Minute Book: September 1707

Pages 43-47

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

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September 1707

September 1, forenoon. Windsor Castle. Present: Lord Treasurer, Chancellor of the Exchequer.
Sir Henry Furnese and Mr. Brydges are called in. Mr. Brydges' memorial is read. [My Lord Treasurer] ordered 12,165l. 2s. 0d. to be issued to him on the orders in his name for the Troops in Spain and Portugal; and is to be applied to the payment of bills of exchange drawn by Major General Shrimpton for subsistence of the Troops who were taken prisoners at the battle of Almanza. But Mr. Brydges is to take special care that the money which he shall pay on the said bills be duly and regularly charged to the [subsistence] account of the respective Regiments for whose use the same [bills of exchange] were drawn.
[My Lord directs] 5000l. to the Cofferer of the Household in further part of [1707] Lady day quarter [for the Establishment of the Household].
[Likewise] 5607l. 19s.d. to the Treasurer of the Chamber for same quarter [for his Office].
[Likewise] 1,000l. to Mr. Lowndes: on the order in his name for Secret Service. Ibid., p. 108.
September 5, forenoon. Whitehall. Treasury Chambers. Present: ut supra.
[My Lord Treasurer directs] 20,000l. for the Ordnance, half thereof for land service and half for sea service.
The [Principal] Officers of the Ordnance are to take care that the bills drawn by Sir Cloudesley Shovell's order on my Lord Treasurer for powder and ball by Mr. Crowe et al. from Leghorne be paid in the first place.
My Lord being informed that the Customs Commissioners make some difficulties about the delivering of any other goods already come from or that may arrive from Scotland to the port of London or any outport than what are contained in the 28 ships mentioned in a schedule annexed to his lordship's warrant which was lately sent to them, although they are in the same circumstances in every respect with those in the said ships, my Lord directs a warrant to signify to the said Commissioners that the Attorney General has like orders relating to all goods (which are the effects of Scotchmen) imported into Scotland before the 1st of May last and that are since come or shall arrive in the port of London or any outport as he had concerning the goods in the said 28 ships; and that therefore they [are to] give the necessary directions from time to time for the delivery thereof after such forms are passed and such certificates obtained from the Attorney General as by the former warrant are required.
Seven members of the Old East India Company and seven of the new Company attend by appointment and are called in. My Lord acquaints them that two of their number, then present, had been with him when last in town to desire his assistance towards uniting of the Companies. His Lordship thanks 'em for the good opinion they have of him in the matter and assures them he shall be very glad to do his utmost to effect it, being what in his Lordship's opinion is highly necessary as well for the Companies as for the Government.
Sir Thomas Cook, for the old Company, says he should be glad to unite provided the 70 per cent. be divided to enable them to pay their debts, which has not yet been consented to, and without it they cannot stir.
Sir Gilbert Heathcot for the New Company says that the result of what has been in difference is the drawing out of this 70 per cent.: that if that be agreed to, the New Company must give good security to be indemnified against any debts of the Old Company and he is of opinion they should go together. that is that the security should be given at the time the dividend is made: and that though in his own judgment he is against drawing out the whole 70 per cent. yet the new Company do agree to it provided the Old Company give security to the liking of my Lord Treasurer and submit any other differences that may arise to his Lordship's determination.
Mr. Colson says if the New Company had been as plain before as they are now he believes the business had been adjusted some time ago.
Upon the whole it is Resolved and Agreed
That the New Company do consent to the Dividend of the 70 per cent.
and that the Old Company will at the same time give such security to the New Company to indemnify them against any debts, claims or demands whatsoever on their account as shall be approved by my Lord Treasurer and [shall] generally submit all other differences which may arise in adjusting of this intended union to my Lord Treasurer's determination:
which Resolution being read both sides consent thereto.
Then my Lord acquaints them that he cannot but take this opportunity to repeat to 'em what he lately writ, concerning the information he had of their buying up great quantities of silver in order to export; that they cannot but be sensible it will affect the exchange and consequently be a prejudice to the public whilst there is a necessity of making good remittances for the service of the war: that his Lordship thinks it proper to take notice of it to 'em here that they may pursue such measures as to avoid its being talked of in another place to their disadvantage; for though they have a great many friends in the House of Commons his Lordship thinks there are a great many in that House that are not so.
Sir T. Cook [says in reply] My Lord, we have carried on the trade for some years past without (almost) any advantage to the members [of the Company] for want of a stock in the Indies whereby our ships after arrival there have been forced to stay at a vast expense of demurrage for their ladings; that for every penny [weight of silver] they send out there is at least 3 returned and two of it sent abroad again, which they think is a vast advantage even in the remittances [by the Government on account of the war] though perhaps for a few posts it may lower the exchange [by] 2 per cent.; and that the goods which the Company send abroad is the chief supply for the [said war] remittances; that they think they cannot trade with any advantage to the Company or so usefully to the public unless they send out about 500,000l. [of trading capital in the form of silver].
My Lord [Treasurer replies that he] believes it a very improper time to do it now
and Mr. Chancellor [of the Exchequer] says some of them can't but remember that the House was taking notice of the damage they apprehended the public sustained by the exports of silver yearly by the Companies and were about to have restrained it in a great measure if some of their members had not given assurances that the same should be moderated during the war.
The members of both Companies say they think 'tis necessary for the advantage of the public as well as themselves [for them] to export 500,000l. [in silver] and that their provisions are made accordingly.
My Lord says he cannot hinder them, but thought it, however, necessary to give 'em this caution. Treasury Minute Book XVI, pp. 109–111.
September 9, forenoon. Windsor Castle. Present: Lord Treasurer, Chancellor of the Exchequer.
[My Lord directs] 5000l. to the Cofferer of the Household to complete last Lady day quarter: [to be issued out of Civil List funds].
[Likewise] 750l. to Secretary Harley for a quarter's secret services [out of same].
[Likewise] 66,937l. 5s.d. to Mr. Brydges on two memorials of this day [from him for moneys for the Forces abroad].
Some papers are read and the minutes taken [of my Lord's decisions and answers thereto are endorsed] upon them. Ibid., p. 112.
September 16, forenoon. Windsor Castle. Present: ut supra.
[My Lord directs] 7500l. to Mr. Compton to complete 15,000l. for the French Protestants [out of Civil List moneys].
[Likewise] 3000l. to Mr. Tayler for [the building at] Woodstock [out of same].
[Likewise] 483l. 8s. 6d. to Mr. Mason for transport service: to wit, to be paid to Mr. Dummer for transporting soldiers to the West Indies according to a report or certificate from the Transports Commissioners.
[Likewise] 14,876l. 12s. 10d. to Mr. Howe on account of subsistence [for Guards and Garrisons] according to his memorial which was this day read to my Lord.
Some papers are read and the minutes taken [of the Lord Treasurer's decisions and answers thereto are endorsed] thereon. Treasury Minute Book XVI, p. 113.
September 25, afternoon. Whitehall, Treasury Chambers, Present: Lord Treasurer.
The Committees of the two East India Companies in two papers which are read present to his Lordship their thanks for his trouble towards uniting them and pray his Lordship to bring the proposed union to a speedy conclusion.
The several Committees of seven [each] intend to meet and will endeavour to bring matters to a conclusion (struck through) adjust all matters in difference, and where they cannot [agree] such particular matters will be laid before my Lord.
My Lord Treasurer cautions them against a great exportation of silver.
[Send] to the Customs Commissioners to be here to-morrow afternoon upon a new memorial concerning security to be given by the East India Companies [for not breaking bulk]. Send the memorial [to the said Commissioners] and desire them to bring it back. Ibid., p. 114.
September 26, forenoon. Present: Lord Treasurer.
The Board of Ordnance are called in and their memorials [for money] are read. My Lord ordered 24,000l. for their Office, half thereof for sea services and half for land services.
Mr. Bridges and Mr. St. John are called in. They offer a report upon a proposal of Mr. Robinson for clothes &c. to be sent to Spain and Portugal, which report is read. Another [proposal] of Mr. Cornish is read for the same.
[My Lord directs that] Mr. Brydges and Mr. St. John are to compare the proposals as to the qualities of the goods, the prices and the time and manner of payment.
Mr. Bridges' memorial for money for the Forces [abroad] is read, and the minutes [of my Lord Treasurer's directions of money thereon] are [endorsed] upon it. Ibid., p. 115.
Eodem die afternoon. Present: Lord Treasurer.
[My Lord directs] 7674l. 16s. 7d. for the Works for 1706 Xmas quarter: [out of Civil List moneys].
[Likewise] 2144l. 19s.d. for a quarter's wages to the [royal] servants who are going to Newmarket: [out of same].
[Likewise] 20,000l. more [to the Treasurer of the Navy] for Wages [of seamen]: to be raised [by the said Treasurer in loans] on the tallies on Land Tax [anno 1707] reserved [in the hands of the said Treasurer].
[Likewise] 8429l. [to same] for the Ordinary [of the Navy: to be issued] out of Contributions for Annuities.
The Customs Commissioners are called in. Their papers are read and the minutes [of my Lord Treasurer's decisions and answers thereto] are [endorsed] upon them.
Then the Gentlemen of the East India Companies are called in. The latter say they had no notice when the Barons of the Exchequer settled the form of their bond [for bringing home their ladings without breaking bulk].
[My Lord directs] 1500l. [to William Lowndes: out of Civil List moneys]: for Secret Service. Ibid.