'The state of the Tinn' Isaac Newton c. 1,246 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 [After 1 August 1714 (King George's accession).], c. 1,246 words.

Summary history of Queen Anne's contract with the Cornish tin-mine owners of December 1703, renewed 2 June 1710. Unsold stock had built up to 5,240 tons by the Queen's death, which she left in the hands of the trustees charged with settling her debts. But such a large quantity cannot be sold quickly without flooding the market, causing prices to plummet and creating 'great discontent and murmuring' among the Cornish. Recommends that the King should buy up Queen Anne's tin (to protect the market) and negotiate a new contract for a much reduced annual uptake of Cornish tin.

 MINT 19/3/542-3, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/3/542-3 [After 1 August 1714 (King George's accession).] 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

The state of the Tinn.

Her late MatyMajesty contracted wthwith Cornw in Decem. 1703 for 1600 Tunns of Tin stannary weight annually for seven years together at yethe price of 3li per TonnCcwt &besides yethe Coynage Duty of 4s per Ccwt & post groats of 4d per Ccwt wchwhich sheeshe remitted, to them. & sShe received also about 40 Tunns per anannum at the same price from Truro in Devonshire. And Aafter 612 years she renewed the contract 2 Iune 1710 for 1600 Tunns from Cornwal annually during the war & 1800 in times of peace besides about 80 Tunns annually from Cornwall at the price of 3li. 9s 4d including the Coynage Duty & Post groats. And in both contracts she sold the Tin to Merchants at the rate of 76li per Tunn merchants weigh. In the time of the first contract the consumption carried off about 16560 Tuns per anannum merchants weight, in that of the second about 1260 Tuns merchants weight or 1170 Tunns stannary?. For the high price & the war together diminished the consumption & we do find that it begins yet to mend.

NB. The Tun consists of 20 Ccwt, & the Stannary Ccwt of 120ll Averdupois, the merchants Ccwt of 120li averdupois. At her MatsMajesty's de Her MatyMajesty at her death left about 5240 Tunns in yethe hands of Trustees for paying her debts upon the Tin Her MatyMajesty placed the Tin in the hands of Trustees for paying the debts of & at her death left in their hands abut 5240 Tunns merchants weight for that use.] And if the contract cease Queens Contract for Tin be not renewed the CommrsCommissioners must sell the Tin at so low a price that it may not be worth the whole to hinder dig so much Tin in Cornwall as will hinder the sale of her MatsMajesty's Tin. a considerable quantity of her MatsMajesty's Tinn. How low that price shall be must be detea is difficult to affirm. But since Tin has been sold formerly at 40 or 50li per Ton, it may be presumed that to sell as much of the Queens Tin as shall be sold inby Cornwall, (suppose about 650 Tunns per anannum, the whole consumption being only about 1260 prper anannum) the price must come down to 45li per Tun or less. An The If the Trustees could sell 650 Tuns merchants weight per anannum at 45li per Tunn the sale would last eight years & produce an annuity of 29250li during that time. And if the charges of warehouse room selling & accidents, wchwhich may be recconed at 9500li per anannum or above, be dedeucted the annuity will be but 28750li per anannum. And this Annuity for eight years to come is worth in prresent money. if the interest be rebated at 5 per cent, is worth at present m 185817li, but in eight years time will pay off de produce 1486536li 2230000li for paying off debts the Queens debts. [And in the meane time, the since the whole consumption of Tin amounts only to 1260 Tunns or in yethe next round number, to 1300 Tuns merchants weight, the CornwallCornwall & Devonshire will sell only 1650 Tunns per an so little Tin & at so low a price that it must create great discontent & murmuring amongst theat people. And on the other hand if the Contract be And continued & the King for 1840 Tunns stannary: there will be received annually about 7010 Tunns (merchants weight,) more then will be sold, to the Merchant, wchwhich being added every year to the dead stock will make an encrease the mischief & make it every year more & more difficult to put an end to these contracts. If Vpon making the last contract the Officers of the Mint gave their opinion that no more Tin should be contracted for then would go off the consumption would carry off. The consumption at present is about 1260 Tuns Merchant wt or 1170 Tunns stannary,. or, in yethe next round number, 1200 Tuns If the King should contract for 221100 Tuns stannary besides about 40 Tuns from Devonshire., The & buy the Queens Tin of the Commrs for an annuity of about 28000li or 30000li per anannum and to be continued for 8 yeares to come or for any other equipollent price the [recconing would stand as follows bar contract 1140 Tunns of Tin st. wt per an at 3li 10s. 4d pr Ccwt including coynage duty post groats & freight per } 80180 Other expences & hazzards annually, about 500 Advanced annually to pay off the Queens debts & purchase her Tin about 30000 Totall charge of the Crown annually 110680 Produced annually by the sale of Artic. 1. The present value of the Queens Tin wthwithout a contract. 2 1. A new continuation of the contract will in four years put the Queen King in a wors codndition then yethe Queen is at present was at her death. unless he purchase the Queens Tin. at the just value 32 2. The present value of the Queens Tin without a contract, 3. The The King cannot purchase this Tin at the present value unless wthwithout a clamour unless all the Queens credits subscribe. The Queens loss by the Tin contracts. T A continuation of the present contract would in four years bring the king into a worse condition then the Queen was at her death. The only remedy is for the Owners of the Tin lands to purchase to contract for a less quantity & to prevail wthwith the Queens creditors to consent in writing that the King shall have the Queens Tin at the present value 543 contract would in my humble opinion would be advantageous both to Cornwall & to the Queens Commers. For if the King should only contra If Cornwall should only dig 400 Tunns stannary wtweight per anannum & the king should contract with them for it at yethe rate of 3li 9s 4d per Ccwt: it would be better for them then to have no contract at all & sell only 6 or 7 hundred Tunns prper anannum at 40 or 45 shillings per Ccwt till all the Quens Tin is sold. And therefore if the King should contract with them for six or eight hundred or a thousand Tunns per anannum they would have great reason to rejoyce at it. And if he should contract with them for 1100 or 115200 Tuns per anannum besides 40 Tunns from CornwallDevon it is as much as the consumption will carry off at present. If he contracts wthwith Cornwall it will be requisite that he contract also wthwith the Que Commissionalso buy the Queens Tin of the CommrsCommissioners & if he pays for it about 28 or 30 thousand pounds per anannum for eight years together, or any other an equipollent price in any other mann, they will in my humble opinion have an advantageous bargain. no reason to complain of the bargain. But if his MatyMajesty buys not the Queens Tin he will be a very great loser by the bargain. For he will contract with Cornwall. For if the contract should be for three or four years, he would sell no Tin of his own till the end of the contract, & then his own Tin will sell for no more then about 40 or 45s per Ccwt unless the contract be renewed.