'Considerations about selling the tin' Isaac Newton c. 983 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 [Before 31 July 1714 (Queen Anne's death).], c. 983 words.

On sales of the Queen's tin in Amsterdam. The price has been set too high: the Dutch can bring tin from London themselves for less than it costs them in Amsterdam from the Queen's agent.

 MINT 19/3/537, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/3/537 [Before 31 July 1714 (Queen Anne's death).] 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
537

Considerations about selling the Tinn.

In trade there are uncertain secrets & mysteries wchwhich cannot be reduced to a recconing, & unlesse competent allowances be made for these, the Dutch will undersell the Queens Agent at Amsterdam

The propersecret method for setting the price now upon the Tynn at Amsterdam is to know the price of the Tynn in the market of Amsterdam at any certain time & the course of exchange at the same time & thence compute the price by the course of the Exchange at any otherthis present time.

When mythe late Lord TrearerTreasurer Godolphin set the price at 4412 G.Gilders the price in the market was from 45 to 47 GGilders. & the As I find by Mr Drummonds letter, & his LordpLordship abated 12 a Gilder to make room for the vayrying of the Exchange. At that time the Exchange was at 34sc. 6d. Tis now at 35sc 10scd. And as 34. 6 to 35 10 so is 45 GGilders the lowest price in the market at that time to 46. 15 the lowest price in the market, iat this time suitable to yethe course of Exchange at this time. And theise prizces answer to 4li 3s 6 per Ccwt English wtweight

Late summer when yethe Exchange came down to 34sc. 0d or under the lowest price of the Tin in the market was 4412G. And at that rate the lowest price ought now to be 4G. 15st or 47G And thiese prices answer to 4li 3s. 6 or 4li 4s per Ccwt wtweight english. In the Account lately drawn up by me, the price came to 4li 5s 8d per Ccwt English wtweight. But to bring it to the lowest price of the market some abatements mest be made. A Dutch Commission for buying Tyn at the Tower was there put at 9d whereas the Dutch can have their business done for 6d by the Pewterers for 6d. Insurance at sea was put at 9d whereas the Dutch in times of peace will not value it at 3d Interest for two months forbearance of paymtsments was put at 9 stivers per 100 wtweight whereas the Dutch who can borrow money at 4 per cent will reccon it but at 6 st.stivers per 100 wtweight. And freight was put at 313 ststivers 100wt whereas the Dutch can have Tyn brought home upon their own bottoms sometimes at half that price & sometimes for ballast If upon all these acctsaccounts about 14d be abated the remaining price will be 4. 4. 6 per 100Ccwt wtweight. And further the further, there must be an abatemtent out of the Duties in Holland wchwhich amounted to 1 GildGilders 556 st.stivers per 100 wtweight. For a Dutchman usually contrives to have his Tin in put on board several ships for lessening the charge of freight, & to run as much of it as he can & what they cannot run they endeavour by their acquaintance to get taxed low. And I know not what allowance abatement to make for these practises. If 6d pr only 6d perer Ccwt be abated the remaining price will be 4li. 4s. 0d per Ccwt. If 1s it will be 4li. 3s. 6d. That By Aall these recconings the lowest price of Tynn per 100 wtweight in the Dutch Marcekets should answer to 4li 3s 6d or 4. 4. 0 per Ccwt wtweight English or thereabouts.. For I know not how to be more exact in this this clippers recconing. Out of this price a deduction is to be made of one per cent Commission, one per cent prompt payment, one per cent insurance of paymtspayments if her MatyMajesty insures, 13 per cent Brokerage, 16 per cent carriage to the city weigh house 8 weighing for sale, 12 per cent City Duty at yethe Weighouse 15 per cent warehouse room: In all 415 per cent, or 3s 6d prper Ccwt wtweight. or 3s 6d per Ccwt.. And the remaining price will be 4li. 0s. 0d or 4li. 0s. 6d clear of all charges except the charges of who shall be allowed for returning the money for wchwhich the Tynn is sold. For Mr Beranger insisted upon 5d per Ccwt for turning specie money into Bank money. 1 In the discourses between Mr Beranger & me about this matter 3 he proposed to pay with sell the Tynn himself by his Agents & make his payments to yethe Queen as soon as the money came in yethe at the end of two months after the sales, the mon so much time being given to the chapmen to make their prompt payments to him. No mention was made of usan for the money was to become due to the Queens at the end of the two months, & I had no notion of her MatsMajestys paying interest for her own money. And our sd Mr Beranger proposed to sell the tynn himself at his Lordps price & pay the produce into yethe clear of all charges to LopsLordships Order, or account for the same before an Auditor provided he could have good Vouchers., & desired only to be allowed 5 pr Ccwt for turning specie money into Bank money. He proposed to make his paymtspayments to the Queen within two months after the sales so much time being given to Chapmen to make their prompt payments to him. And no mention was made of ance Considering the great quantity of the Tinn & that Mr Beranger does not live in Holland, as Mr Drummond did. aAn Agent, whenever it shall be thought fit, may be sent into Holland to oversee the sales & Accounts & Tynn remaining & keep a recconing thereof & perhaps have one of the keys to each Warehouse where the Tinn is laid up till it shall begin to be sold out of that warehouse.