Draft of MINT00702 (Mint 19/3/566)

<563r>

To the Right Honourable the Lord High Treasurer of England.

May it please your Lordship

In obedience to your Lordships Order of Reference of the 19th instant upon Mr Drummonds Letter wherein he proposes that upon the receipt of 400 Tunns of Tin at Amsterdam or within 14 days after, he will there pay to your Lordships Order 4 pounds sterling per cwt, which is 32000 pounds sterling in all, at the rate of 10 Gilders 10 stivers per pound, rebating 4 per cent for paying ready money; the freight, duty in Holland & all other charges after it is once on board, to be for his account:

We humbly represent to your Lordship that the Tin put on board will stand her Majesty in 4li per cwt, vizt 3li 16s the price sold at here, 3s custome & one shilling petty charge for shipping it. And that a rebate of two per cent seems to us a sufficient recompence for paying ready money.

For since Mr Drummond has sold 400 Tunns of Tinn in ten months as he represents in his Letter; if we should sell the like quantity in the Tower in that time in small parcells for ready money either to him or to other Merchants trading to Holland; the Tin being constantly selling would produce some of the money every day & half of it in half that time: which would be as advantageous to her Majesty as if we were to receive the price of the whole at once in the middle of that time And therefore her Majesty should allow interest for so much time only as she receives the money before the end of the five months next ensuing the delivery of the Tin: which interest in Mr Drummonds case will scarce exceed two per cent. And so the four per cent which he demands is about two per cent too much.

And since he proposes to pay for the Tin upon its arrival at Amsterdam her Majesty runs a risque at sea which Merchants reccon at two per cent. So that her Majesty <563v> by this contract would lose 2 per cent interest & 2 per cent insurance, in all 4 per cent: which is above 3s per cwt & in the whole price of 32000li amounts to 1280li.

And there may be a further loss as great by paying the money in Holland at 10 Gilders 10 stiver per pound sterling, the Exchange at present being there at 11 Gilders per pound sterling, as we heare from Merchants.

And we further lay before your Lordship that the former contracts have hitherto discouraged all other Merchants from exporting Tin into Holland; who, as we are very credibly informed, are ready to export it thither in good quantities so soon as Trade shall be left free.

All which is most humbly submitted to your Lordship great

Wisdome.

[2]

& 1 per cent preference which he demands in the exchange, in all, 5$\frac{\mathrm{1}}{\mathrm{4}}$ per cent, which is about 4s 2d per cwtwt, & in the whole price of 32000li amounts to 1680li sterling.

He proposes to pay only 10 Gilders 10 stivers for 1lib sterling, which is about 2$\frac{\mathrm{1}}{\mathrm{2}}$ below the present course of exchange at Amsterdam, so that if the Tin were now on board, his preference in this course which he reccons 1 per cent might prove 2 or 2$\frac{\mathrm{1}}{\mathrm{2}}$ per cent.

And we further lay before your Lordship that heretofore in times of peace Holland & Flanders have taken off about     Tuns of Tin per annum besides what has been sent into France, that in the first year of the present contract with the stannaries & most part of the second year the Pewterers supplied Holland with their own Tin & as their stock of Tin has consumed, the sale of her Majestys tin has mended; that it has mended this last year as well in the Tower as in Holland & that the late contracts with Mr Drummond have hitherto discouraged all other Merchants from exporting Tin into Holland who as we are very credibly informed are ready to export it thither in good quantities so soon as {the preference ceases. they can do it upon equal terms.