558
1Mr Drummond by a WarrantCommission of 2 pr cent,Warrant dated Octob 20th 1704, had 400
Tunns of Tin consigned to him & company at Amsterdam to
be disposed of after the best rates not under 44 Gilders per hundred
merchant weight of Holland (that is not under 4l. 2s. 4 per Ccwt Averdupois) or 4. 2. 5d) for a commission of two per cent
clear of all charges & advanced 22500l upon it at 4 prper cent as soon as it arrived at Amsterdam. The charges at home were 1242li. 18s. 10d including 1200li for customes.
2The like quantity was consigned to him Iune 8th 1705
on the same terms. The charges at home 1266li. 19s. 2d. The first parcel was sold in about 14 or 15 months the second in about ten months
33The first parcel produced by sale 31467li 14s sterling, the second 31656li 4s clear of all charges & the Queen paidexcept interest for money advanced upon all this tin about 1300li wchwhich came to about 1300li. This interest being deducted from the produce of both parcells the remaindedr is 61823li 18s, wchwhich is after the rate of 3. 17. 4d per Ccwt weight of Tin averdupois. And the Queen barebear the charges at home & ran the hazzard of insolvent Chapmen
5 A new proposal of Mr Drummond for a third parcel of 400 Tuns being referred to the Officers of the Mint, they reported that the Queen would lose 5s per Ccwt by the bargain & my Lord Treasurer agreed to yethe report & directed the Officers of the Mint to signify to theall Merchants that he would send no more Tin abroad by commission.
4Mr Stratford & Mr Free Feb 20th 175 had 240 Tunns of
Tin consigned to them for Hamborough upon the same terms as the former was to Mr Drummond. The charges at home 765li 10s 8d. Sixteen blocks were
lost by an insolvent Chapman, & the rest produced 19332. 2. 5. clear of
all charges interest except interest for money advanced wchwhich amounted to about 490li. This interest being deducted the remainder is 318842li sterling wchwhich is after the rate of 3li 18s 5d per Ccwt averdupois. And the Queen barebear the charges at home.
If Mr Stratford & partners will notwithstanding the advantage they have in their hands, at any time give for the Tin at Hamburgh will give after the rate of 4li per hundred Ccwt &
for every hundred Tunns pay 8000li wthwithin one month after the consignement
of the same for sale at Hamborough, &
takeing 100 Tunns here for making up his security: the Queen will not only save the duty of 3s per Ccwt but also sell her Tin receive more money by the sale of tin this Tin then in the instances above mentioned, & money the markets at Hamborough & parts adjacent will be better supplied with Tin till Christmas 1702 then otherwise & money will come in faster then for paying off the debts in course upon yethe Tin, & the great quantity of Tin at her MajtsMajestys Tin at Hambourgh will whereby the Merchants are offrightedfreighted from that Market will be lessened & by dregreesdegrees removed to London. And as for the objections of a monopoly & selling at extravagant rates: this would being will be no more a monopoly then the Commissions above mentioned were now altogether so much wchwhich were not called monopolies by the Merchants themselves.. It would onlyIt will only be a preference & enable Mr Stratford & other merchants Partners to undersell other Merchants by about 6d or 12d per Ccwt & but not hinder other merchants from trading there as far as much as they shall find it for their advantage, & therefore ought not to be called a monopoly. And if they Mr Stratford should sell at extravagant rates, the price would soon invite other merchants to yethe market. Mr Stratford reccons that he can sell 200 Tuns
per
per aannum. [& Holland & Flanders will carry off three or four hundred Tuns per an. & sometimes above.] And I do not see wchwhich wayhow this Tin will be disposed of at any time hereafter wthwith more advantage & less liability to exception
And this way the money will comeing in at the beginning ofbefore the sale but not wchwhich I take to bereccon an advantage of about 1s per Ccwt above that way of selling to the merchants receiving it out of the Queens warehouse at Hamburgh for Tin sold to the Merchants.
559
56 The present Commissions of Mr Stratf Bereinger & Mr Stratford & partners are to sell when the times & pay themselves comes without selling them the lowest price, are more unlimited & by consequence less safe for her MatyMajesty then the former.; besides that the selling to pay themselves would interrupt the due course of payments.
67 The Proposal of Mr Stratford is more advantageous to her MajtyMajesty then any of these Commissions & deserves less to be called a monopoly. It would enable him to undersell other Merchants by about 6d or 12 d per Ccwt, & thereby discourage otherm merchants(but not disable them) forrom carrying Tin to that market, but not disable them and aa a high price (wchwhich is the crime of a monopoly) would invite them thither Mr Stratford reccons that he can sell 200 Tuns per anannum: wchwhich would bring Hamburgh together carry off above 500 Tunns per anannum.
I herewith send your LordpLordship a coppy of the Report of the
Officers of the Mint upon a Petition from the Cornwall for a
new Contract for Tin at such a price as her MatyMajesty might
not lose by, & for taking off a greater quantity of Tinn then before. T A few months before the date of this Report I
computed the price at 3li 8s 6d supposing no more Tin to be received
then the consumption would carry off., And for preventing of
I added the last clause of this report.
I send your LordpLordship also a further Report upon the Tin present state of the Tin, & remain
My Lord
YorYour LopsLordships most humble
& most obedient
3 The two parcels produced by the sale 63014li clear of interest & all other charges except 3s per Ccwt the duty of 3s prper Ccwt. And this produced is after the rate of 3li. 18s. 9d per Ccwt. He sold yethe 1st parcel in about 14 or 15 Months & the second in 10 a ve being in over the Rhine into France beingbeing
Mr Stratford & Mr Free Feb 20 1705 had 240 Tunns of Tin
consigned to Hamborough upon like terms & upon notice of its arrival at Hamb.Hamborough advanced 12000li upon it at
4 per cent. Sixteen blocks were lost by an unsolvent chapman
& the rest produced 19286li. 11. 9 clear of interest & all other charges
wchwhich except the duty of 3s prper Cent. And this produce is is after the rate of 4li. 0s. 4d prper cent Ccwt.
If Mr Stratford & partners will now give after yethe rate of 4li pr Ccwt & wthin one month after consignemt of 100 Tuns for sale pay here for yethe same 8000li advance the full price of 8000li, the bargain would be as good as any of the former & better then the present comm, & the Queen would save the d the duty of 3s per Ccwt. And I see not why
The present Commissions to sell when the time comes, without setting the lowest price aisre not so good as the former., not to mention the interruption of yethe course of If payments & the damping of the markets by the great quantities of Tin lying abroad till it be sold.
T If Mr Stratford & partners will give after the rate of 4li prper cent
Ccwt & within one month after the consignemtconsignement of every 100 Tunns for sale advance
the full price of 8000li, the bargain considering that the Queen runs no risque of selling upon Trust would be as good as any of the former commissioners besides the duty of 3s per Ccwt saved to her MatyMajesty. Mr Stratford expects to sell 200 Tuns per anannum, & thisen ba this bargain would be a quarter per cent better then to receive ready money quart upon consignement of 500 Tuns quarterly for sale quarterly., & Merchant seldome take above 50 Tuns at a time
T And as for the objection of a monopoly, it lies as much against all the Commissions above mentioned. Other merchartsmerchants are not disabled from sending Tin to that market. A high price would invite them thither. And selling at too high a price (wchwhich is the fault of a monopoly) would invite them thither. Mr F Stratford would be only enabled to undersell other Merchants by about 10d in the Ccwtwt (wchwhich promotes the sale), but not to raise the price of the market.
For a merchant may have Tin here for 3li 19s per Ccwtwt including the duty, & will notscarce reccon the pputting shipping it off & carrying it to Hamborough at above 1s. & tThe duty there & housing it there atmay be 6d more: [so that the whole charge 3li 16s pr Ccwt at the Mint & 4li. 0s. 6d at Hamborough] & the interest of the price paid a till it arrives at Hamborough 354d. more so that it will cost a Merchant to have it at Hamburgh about 4li. 0s. 190d.
If her MatyMajesty should sell it to Merchants at Hamburgh (as is done in yethe Tower) for ready money withou at a set price wthwithout giving them leave to pick & chuse the blocks of Tin, & that price should be 4li. 0s. 190d per Ccwt averdupois they would have no encouragement to bringuy at Hamb.Hamborough rather then in the Tower. And therefore 4li per Ccwt would be a price high enough. Deduct the charge of the Office to be there set up for this sale, & the remainder clear to her MatyMajesty will scarce exceed 3li 18s 6d prper Ccwtwt.
What is most fit to be done is most humbly submitted to yoryour LordpsLordships gtgreat wisdome