Draft of MINT00702 (Mint 19/3/566)

<564r>

In obedience to yor Lops order of Ref. of ye 19th instant upon Mr Drummonds letter wherein he proposes to advance 32000li upon receipt that upon ye rect of 400 Tunns of Tin at Amsterdam or wthin 14 days after he will there pay at Amsterdam 4 pound sterling per C wch is 32000 poudns sterling in all, at ye rate of 10 Gilders 10 stivers pr pound, wth in all rebating 4 pr cent for paying this ready money; the freight, duly in Holland & all other charges after it is once on board to be for his acct.

We humbly represent that to yor Lordp that ye Tin put on board will stand her Maty in 4 pr centthis price 4li pr C viz 3li. 16s the price sold at here, 3s custome & one shilling pe{illeg}tty charges for shipping it. {illeg} it all 4li pr C, & ready money and that wthout any rebate. And that if a rebate of 4 pr cent the paymt of this money in holland {sic} the rebating 4 pr cent interest is equipollent to within 14 days after the arrival of the Tin {illeg}at Amst. at 10 G 10st pr lib. wth a rebate of 4 per cent for ready moneyfor ready money is equipollent to {illeg} a deductive equipollent to the giving him time a years time aftertill the arri tinn arrives {illeg}at HollandAmsterdam & for a yeaar & 14 days longer besides the hazzards of the sea & besides the allowance tolowness of the exchange at wch he proposes to pays the money. All wch [is much too great an allowance for ready money.] renders the {illeg} contract very manifestly disadvantageous to her Maty.

For if the {illeg} since Mr Drummond has sold 400 Tunns of Tin in 14 10 months as he represents in his Letter if other Mer we should sell the like quantity {illeg}in the Tower to Merchants for for ready money in that time i small parcels for ready money either to him {illeg}r to other Merchants trading to Holland ‡ the money would be coming in daily without any hazzards at sea or [disadvantage in ye exchange between England & {illeg} london & Amsterdam] wch would be as advantageous as if we were to receive the whole price in the midle of the time of ye sale: & this without any hazzards at sea or loss by the exchange, [& [the advantage of ready money for ye whole would be only the interest of the whole for about half{illeg} the time of the sale.] wch is an advantageous as if we were to receive the whole price in the middle of the time of sale
    Since the money by the sale of the Tin in Holland will be dayly coming {illeg} & one half will come in [Whence it may be understood yt if Mr Drummond should sell another 400 Tunns in 10 months in Holland & pay for it at ye Tower upon the shipping it off to Holland & run the ris of ye sea as other Merchants do & be allowed interest only for five month wch {illeg} & run the risque of ye sea, we beleive {sic} the contract between her Maty him would be upon equal terms. And therefore to he would h{illeg}] And therefore upon equal termes Mr Drummond should be allowed interest only for about five months dated from ye deli dated from ye delivery of ye Tin at the Tower, & stand or for the remainderso much of ye five months as remain when he pays the money; {illeg} wch interest will scarce exceed two per cent, & & {sic} her Majty should run no ris at sea.

Seing {sic} the

‡ the Tin being constantly selling would produce some of ye money every day & about half of it in half the time of sale & wch thereby the red would be as advantageous as if we were to receive the price of the whole at once in the middle of the tim of sale & this without any {illeg} running any issue hazzards at sea or loss by exchange & this wthout any hazzard at sea or loss by ex{illeg}change. For the use of one half of the money received by parcels before that {illeg} equal {illeg} in equityin the first five months would recompence the want of the use of the other half to be received in like parcels after that {illeg}in the last five months

Whence 2 {illeg} we humbly conceive that Mr Drummond should upon {illeg}an equal contract be allowed interest only for five months dated from ye delivery of the Tin {illeg}at for so much the Tower, or rather for so much of the five months as remain when he pays the money: wch interest will exceed two pr cent. And therefore the 4 pr cent wch he demands is about two pr cent t{illeg}oo much, besides the the ris of the sea wch by his proposing to pay for the Tin upon its arrival at Amsterdam, he seems to putplace upon her Majtys acct, & wch Merchants reccon at two pr cent more this for 4 pr cent {illeg} so that her Majty would lose by this contract would loose {sic} 2 pr cent interest & 2 pr cent insurance in all four pr cent wch in the whole price of 3200li amounts to 1280li, besides loss aa further loss wch may arrive prove as great by the low course of ye exchange paying the money in holland {sic} at 10G 10st pr lib st pound sterling, wch at prsent is there at 101 Gilders per pound sterling as we heare told byfrom Merchants.