Holograph draft memorandum on the Queen's trade in tin, predicting a loss to the Crown of over quarter of a million pounds by the end of a seven-year contract with the Cornish tin mines

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The 1600 Tuns of Tin bought annually in Cornwal amounts to 1714$\frac{\mathrm{2}}{\mathrm{7}}$ Tuns averdupoi in Merchants weight to 1714$\frac{\mathrm{2}}{\mathrm{7}}$ Tunns annualyyearly & in all the seven years to 12000 Tunns. Between Apr 6ty 1704 & Sept 12th 1705 there has been sold by the Pewterers 7600 Tons, by the Officers of the Mint 488 Tons & by Mr Drummond about 1000 blocks or 144 Tonns, in all 1232 Tons wch is after the rate of 860 Tons per an. From the 12000 Tons deduct the 488 Tons & the 144 Tons already sold & there will remain to be sold 11368 Tons. Deduct further 860 Tons per an for the 5$\frac{\mathrm{1}}{\mathrm{4}}$ years to com{illeg}e & the at the end of the term of the bargain there will be sold of 5148 Tons & remain in the Queens hands & the 6853 Tons. Which will 8 yrs more to sell it all supposing a cessation of digging Tin in Cornwall all that time & without such a cessation it may require a much longer time.

The Queen pays annualy for Tin 112000li Salaries 3000 carriage by sea 2000 incident charges about 1200li in all 118200li besides in {illeg}& in all the seven years 8{illeg}27400 besides interest. Her Majty has receved for 632 Tons already sold 48032li & will receive further for 860 Tons 65360li annualy & in all the 5$\frac{\mathrm{1}}{\mathrm{4}}$ years to come 3431{illeg}40. Deduct the 65360li from the 118200li & the 343140 from the 827400 & the Q. will run in debt 52840 yearly & at the end of the {illeg}time of the bargain be in debt {illeg}4484260 besides interest wch amounts to about 6400072000li more, so that ye whole debt will be about {illeg}556000li. & for paying of it off ye Q. has 6897 Tons of Tin remaining in her

The price of Tin in Cornwal has sometimes fallen to 50s & 58s & {illeg}even 45s pr TonC merchants weight: & the great glut of Tin inwhen the time of ye bargain expires may make it fall down to 45s pr TonC in London or lower. The 6853 Tons of Tin at 45 pr C will bring in 30{illeg}8385li wch deducted from the said debt of 556000li leaves the Queen 25{illeg}7615li a loser by the bargain besides the interest of the debt till it be paid off. wch inest the 30 while the tin is selling off; wch interest if the Tin be eight years selling off or above will {illeg} amount to about 194787li or above so the Queen will lose at least {illeg}45{illeg}2402 by the bargain.

By the like computation I find that if for ye future Tin should be sould after the rate of 1000 Tons pr an, there would remain in ye Queens hands at the end of the term 6118 Tons & the Queen would be then in debt 44703380368li besides interest of money taken up to carry on the service wch interest would amount to about 6597158320li & make the whole debt {illeg}445939438688li. And the 6118 Tons sold at 45s pr Ton would bring in {illeg}275310li wch deducted from the debt would leave the Queen 237293170629163378{illeg}li in debta loser besides the interest {illeg}of the debt while the tin is selling off, wch may amount to about 58320above 108372li, & so make ye Queen 2{illeg}8949li a loser above 271750li a loser by the bargain.