Draft of MINT00287 (Mint 19/2/602-3)

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Minutes for
An Act for further encouragement of Coynage.

In consideration of the advantages which may accrue to the East India Company by this Act by lowering the price of Bullion & permitting the exportation of money & for encouraging the importation of Gold & Silver in lieu of the great quantities exported by them & for or toward paying the charge of coyning so much as they shall export in English coyn, they the said Company shall annually pay to the Master of the Mint at his Office in the Tower of London upon the Feast of                      the summ of          thousand pounds.

2 For encouraging the Importation of Gold & Silver to be coyned in England

The East India Company to pay annually into the Custome house upon the Feast               or within days after the summ of                thousand pounds & in default of payment the said summ to be speedily seized in any of their ships by Warrant of the Commissioners of the Customes. This summ        thousand pounds to be set apart with the Duties given for encouragement of coynage & paid into the Exchequer & thence to the Master of the Mint for the same uses. And consideration of the said Annuity the East India company to pay but half the charge of coyning what monies they export.

The law would encourage the Merchant to bring his Bullion from Spain to the Market in England rather then carry it directly to the Indies where the coynage will cost at least twice as much as the exportation of money from England. And the more Bullion flows to our market the more money will stay with us, & the more will our coyn be propagated abroad to the honour of the nation.