Correspondence relating to the tin trade Isaac Newton c. 778 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 Nov. 1709, c. 778 words.

Printed (as two documents) in NC, 5: 9-12.

(a) [Before 9 November 1709.] Holograph copy. Petition of the tin mine owners of Devon and Cornwall to the Warden of the Stannaries, suggesting a 'Convocation or Parliament of Tynners' to arrange a renewal of their contract with the Crown, hopefully with an increase in the amount contracted for.

(b) 9 November 1709. Treasury to Mint. Holograph copy. Referral of the above to the Mint officers' consideration.

(c) 16 November 1709. Mint to Treasurer. Holograph draft reply to the above. Summary of tin trade to date and calculation of terms on which the Queen might renew the contract without losing money on the deal. Warns that she already buys considerably more tin from Devon and Cornwall than she can possibly sell, except at a loss.

 Printed price list of medals struck in the Mint during Anne's reign [1702-14] and from George's accession to 1718 [MINT 19/3/318] MINT 19/3/486-7, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/3/486-7 Nov. 1709 England English Holograph Unknown Hand Unknown Hand (1) MintTin Trade MintCorrespondence Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott Will Scott finished transcription XML audited by Michael Hawkins Minor amendments made by Will Scott

To the HonbleHonourable High Boscowen Esquire LdLord Warden of the Stannaries of Cornwall & Devon.

We the Gentlemen owners of Tyn Lands & Tyn bounds adventurers for Tyn & others concerned in that Commodity in the County of Cornwall

Humbly shew

That we cannot but with the utmost gratitude contemplate Her MajtsMajestys goodness to us in making & performing the present contract for our Tyn. And being sensible now the said contract is so neare expiring, of the ill consequences that may ensue to her MatyMajesty & orour selves by its determination before the commencement of another, take this opportunity to apply to yoryour Honour praying

That considering orour present circumstances yoryour Honour will be pleased to intercede wthwith her MatyMajesty that a Convocation or Parliament of Tynners of the said County may with all convenient speed be held, wherein we hope the Gentlemen that shall be chosen to represent us will consent to such a price as that her MatyMajesty may be no looser thereby. But at the same time desiring yoryour Honours endeavours that in such Convocation yoryour Honour may be impowered to agree for such farther quantity beyond the present stipulation as may prevent the inconveniences We now labour under on that AcctAccount

And we shall ever pray.

506 506487

Gentlemen

My Lord Treasurer Commands me to transmit to you the inclosed Memorial of the Tynners in Cornwall, which his LordpLordship has lately received from the Lord Warden of the stannarys. My Lord directs you to peruse the same & report to his LordpLordship what you think fit to be considered in any future contract made with the Tynners, if her MajtyMajesty should so think fit to direct particularly as to the Quantity to be taken and the price to be paid for the same, so that her MatyMajesty should so think fit to direct particularly as to the Quantity to be taken and the price to be paid for the same, so that her MatyMajesty may not be a looser thereby.

I am

Gentlemen

Treasury Chambers 9 November 1709

YorYour most humble Servant

William Lowndes.

In Obedience to yoryour LordpsLordships Orders of the 9th Instant &c We humbly represent to yoryour LordpLordship that by the course of the sale of the Tyn this & the four last years there has been sold in Cornwall & London at a Medium about 1560 Tunns per an stannary wt.weight. Which being deducted from 1600 Tunns received annually from Cornwall, & allowing 40 Tunns more for Devonshire, there has remained about 80 Tunns yearly unsold: So that 1520 Tunns of Cornish Tynn has been sold yearly, more or less. And if the same course of Ty sale continues, there will remain at the end of the present contract, so much Tyn unsold, as at the Rate of 3li. 16s per hundred Averdupois will produce about 180000li. And so long as the same course of sale continues, if six prper cent (the interest of the moneys now advanced to the owners of the Tyn lands) be allowed upon the said dead stock of 180000li, & the Coynage duty & post groats be paid & 1400li be accounted sufficient to answer accidents & unforeseen charges; her MatyMajesty may without losing by the contract, give 3l. 9s. 6d per hundred stannary wtweight for 1520 Tunns of Tynn the quantity annually consumed, as will by the following AccotAccount

lisd 1520 Tunns of tynn at 3. 9. 6 prper CcwtTunn stan.standard wtweight 105640.0.0 Freight of the same to London 2035.14.3 Salaries in London 1350.0.0 Incident charges in London, as Porters &c 200.0.0 Passing AccotsAccounts &c 94.0.0 Salaries in Cornwal & Truroe 1540.0.0 Incidents in Cornwal 700.0.0 Interest of 180000li at 6prper cent 10800.0.0 122359.104.09. Insurance & other unforseen accidents 1411.14.4 Produced annually by sale of Tyn at 3li 16s prper CcwtTunn 123771.8.7

And if it be supposed that the consumption may carry off annually 1600 or 1800 Tunns stannary, it will appear by the like recconing upon that supposition, thatthat Her MatyMajesty may give 3li 10s in yethe first case & 3li 11s in the second & so in proportion to a greater or less consumption. But every 100 Tunns purchased above what will the consumption will carry off, makes a dead stock annually increasing, the interest of which at 6 prper cent will in the end of seven years will amount to about 10000li* * & the loss by falling of the price of the Tyn at the end of the contract will amount unto about 18 or 20 thousand pounds more

All wchwhich is most humbly submitted to yoryour LordpsLordships great wisdome

C. Peyton

I. Newton

I. Ellis

Mint Office Nov 16. 1709.