Letter – John Erasmus Blackett to Thomas Richard Beaumont – 13 Jul 1803

Colonel Beaumont					Newcastle 13th. July 1803

Portman Square London				



Sir

      I wrote to Mrs. Beaumont very fully on the 10th. Inst., I wish that it was now in my Power to give you a more favourable Account of the Situation of your Affairs at this Place; Mr. Burdon is come down, but I have not yet seen him, nor would it  have been of any Consequence if I had, circumstanced as their Bank is at the present Time; I am informed that he has brought down with him a Mr. Black, a very eminent Accountant, & skilful in the Valuation of Property, it is expected that they will soon be enabled to lay before the Publick, a State of their Affairs, when I hope the Aspect of them may be more favourable than it is at present: those of Easterby & Co. as well as Losh Lubbren & Co. depend in some Measure on that Event.

      I send you enclosed a Copy of the Letters which I have sent to your several Mine Agents, which I hope that you may approve of as a proper Measure at present. – 

      I informed you in my last Letter that there is not any Demand for Lead at present, nor indeed do I see any Prospect of it; the Foreign Ports are, the Chief of them shut against the Importation from this Kingdom, of Consequence the several Lead Works on this River &c. are doing little & have large stocks of the manufactored Lead &c; the Prices at the foreign Markets are not the least encouraging, & the India Company will not buy Lead at the present high Price; the Price in China not enabling them to do it; indeed I have always been apprehensive (as you may have observed by my former Letters) that the Prices for some Time past could not long be supported, & that they originated in a very illjudged & ruinous Speculation, as the Event has proved.-

      The Price of fine Silver has had a great Fall; that I sold the 13th. May was at 6/2d the Ounce, two Pieces that I have lately sent to Messrs. Read & Lucas, at Sheffield, I do not expect according to the present Price, to get above 5s/11d p[er] Oz.   Mr. Walton & other Lead Dealers are likewise involved in this unfortunate Business, by their Sales to Easterby & Co. Walton had a considerable Commission on his Sales & stands answerable to G. Hospital for the Amount of the Debt, which I understand amounts to upwards of £8,000 –‘’ –‘’ – It is said that a State of the Affairs of the Bank of Surtees’ Burdon & Brandling will be laid before their Creditors very soon, & that the Amount of their outstanding Notes will be about £150,000 - - for the two Banks: I wish that they may not prove to be to a much larger Amount. – I am to have a Meeting with Mr. Burdon Tomorrow; Mr. Walton and I have had a Meeting with Mr. Easterby this Day & he is to lay before us a State of their Affairs, & we are to have a previous Meeting at Mr. Herons on Friday; the Sessions at Hexham prevent it being Tomorrow; I have this day made a Sale of 2,000 ps. of Refined Lead at £30 p[er] Fo[dde]r. to Walkers, Parker & Co., it was the very utmost that they would give; I considered it well, & the Circumstances of the present Times, if I had not closed with them, others would; I stood out for some Time for a shorter Credit, but could not obtain it; I hope that considering all Circumstances that you may approve of what I have done.-

      I have this day been favoured with your Letter of the 10th. inst. with the Inclosures, & am of your Opinion respecting Mr. Burdon & his Application to Mr. Morland & I approve much of Coln. Beaumont’s Letter to Mr. Burdon. – In Case you should not think it necessary to come down yourself, it will certainly be advisable that Mr. Bowns should, for this very unpleasant Business at my Time of Life has quite got the better of me , disturbs my Rest & disorders me very much.  I am &c. J.E.B.



I am very sensible that Lead must still be much lower soon.