Holograph draft memorandum on the Queen's trade in tin, predicting a loss to the Crown of over quarter of a million pounds by the end of a seven-year contract with the Cornish tin mines

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The 1600 Tuns of Tin bought annually in Cornwal amounts in Merchants weight to 1714$\frac{\mathrm{2}}{\mathrm{7}}$ Tunns yearly & in all the seven years to 12000 Tunns. Between Apr 6ty 1704 & Sept 12th 1705 there has been sold by the Pewterers 600 Tons, by the Officers of the Mint 488 Tons & by Mr Drummond about 1000 blocks or 144 Tonns, in all 1232 Tons which is after the rate of 860 Tons per an. From the 12000 Tons deduct the 488 Tons & the 144 Tons already sold & there will remain to be sold 11368 Tons. Deduct further 860 Tons per an for the 5$\frac{\mathrm{1}}{\mathrm{4}}$ years to come & at the end of the term of the bargain there will be sold of 5148 Tons & remain in the Queens hands 6853 Tons. Which will 8 years more to sell it all supposing a cessation of digging Tin in Cornwall all that time & without such a cessation it may require a much longer time.

The Queen pays annualy for Tin 112000li Salaries 3000 carriage by sea 2000 incident charges about 1200li in all 118200li & in all the seven years 827400 besides interest. Her Majesty has receved for 632 Tons already sold 48032li & will receive further for 860 Tons 65360li annualy & in all the 5$\frac{\mathrm{1}}{\mathrm{4}}$ years to come 343140. Deduct the 65360li from the 118200li & the 343140 from the 827400 & the Queen will run in debt 52840 yearly & at the end of the time of the bargain be in debt 484260 besides interest which amounts to about 72000li more, so that the whole debt will be about 556000li.

The price of Tin in Cornwal has sometimes fallen to 50s & 58s & even 45s per cwt merchants weight: & the great glut of Tin when the time of the bargain expires may make it fall down to 45s per cwt in London or lower. The 6853 Tons of Tin at 45 per cwt will bring in 308385li which deducted from the said debt of 556000li leaves the Queen 257615li a loser by the bargain besides the interest of the debt while the tin is selling off; which interest if the Tin be eight years selling off or above will amount to 194787li or above so the Queen will lose at least 452402 by the bargain.

By the like computation I find that if for the future Tin should be sould after the rate of 1000 Tons per an, there would remain in the Queens hands at the end of the term 6118 Tons & the Queen would be then in debt 380368li besides interest of money taken up to carry on the service which interest would amount to about 58320li & make the whole debt 438688li. And the 6118 Tons sold at 45s per Ton would bring in 275310li which deducted from the debt would leave the Queen 163378li a loser besides the interest of the debt while the tin is selling off, which may amount to above 108372li, & so make the Queen above 271750li a loser by the bargain.