Adverse report on the tender of [John] Drummond to handle tin in Amsterdam

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To the Rt Honble the Ld High Treasurer of England.

May it please yor Lordp

In obedience to yor Lordps Order of Reference of the 19th instant upon Mr Drummond's Letter wherein he proposes that upon the receipt of 400 Tunns of Tin at Amsterdam or within 14 days after, he will there pay to yor Lordps Order 4 pounds sterling per Cwt, wch is 32000li sterling in all, at the rate of 10 Gilders 10 stivers pr pound, rebating 4 pr cent for paying ready money; the freight, duty in Holland & all other charges after it is once on board, to be for his account: We humbly represent to your Lordp that the Tin put on board will stand her Majty in 4li per Ct, (vizt 3li 16s the price sold at here, 3s Custome & 1s petty charge for shipping it;) aAnd that a rebate of two per cent seems to us a sufficient recompence for paying ready money.

For since Mr Drummond has sold 400 Tunns of Tinn in ten months, as he represents in his Letter; if we should sell the like quantity in the Tower in that time for small parcels for him ready money to him or to other Merchants trading to Holland; the Tin being constantly selling would produce some of the money every day & half of it in half that time: wch would be as advantageous to her Majty as if we were to receive the price of the whole at once in the middle of that time. And therefore if the whole price be paid sooner her Majty should allow interest only till the middle of that time, that is, from the time of payment till the end of the five months next ensuing the deliviery of the Tin: wch interest in Mr Drummond's case will scarce exceed two be under about 1$\frac{\mathrm{3}}{\mathrm{4}}$ 1$\frac{\mathrm{3}}{\mathrm{4}}$ pr cent supposing money at 5 pr cent per an. {sic}. And so the rebate of four pr cent wch he demands for ready money in his proposal is about 2$\frac{\mathrm{1}}{\mathrm{4}}$ pr center {illeg}too much.

And {illeg}since he has givens us no order for insuring & auth{illeg}ority to insure the Tin on his account & proposes only to pay for ithe Tin upon its arrival at Amsterdam, it implies that her Maty is to runs tahe risque at sea, wch risque Merchants reccon at two pr cent. So that her Majty by this contract would loose 2$\frac{\mathrm{1}}{\mathrm{4}}$ pr cent interest & 2 pr cent insurance, in all, 4$\frac{\mathrm{1}}{\mathrm{4}}$ cent, wch is above 3s. 4d pr Cwtt; & in the whole price of 32000li amounts to 125360li sterling.

And there may be a further, loss as greatconsiderable loss, by paying the money in Holland at 10 Gilders 10 stivers pr pound sterling; the exchange at present being at above 1{illeg}0 Gilders 15 {illeg}Or 16 stivers pr {illeg}pound sterlingor above, as we hear from Merchants.

And we further lay before yor Lordp that the former contracts have hitherto disc{illeg}ouraged all other Merchants from exporting Tin into Holland: who, as we are very credibly informed, are ready to export it thither in good quantities so soon as this branch of ye Trade shall be left freed from preferenc{illeg}e.

All which is most humbly su{illeg}bmitted to yor Lordps great

wisdome.

Mint Office 3d March
     1706.

Is. Newton

And since we cannot yet ensure the Tin witho on his account without his order wch is not yet offered, & he proposes {illeg}only to pay for it upon its arrival at Amsterdam; it implies that her Maty is to run the risque at sea; wch risque Mer{illeg}chants reccon at 2 pr