Minute Book: January 1707

Pages 14-16

Calendar of Treasury Books, Volume 21, 1706-1707. Originally published by Her Majesty's Stationery Office, London, 1952.

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January 1707

Jan. 3, forenoon. Whitehall. Treasury Chambers. Present: Lord Treasurer, Chancellor of the Exchequer.
The Duke of Marlborough comes in about settling the estimate for the Forces in Spain and the extraordinaries, Mr. St. John and Mr. Brydges attending. Treasury Minute Book XVI, p. 22.
Jan.8, forenoon. Present: ut supra.
The letter for Josiah Heathcote is read and approved.
[My Lord Treasurer orders a letter of direction for] 10,000l. to the Ordnance for sea service and 10,000l. for land service: out of the funds of the year 1706.
My Lord orders a year's pension to the mathematical boys [of Christ's Hospital]. Ibid., p. 23.
Jan.10, forenoon. Present: ut supra. Sir Henry Furnese and Sir Theodore Janssen are called in. My Lord acquaints them that there are bills drawn by my Lord Peterborough from Genoa for very great sums and at very high rates of exchange, as my Lord is informed at 63d. a dollar; that his lordship is of opinion a good part of the money so drawn is not [has not been] actually advanced in Italy nor will till it be seen whether the bills will be accepted. My Lord therefore desires Sir Henry and Sir Theodore to inform themselves in the best manner and as soon as possibly they can as to the fact whether the money is actually advanced or not and report the same to him in writing.
Sir Henry Furnese says he is of opinion 'tis not yet paid in Italy; Sir Theodore says he believes the greatest part of it is actually advanced. Sir Henry says it doth mightily affect the exchanges to the prejudice of the public and by the drawing at 63 pence per dollar the Government loses above 22 per cent.; and prays that the said bills be not paid.
My Lord says he has put a stop to the payment of them.
Sir Henry and Sir Theodore will send my Lord what information they can get concerning them. Ibid., p. 24.
Eodem die afternoon. Present: ut supra.
The Customs Commissioners are called in: their papers are read and the answers [and decisions of my Lord Treasurer] are endorsed [thereon]. Ibid., p. 25.
Jan.13. Present: Lord Treasurer.
[My Lord directs the issue to the Treasurer of the Navy of] 11,500l. for Wages. Ibid., p. 26.
Jan.14, forenoon. Present: Lord Treasurer, Chancellor of the Exchequer. Mr. Brydges and Sir Theodore Janssen are called in. Mr. Brydges reads a letter which he has prepared by my Lord Treasurer's direction to be sent to the Earl of Peterborough relating to the bills drawn by him from Genoa.
My Lord Treasurer approves thereof, being as follows:
January 23–12. 1706–7. I have received yours of the 14th Dec. by the hands of Mr. Hoar in which you give me notice of your drafts of 80,000l. for the service of her Majesty's Troops in Spain and 10,000l. more for the use of those in Portugal: likewise another letter of the same date informing me of only 55,549l. 9s. 0d. drawn since “your letter of 20–27 Nov. 5–12 Dec.” Adding the said sum to the bills mentioned in the said previous letter (being 32,137l. 10s. 0d.) will produce 87,686l. 19s. 0d. “and is the money which I presume your Lordship means when you are pleased to say you have drawn upon me about 80,000l. for her Majesty's service. I doubt your Lordship will be surprised at the different treatment you'll hear these bills meet with, but hope you'll impute the part I have had in it to no other motive than the regard I ought alwaies to have for her Majesty's service and which makes me think it an indispensable duty on me to apply to my Lord Treasurer for his Lordship's direction before I presume to act in any case where I find it [the Treasury] in the execution of my office to be any waies concerned. This was the method I followed in this bringing your letters from time to time to the Treasury.” At first the Lord Treasurer (observing that the number of bills drawn was not very large and hoping that every parcel would be the last, and the rate of exchange not being certainly known, you not having expressed it in any but your last of the 14th [ult.] and in order not to give check to the public credit in parts especially where it was of such necessity) gave order for accepting to the value of 27,787l. 10s. 0d. But when it appeared that you had drawn upwards of 60,000l. more and that there was reason to believe the 100,000l. for the Portuguese was negotiated after the same manner as the bills of the Marquis Das Minas had been (and which Mr. Morrice writ me have been protested at Lisbon for want of advice) and all this at the rate of 63 which is much less advantageous than the rate of the last remittances and would produce on the whole a very considerable loss to the public, the Lord Treasurer was of opinion that the taking up of money on such terms would be a great prejudice to the general credit: and having made a remittance from hence and [from] Lisbon to Spain which in all probability arrived there as early as your Lordship's [last letter] he was pleased to put a stop to the further acceptance of the bills until he had consulted her Majesty upon it and received her directions in Council: the result of which has been that no more of those bills are to be accepted till it appears how much of the money which they represent had been put into Mr. Mead's hands, there being advice here from several of the Genoa merchants that great part thereof is still detained by them until they find what course is taken with the bills in England. So much of this money brought from Genoa as shall appear to have been paid in specie by you into Mr. Mead's hands the Queen will reimburse to the merchants who advanced the same together with a reasonable allowance of interest for the time they shall have been out of their money. Treasury Minute Book XVI, pp. 27–28.
Jan.15, forenoon. Present: Lord Treasurer, Chancellor of the Exchequer.
[The draft of a letter of direction for] 564l. 12s. 5d. and 170l. [to the Auditors of Imprests] for auditor's fees was read and approved. Ibid., p. 29.
Jan.17, forenoon. Present: ut supra.
[No entry of any minute]. Ibid., p. 30.
Jan.20, forenoon. Present: ut supra.
Mr. How's memorial for 15,225l. 7s. 1d. [for the Guards and Garrisons] was read and ordered. Ibid., p. 31.
Jan.21, forenoon. Present: ut supra.
[My Lord directed] 18,950l. to be issued to Mr. Mason upon the order in his name for the service of the Transports: to be issued out of loans in the Exchequer on the funds for the year 1707: and is to discharge 4 months' course in the Office of the Transports.
Likewise 243l. 12s. 9d. more to same: out of same: and is to be paid to Mr. Dummer for the transportation of soldiers to the Leeward Islands in the packet boats. Ibid., p. 32.
Jan.23, forenoon. Present: ut supra.
[My Lord directs] 8500l. to the Navy Treasurer: out of loans on malt anno1707: to be paid over to Walter Whitfeild, Paymaster of the Marines, upon account of subsistence: according to his memorial of the 21st inst.
Sir Theodore Janssen presents a memorial to my Lord for remitting 2 months' subsidy to the Duke of Savoy viz. to give his bills for [on] Turin payable at 60 days' date for 106,6662/3 [Crowns] of 82 sols of money of Piedmont at 59 pence per crown. The same is read and approved. Ibid., p. 33.