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

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If the king renews the Queens contract, which is for 1800li Tonns stannary weight from Cornwall & about 40 Tunns from Devon; he will sell no Tin till all the Queens Tin is sold, 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 7667 Tuns stannary weight or 8215 Tuns merchant weight, & so be in a much worse condition then the Queen was at the time of her death. This Tin will cost the King 569563li besides freight 7667li & charges in Cornwall 10000li, & interest of the money advanced 55000. In all 643030li. The interest of which money at 5 per cent would be 32151li per annum after the Queens Tin is sold off. And if the contract should then cease & Cornwall should sell but 4 or 5 hundred Tunns per annum & the King should sell 800 Tunns per annum at 40s per cwt 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.

Considerations upon the Contracts for Tin.

the last contract for Tin commencing Iune 1st 1710 & ending with the Queens death Aug 1st 1714 was for 1800 Tunns per annum from Cornwall in times of peace besides about 40 Tunns from Devon. And the consumption carried off almost 1200 Tuns stannary weight per annum & at her death there remained in her hands unsold about 5150 Tuns merchants weight. If the contract be renewed by the Prince & assigned over to the King the Queens Tin will be at least four years in selling & at the end of that time the King will have received 7360 stannary weight or 7886 Tuns merchants weight, & 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 & interest of all the money advanced at 5 per cent 51988li. In all 571868li before the king can begin to sell any Tin. And then the interest of this money at 5 per cent will amount unto 28573 per annum

If at the end of that time, the contract should cease: the King, that he may sell as much Tin as shall be sold by the people of Cornwall, suppose 600 Tunns per annum, (the whole sales amounting only to 1200 Tuns standard weight,) he must lower the price untill it shall not be worth the while for the people of Cornwall to dig & work above 600 Tunns per annum. When the price has been only 50li 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 per Tun. If he should sell it at 45li per Tun. The sale of 600 Tunns per annum would produce an annuity of 27000 till all the Kings Tin be sold, that is, for 12 years & a a quarter. Which Annuity would not pay the interest of the money advanced together with the charges of selling the Tin & in the end of the time htere will be nothing left to satisfy the King for the 571868li. And if he would sell the Tin faster he must sell it for a price still lower & thereby increase the discontent of Cornwall. So 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.