Draft of <ref target="/catalogue/record/MINT00702">MINT00702</ref> (Mint 19/3/566) Isaac Newton c. 1,157 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 March 1707, c. 1,157 words. Adverse report on the tender of [John] Drummond to handle tin in Amsterdam [MINT 19/3/566] MINT 19/3/563, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/3/563 March 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 with the addition of Mint 19/3/565
563525

To the RtRight HonbleHonourable the Lord High Treasurer of England. 320 80

May it please yoryour LordpLordship

In obedience to your LordpsLordships 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 yoryour LordpsLordships Order 4 pounds sterling per Ccwt, wchwhich is 32000 pounds 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 yoryour LordpLordship that the Tin put on board will stand her MajtyMajesty in 4li per Ccwt, vizt 3li 16s the price sold at here, 3s custome & one shilling petty charge for shipping it. And that the payment of this moeny within 14 days after the arrival of the Tin at Amstera rebate of two prper cent seems to us a sufficient recompence for paying ready money.dam, at 10 Gilders 10 stiver pr pound, with a rebate of 4 pr cent wchwhich in Holland is one years interest, is equivalent as advantageous to him as if he had time given himamounts to as much as if time were given Mr Drummond till the Tinn arrives at Amsterdam besides & for a year & 14 days longer, besides his paying the money at a low rate of Exchange, & being freed from the hazzards of yethe sea. All wchwhich renders the contract manifestly disadvantageous to her Majty.

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 theat time of sale : wchwhich would be as advantageous to her MatyMajesty as if we were to receive the price of yethe whole at once in the middle of theat time of sale, [that is, at the end of the first five months & this without any hazzard at sea or loss by Exchange.And therefore her MatyMajesty 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: wchwhich interest will in Mr Drummonds case will For the use of one half of the money received by parcells in the first five months, would recompence te want of the use of the other half to be received in like parcells in the last five months.] And therefore her MatyMajesty by ready money receiving the whole price in the begining would gain the interest only for five months & & by consequence should allow Whence we humbly conceive that Mr Drummond should be allowedshould be allowed interest only for [five months dated from the delivery of the Tin at the Tower, or rather for] so much of the five months next after the delivery as remain when he pays the money in Holland: wchwhich interest will scarce exceed two prper cent. And thereforeso that And so the four prper cent wchwhich he demands is about two prper cent too much.

Also the ris of the sea, wchwhich by his And since he proposinesg to pay for the Tin upon its arrival at Amsterdam her seems to place upon her Majties account, is byMatyMajesty runs a risque at sea wchwhich Merchants recconed at two prper cent. So that her MajtyMajesty by by this contract would lose 2 prper cent interest & 2 prper cent insurance, in all 4 prper cent: wchwhich is above 3s prper Ccwt & 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 prper pound sterling, wchwhich the Exchange at present beisng there at 11 Gilders prper pound sterling, as we heare 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 Trade shall be left free.

All which is most humbly submitted to yoryour LordpsLordship great

Wisdome.

Mint Office

And by proposing to pay the money at 10G 10st pr pound st. [as we wchwhich is none at 10G 15 or 16st] he reccons to have a preference of one pr cent

Besides thepreference is& 1 prper cent preference wchwhich he demands of 1 pr cent in the exchange, in all, 514 prper cent, wchwhich is about 4s 2d prper Ccwtwt, & in the whole price of 32000li amounts to 1680li sterling.

He proposes If The course of Exchange wchwhich at prsent & in Holland is 10 G 15 or 16st falls down to 10 G 12st before he pays the money, his preference in the exchange may be about 1 pr cent otherwise it may be greater. For hHe proposes to pay only 10 GGilders 10 ststivers for 1lib sterling., wchwhich is about 212 below the Whether present course of exch.exchange at Amsterdam, so that [unless the course falls 112 per cent before he pays the money, his will get above 1 pr prefernece byis theis course of exchange will be above 112 pr cent] if the Tin were now on board, his preference in this course might be 2 or 212about 1 or 112 per cent more then we have recconed wchwhich he reccons 1 prper cent might prove 2 or 212 per cent. We cannot affirm what quantity of Tin And we further lay before yoryour LordpLordship that formerly heretofore in times of peace Holland & Flanders have taken off about Tuns of Tin prper anannum besides what has been sent into France, & that her Majts Tin has gone sol in the first year of ther present contract wthwith the stannaries & most part of the second year the Pewterers supplied Holland with their own Tin the first year of her Majts prsent contract wth the stannary & most part of the second year, & as their stock of Tin washas consumed, the sale of her MajtsMajestys tin has mended; that it has mended this last year as well in the Tower as in Holland & that the formerformer late contracts wthwith Mr Drummond have hitherto discouraged all other Merchants from exporting Tin into Holland & that others who are other as we are very credibly informed are ready to export it thither in good quantities so soon as {the preference is at an end ceases. they can do it upon equal terms.