In obedience to yoryour LopsLordships order of Ref.Reference of yethe 19th instant upon Mr Drummonds letter wherein he proposes to advance 32000li upon receipt that upon yethe rectreceipt of 400 Tunns of Tin at Amsterdam or wthwithin 14 days after he will there pay at Amsterdam 4 pound sterling per Ccwt wchwhich is 32000 poudns sterling in all, at yethe rate of 10 Gilders 10 stivers prper pound, wth in all rebating 4 prper cent for paying this ready money; the freight, duly in Holland & all other charges after it is once on board to be for his acctaccount.

We humbly represent that to yoryour LordpLordship that yethe Tin put on board will stand her MatyMajesty in 4 pr centthis price 4li prper Ccwt viz 3li. 16s the price sold at here, 3s custome & one shilling petty charges for shipping it. it all 4li pr Ccwt, & ready money and that wthout any rebate. And that if a rebate of 4 pr cent the paymtpayment of this money in hollandHolland the rebating 4 pr cent interest is equipollent to within 14 days after the arrival of the Tin at Amst.Amsterdam at 10 GGilders 10st prper lib.pound wthwith a rebate of 4 per cent for ready moneyfor ready money is equipollent to a deductive equipollent to the giving him time a years time aftertill the arri tinn arrives at HollandAmsterdam & for a yeaar & 14 days longer besides the hazzards of the sea & besides the allowance tolowness of the exchange at wchwhich he proposes to pays the money. All wchwhich [is much too great an allowance for ready money.] renders the contract very manifestly disadvantageous to her MatyMajesty.

For if the since Mr Drummond has sold 400 Tunns of Tin in 14 10 months as he represents in his Letter if other Mer we should sell the like quantity in the Tower to Merchants for for ready money in that time i small parcels for ready money either to him r to other Merchants trading to Holland ‡ the money would be coming in daily without any hazzards at sea or [disadvantage in yethe exchange between England & london & Amsterdam] wchwhich would be as advantageous as if we were to receive the whole price in the midle of the time of yethe sale: & this without any hazzards at sea or loss by the exchange, [& [the advantage of ready money for yethe whole would be only the interest of the whole for about half the time of the sale.] wchwhich is an advantageous as if we were to receive the whole price in the middle of the time of sale Since the money by the sale of the Tin in Holland will be dayly coming & one half will come in [Whence it may be understood ytthat if Mr Drummond should sell another 400 Tunns in 10 months in Holland & pay for it at yethe Tower upon the shipping it off to Holland & run the ris of yethe sea as other Merchants do & be allowed interest only for five month wchwhich & run the risque of yethe sea, we beleivebelieve the contract between her MatyMajesty him would be upon equal terms. And therefore to he would h] And therefore upon equal termes Mr Drummond should be allowed interest only for about five months dated from yethe deli dated from yethe delivery of yethe Tin at the Tower, & stand or for the remainderso much of yethe five months as remain when he pays the money; wchwhich interest will scarce exceed two per cent, & & her Majty should run no ris at sea.

SeingSeeing the

‡ the Tin being constantly selling would produce some of yethe money every day & about half of it in half the time of sale & wchwhich thereby the red would be as advantageous as if we were to receive the price of the whole at once in the middle of the tim of sale & this without any running any issue hazzards at sea or loss by exchange & this wthwithout any hazzard at sea or loss by exchange. For the use of one half of the money received by parcels before that equal in equityin the first five months would recompence the want of the use of the other half to be received in like parcels after that in the last five months

Whence 2 we humbly conceive that Mr Drummond should upon an equal contract be allowed interest only for five months dated from yethe delivery of the Tin at for so much the Tower, or rather for so much of the five months as remain when he pays the money: wchwhich interest will exceed two prper cent. And therefore the 4 prper cent wchwhich he demands is about two prper cent too much, besides the the risque of the sea wchwhich by his proposing to pay for the Tin upon its arrival at Amsterdam, he seems to putplace upon her MajtysMajestys acctaccount, & wchwhich Merchants reccon at two prper cent more this for 4 pr cent so that her MajtyMajesty would lose by this contract would looselose 2 prper cent interest & 2 prper cent insurance in all four prper cent wchwhich in the whole price of 3200li amounts to 1280li, besides loss aa further loss wchwhich may arrive prove as great by the low course of yethe exchange paying the money in hollandHolland at 10G 10st prper lib st pound sterling, wchwhich at prresent is there at 101 Gilders per pound sterling as we heare told byfrom Merchants.