Adverse report on the tender of [John] Drummond to handle tin in Amsterdam Isaac Newton c. 610 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 3 March 1706 [= 1707], c. 610 words. Treasury MINT 19/3/566, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/3/566 3 March 1706 [= 1707] England English Holograph MintTin Trade Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott
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To the RtRight HonbleHonourable the LdLord High Treasurer of England.

May it please yoryour LordpLordship

In obedience to yoryour LordpsLordships Order of Reference of the 19th instant upon Mr Drummond's 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 yoryour LordpsLordships Order 4 pounds sterling per Ccwtwt, wchwhich is 32000li sterling in all, at the rate of 10 Gilders 10 stivers prper pound, rebating 4 prper 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 LordpLordship that the Tin put on board will stand her MajtyMajesty in 4li per Ccwtt, (vizt 3li 16s the price sold at here, 3s Custome & 1s petty charge for shipping it;) aAnd 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 for small parcels for him ready money 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: wchwhich would be as advantageous to her MajtyMajesty as if we were to receive the price of the whole at once in the middle of that time. And therefore if the whole price be paid sooner her MajtyMajesty should allow interest only till the middle of that time, that is, from the time of payment till the end of the five months next ensuing the deliviery of the Tin: wchwhich interest in Mr Drummond's case will scarce exceed two be under about 134 134 prper cent supposing money at 5 prper cent per anannum.. And so the rebate of four prper cent wchwhich he demands for ready money in his proposal is about 214 prper center too much.

And since he has givens us no order for insuring & authority to insure the Tin on his account & proposes only to pay for ithe Tin upon its arrival at Amsterdam, it implies that her MatyMajesty is to runs tahe risque at sea, wchwhich risque Merchants reccon at two prper cent. So that her MajtyMajesty by this contract would loose 214 prper cent interest & 2 prper cent insurance, in all, 414 cent, wchwhich is above 3s. 4d prper Ccwtwtt; & in the whole price of 32000li amounts to 125360li sterling. And there may be a further, loss as greatconsiderable loss, by paying the money in Holland at 10 Gilders 10 stivers prper pound sterling; the exchange at present being at above 10 Gilders 15 Oor 16 stivers prper pound sterlingor above, as we hear from Merchants. And we further lay before yoryour LordpLordship 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 this branch of yethe Trade shall be left freed from preference. All which is most humbly submitted to yoryour LordpsLordships great wisdome. Mint Office 3d March 1706. Is. Newton And since we cannot yet ensure the Tin witho on his account without his order wchwhich is not yet offered, & he proposes only to pay for it upon its arrival at Amsterdam; it implies that her MatyMajesty is to run the risque at sea; wchwhich risque Merchants reccon at 2 prper