King the Queens Tin will be at least four years in so & a month in selling & th at the end of that time the King will have received 7360 T. T st. wt or 7886 T. merc. wt, & so be in a much worse condition as to these contracts then the Queen was at her death. This Tin will cost the King 511520li, besides feight 7360li & charges in Cornwall & 1000li & & {sic} interest of the all the money advanced 10398 at 5 pr cent 518988li. In all 571868li the interest of wch after the four years {illeg} will be 28593. 8s. per an. before the king can begin to sell any Tin. And when the King begins to sellthen the interest of this money at 5 per cent will amount unto 28573 per an

If {illeg}at the end of that tim{illeg}e, the contract should cease: the King, that he may sell as much Tin as shall be sold by the people of Cornwall, suppose 6{illeg}00 Tunns per an, (the whole sales amounting only to 1200 T. stan. wt,) he must lower the price {illeg}untill it shall not be worth the while for the people of Cornwall to sdig & work above 600 Tunns stannary w per an. And this will hardly be compassed without selling it at a lower price then hath been known these many years. Suppose he should sell 600 Tunns per an st When the price has been only 50sli per Tun they have dug a much greater quantity And therefore the king must sell it at a price still lower, suppose at 45 or 40 st. per Tun. If he should sell it at 45li {sic} it at 45li per Tun. The sale of 600 Tunns per an would produce an annuity of 27000 for till all the Kings Tin be sold, that is, for 12 years & a a quarter. Which Annuity would would not pay the interest of the money advanced o&f{illeg} together wth the charges of selling the Tin without an addition of two thousand pounds per an out of the civil list] & in the end of the time htere will be nothing left to satisfy the King for the {illeg}571868li. {illeg}And if he would sell the Tin faster he must sell it for a lower price, & wch would price still lower & thereby increase the discontent of Cornwall. So the King by a renewal of the contract for only four years would create a loss to king of above half a million of money. And if it be still greater, & besides that it will every year grow more & more difficult to put an end to these contracts without ruining Cornwall.