Holograph draft memorandum, closely related to <ref target="/catalogue/record/MINT00729">MINT00729</ref> (Mint 19/3/542-3) and possibly a variant draft of it: 'Considerations upon the contracting with Cornwall for Tin' Isaac Newton c. 574 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 After 1 August 1714, c. 574 words.

Discusses the question of whether King George should renew the contract made by the tin-mine owners of Devon and Cornwall with Queen Anne. Any renewal, even on modified terms, is likely to entail a severe loss to the Crown, but this must be weighed against the danger of causing unrest in Cornwall.

 MINT 19/3/524, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/3/524 After 1 August 1714 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
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Considerations upon the contracting with Cornwall for Tin.

The last Contract for Tin commencing Iune 1st 1710, & ending with the Queens death Aug. 1st 1714 for 1800 Tunns prper anannum from Cornwall in times peace besides about 40 Tuns from Devon. And the consumption has carried off 1180 Tuns anannum which is less than the purchase by about 6460 Tunns prper.. And at her MajtsMajestys death there remained in her hands unsold about 4800 Tuns stan.standard wtweight.

If the contract be renewed & assigned over to the King, the Queens Tin will be at least four years in selling & at the end of that time the King will have received 7360 Tuns remaining in his hands unsold, & so be in a much worse circumstances as to these Contracts then the Queen was at her death. This Tin will cost the King 5115200293li, besides freight 7360li, charges in Cornwall at 9000 & London about 9000, & interest of all the money advanced at 5 prper cent 5392665li; in all, 5756007718li before this Tin begins to be sold. And during the sale thereof the interest of the 57158609318li at 5 prper cent would amount into 285966li prper anannum.

Let us now suppose that at the end of that time the contract ceases & that the price of the Tin is lowered untill the King shall sell as much Tin as shall be sold by the people of Cornwall, suppose 600 Tuns per anannum (the whole sales amounting to about 1180 Tuns:) & for compassing this, the price must be so low that it shall not be worth the whole for Cornwall to dig & work above 580 or 600 Tuns per anannum. When the price has been 55 or 50li per Tun, they have dug a much greater quantity, & therefore the price must be set lower, suppose at 45 or 40li per Tun.

Now if the King should sell 600 Tuns per anannum after the rate of 45li per Tun stanstandard wtweight, the sale would produce an Annuity of 600 27000li per anannum till all his Tin be sold, that is, for twelve years & a quarter & this Annuity would not suffice to pay the interest of the 57299799318li advanced, & in the end of the time there would be not left to satisfy the King for the principall & for the further charges of selling the Tin, & therefore the King wouldmay lose above half a million of money58000li & it he cannot take up money at 5 5 per cent his loss will be still greater, by the a contract for only four years. And if he cannot take up money at 5 prper cent + +nor sell his tin at 45li per Tunn. his loss may be still greater. And if to lessen the loss he would sell his Tin faster, he must sell it for a price still lower & thereby increase the distcontent of Cornwall.

Whence its easy to understand that if the who contract should be renewed for three years only, the King might lose above 400000li threthree or four or five hundred thousand poundspounds thereby thereby or above, & if it should be renewed for above four years, the loss & dead stock of Tin would encrease perpetually, & make it every year more & more difficult to put an end to these contracts without ruining Cornwall. the owners of Tin-lands in Cornwall.