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

<517r>

The Queen contracted {in} y^e 2^d of Iune 16 1710 to take annually from Cornwal \{illeg} {illeg}during the seven years ensuing/, 1600 Tunns of Tin during the war & 1800 Tunns in in {sic} times of peace besides about 40 Tunns from Truro in Devonshire \The contract/These Tunns cont{illeg} were stannary weight each Tunn consisting of 2400 pounds averdupois. But the Tin is|w||as| sold by the Queens Officers to merchat|n|ts by Tunns averdupo{illeg}|i|s each Tun consisting of 2240 pounds averdupois. The Queen paid 6{illeg}|5| pounds per Tun sta{illeg}nary weight besides 4. 6. 8 the Coynage & post groats amounting to 4^li 6 8 per Ton w^ch she remitted to \the/ people of Corn{illeg}|w|al And she {illeg} {illeg}|s|o{illeg}|l|d about 1260 Tunns averdupois to y^e merchant annually for\at/ {illeg}|7|6^li per Ton. And in the beginning of this a contract the Queen had 2400 Tuns averdupois remaining in her hands upon a former contract.

At her Ma^ts death there were about 5240 Tunns Averd. of Tin left in the hands of Trustees for paying debts upon the Tin & civil list.

Case 1. If the contract should crease, & the Trustees & Cornwal by selling against one {illeg}|a|nother will bring down the price of Tin

<517v>

In the time of y^e 1^st contract y^e sales amounted to about 1500 T. av. p^r cent

During the last 4 years there has been sold annually about 1260 Tunns averdupoi{illeg}|s|{illeg} of Tin averd. or almost 1200 Tuns st. wt|^t|. The price wa{illeg}|s| {12} 6 76^li per Tun Averdupois.

If the con

|Case 1.| There \were/ about {illeg}|5|200 Tuns of Tins in the late Queens hands at her death & so great a dead stock cannot \left by her Ma^ty in the hand of Trustees/ to be sold for paying her debts, the Trustees & Cornwall by selling against one another will bring down the price to what it hath been formerly or p suppose to 5|4|0 or 50^li per Tun, or perhaps lower. And if the the Trustees & Cornwall should both together sell about 1260 Tunns per an 1300^T per an, & each of them sell as much as the other, the Queens Tin would be eight years in selling|.| &\Case 1/ For bringing this matter to a recconing {illeg} {illeg} I will suppose that the Trustees will\may/ sell about 650 Tuns per annum for 50 at 54^li per Tunn{illeg} & the T|s|ale will bring in 32500^li for eight years together. And this annuity rebating interst {sic} at 5 per cent will be worth in present\ready/ m{illeg}|o|ney 210054^li the \neare/ value of the Tin as nearely as can be rec\Queens Tin if the contract ceases/ Queens Tin at present if the contract be not renewed. as nearely as I can reccon, {illeg} if the contract ceases. But in this case the low{illeg}\upon the afforesaid suppositions, if the contract ceases. The Trustees/ sell 650 Tunns p^r an must fall their price so low that it will not be worth the while to raise above 650 Tuns in {sic} per an in \all/ Cornwa{illeg}|l| per an. And in this case Tin will scarce sell for 45^li per an & the people of C owners of the Tinn lands will be much discontented.

|Case 2| On the other hand till if the contract be renewed & the King takes off annually 1{illeg}|840| Tunns stannary as in y^e last contract, there will be \every year/ an addition to the dead stock of Tin \of the Crown of/ about 655|64| Tunns stannary w^t or 712 Tunns averdupois. {sic} which w^ch the longer the contract is continued &|t|he greater will the complaint of the Cor & discontent of the Cornish men whenever it breaks off & the greater will be the loss of the crown. And therefore its much better to

W {illeg} Vp

|Case 3.| If upon his Ma^ty should re{illeg}|n|ew the contract & take only 12{illeg}|0|0 Tunns stannary w^t from Cornwal & Devonshire \annually/ & w^ch is much as will go off to y^e Merchant & pay the Queens Trustees annually about 32000 per an eight years together The recconing would stand thus

<518r>

In the\Iust before the/ beginning of the first contract for Tyn the Pewterers {illeg} furnished themselves with {illeg} Tyn \from Cornw^l & being factors for the merchants sold off their own Tin first/ {illeg}|so| that the Queen sold very li{illeg}|tt|le Tyn the first year. I reccon that their Tyn sold that year & the first quarter of the second year might amount to about 16|4|00 Tuns stannary w^t.

If At the end of 6$\frac{1}{2}$ years, the time of that contract there remained 6$\frac{1}{2}$ yea about 2400 Tunns \averdupois that is 1|2|24 Tunn Averd Stann/ in the Queens hands unsold. She had then received 6$\frac{1}{2}$ years produce that is 10660 Tunns stannary weight Add the 1500 Tunns & there fore sold 8{illeg}6|42|0 Tunns. Add the 1{5}|4|00 Tunns of the Pewterers & the whole quantity sold in six $\frac{1}{2}$ years will be {illeg}\about/ 99|8|20, w^ch is after the rate of about 1510 Tunns stan. w^t per annum.

In the four last years there has been sold after the rate of \only/ 1260 Tunns per an {illeg}|A|verd. o|t|hat {illeg}|11|76 Tuns stannary w^t. And then at the If Queens death there was {illeg}|a| dead sto The{n} reason of the decrease of the sale I take to be \the high price of the Tin & {illeg}|th|at {sic}/ that in y^e late warr. where Tin could not be imported \during the war/, the people learnt to use other {illeg} other vessels then Tin & now being impoverished by the warr chuse to buy earthen are less able to purchase Tin vessels then formerly & content themselv{illeg} with vessels of wood & earth.

The dead stock left by the Queen at her death amounts to about 5240 Tunns averdupois. If the contract should not be renewed, this Tin will scarce \be sold/ for above 40 or 50^s|l|i per Tun & if \it should be sold for 45^li per Tunn, &/ 1260 Tunns \averd./ should be sold annually, between the one half by Cornwall the other half by the Trustees for the Queens Tin, \the Queens Tin/ would be eight years & four months in selling, & for so long time would be produce an annuity of\annually/ 28350^li per an. for paying off the Queens debts untill \5240 Tunns be sold off &/ all the payments amount unto 235800^li the price of the whole. At a higher price the Tin would go off slower at a lower price it would go off faster, \& what is got by the price would be lost by the time of sale:/ & what is got by the time of sale would be lost by the price quam proxime. If the {illeg} Comm^rs for the sale of Tynn should give\receive/ 7500^li quarterly for eight years together for all the Tyn \should {sic} sell all the Tin to the King for 75|24|0000^li to be paid by quarterly/ payment|s| of 7500^li at each payment for eight years together: their bargain in my opinion would be more advantageous then to let the contract cease: espe|.| For if the contract {illeg}|b|e{illeg} not renewed they will scarce be able to sell 630 Tunns per ann for 45^li per Tunn & out of the price they must defray the charges of warehouse room, factors, Porters & Incidens|t|s.

I{illeg}|f| therefore the contract be not {illeg}|re|new{s}|e|d the sale of Tin may \amount unto about 630 Tunns averdupois or 600 stan{illeg}|n|ary w^t &/ bring into Cornwall about 240000^li in eight years or {illeg}|2|8000^li per an till all the Queens Tin be sold. And if his Ma^ty should purchase only 400 Tuns st w^t per an stan. w^t \at 3^li 9^s p^r C/ it would \more to their advantage. For it would/ b{illeg}|ring|to the Corn{illeg}|w|all 27{3}|{6}|00^li in eight years, & save them the \charges of/ diffing of 200|18{8}|\200/ Tunns stan. w^t annu\a/lly {illeg} above the above the {illeg}|4|00 Tunns to make up 600 Tunns averdupos

Co{illeg}|rn|wall therefore ought to thank the king if he shou{illeg}|ld| contract w^th them for 600, 800 or 1000 \or 1200/ Tunns \annually/ they ought to thank him much more, & {was} shew themselves very sensible of the favour before any contract be made.

<518v>

Twelve hundred Tunns St. w^t as much as will go off & as the king can purchase without losing by it. The recconing stands {illeg}|th|us.

If his Ma^ty should receive annually from Cornwall only 1000 or 800 or 600 or even but 400 Tunns annually from Cornwall at {illeg}|6|9^li |6. 8| per Tun including the coynage & post Groats, it would be better for Cornwall then to let the contract quite cease. And therefore they have reason to take it as an Act of grace if his Ma^ty should contract with them for no more then {illeg}|8|00 or 1000 Tunns per an.

And tho his Ma^ty should pay {illeg}|a|n annu{illeg}|i|ty for the Que \during 8 years/ eight years together \to the Trustees/ for y^e Queens Tin, yet it will not be necessary that the contract with C{illeg}|ornw|al sh{illeg}|o|uld be for above three years.