Letter – John Erasmus Blackett to Thomas Richard Beaumont – 15 Jul 1803

Colonel Beaumont			Newcastle July 15th. 1803.-

Portman Square London.			



Dear Sir

      I wrote to you very fully the 13th. Inst. to which I refer you.  Mr. Burdon called on me Yesterday Morning for half an hour, he complained much of his Partners in the Bank having brought him into this very unfortunate Situation; he gave me the strongest Assurance that as far as he could then judge that the Effects of the Bank would be fully sufficient to discharge all their Engagements, but that it would require Time, possibly a year & a half or two years’ to wind up all their Concerns; he declared to me that his unsettled Property amounted to upwards of £130,000 exclusive of what he had resting in the Bank and the Property of his Partners, that the floating Paper of both Banks, he was positive would not exceed £150,000  he has told me, that he had brought down with him a very skillful Accountant, who was busily employed in arranging in arranging the Accounts of the Bank, which when done were to be inspected by four or five Gentlemen of Character of this Place, when a State of them would be laid before the Publick; he desired me to assure you of the Solvency of their Bank, & of his utmost Exertions being used, to bring the Business to as speedy a Conclusion as possible; Mr. Burdon said that he had good Reason to expect that the Mines in Yorkshire, in which his Bank Partners as well as Easterby & Co. were engaged, were in a very prosperous State and if properly & judiciously conducted, would be of the greatest Benefit to the Creditors; for that Purpose he, as well as Easterby & Co. strongly recommended to you & Mr. Walton, that three or four skilful Lead Agents be sent over as soon as possible to take a view of those Mines, the Stock of Ore at Bank &c. & to make their Report to the Creditors; as the expensive Part of the Concern is chiefly over, should it be thought advisable to carry on the Works at that Part, where the Lead may be raised at a low Rate, laying off the Dead Work & the new Tryals, & that the Lead may be disposed of for the general Benefit of the Creditors, which appears to be the most eligible Mode of turning those Mines to their Benefit, & that should this be neglected, almost the whole of that valuable Concern would be lost to them; I understand that the Lease from the Lords of the Arkindale Mines, that in Case of the Lessees becoming Bankrupts, or in Case of a Transfer of their Lease, that those Mines become forfeited to the Lords, of Course it will be for the Interest of the Creditors at large, that both those Events may, if possible, be avoided.

      Mr. Williamson is of Opinion that it may safely be done by a Letter of Licence from the Creditors, with the Consent of the Lessees, & that it will be the best & only Method of turning those Mines to the Advantage of the Creditors; but this must depend on the Report made by the Persons that may be sent to view the Mines, that it will so far be advisable that proper & skilful Persons be sent for the Purpose; I am fully of Opinion, the other Matter will require full and mature Deliberation.

      Messrs. <Hevery> & Co. of Howdon Dock, are very deep with the Bank, & have in Consequence stopt Payment, but having great Resources, the whole of that Debt is safe and will in a short Time be satisfied.

      Nothing will be lost to Creditors by the Lemington Iron Works in which the Surtees’ are concerned; two Persons of Property & Character at Hull, with Fishwick the present Partner have made an offer to come forward with £50,000 - to take up the floating Paper of that Concern, & to give Messrs. Surtees’ £10,000 for their Share, which is £2,000 more than they have advanced, this Offer the Surtees’ were unwilling to come into, wanting to retain it in their own hands which the Creditors will not allow, and will oblige them to accept the Offer.

The Extent for £16,000 of the Excise, was an unfortunate Event & gave an Alarm to the Creditors, I am informed that the Collector has received £7,000 & that he has Security for £9,000; it is said from Mr. Graham Clarke &c. the other Extents for the Customs, the Taxes & the Stamps, have been taken out but not issued, though they will certainly take Place off the other Creditors; it is now said, that the one for the Excise being put in force, was owing to a Mistake, as it was not intended.

      Mr. Williamson tells me the Gentlemen of the Committee did every Thing in their Power to prevent those Extents being granted, but without Effect.

      I yesterday received a Bill of Messrs. Walkers & Co. for £584<6> - 18 – 7, which I lodged in the Bank of Sir Wm. Loraine & Co. on your Account, and I hope that you will approve of the same, as well as of the last Sale that I made, though I am sensible the former Prices of Lead could not be obtained, I would not have sold at that reduced Price, but for the particular Purpose at this Time, being satisfied at the same Time, that in Case of my Refusal of the Offer it would have been accepted of by some other Person.

      I am by this days Post favoured with Mrs. Beaumont’s Letter of the 12th. Inst. & am pleased to find that you both approve of what has been done respecting Sir Wm. Loraine & Co’s. Bank, that you have acknowledged the Favour & will open an Account with them; you will be pleased to observe that I have already done so, & what Bills or Cash I may hereafter receive, I shall place in their Bank. – Mr. Walton for the Debt due to the Hospital had made a Seizure of the Lead Mill &c. of Easterby & Co. on the South Side of the River in the County of Durham, for which they have given special Bail & Mr. Easterby assures me they will use every Endeavour that no Creditor shall have an undue Preference.- The Debt from Losh Lubbren & Co. in a great Measure depends on the Solvency of the Bank, & until their Accounts are investigated; I cannot say any Thing positive, but they certainly have large Effects both in Holland & Hamburgh. – My Information respecting the Amount of the Extent for the Excise, & that Mr. Graham Clarke being Security for a Part, may not be correct, for I have since been informed that it amounted to only £9,000 –‘’ – ‘’ that a part has been pd. & they are about discharging the Remainder. – I have this Evening had a Meeting with Mr. Walton & his Attorney Mr. Peters at Mr. Herons, to consider of what will be the most advisable Measures to be taken respecting the Demands due from A. Easterby & Co. who not having complied with the Promise he made of laying before us some Propositions, & not appearing himself, we gave Mr. Heron & Mr. Peters Directions to call on them & acquaint them, that unless it was done to our Satisfaction on Monday next, we should no longer delay taking the most vigorous Measures against them. – 

      This very unpleasant Business has taken up almost my whole Time & Thoughts and affected me to that Degree, that I have been under a Necessity of making Use of an Amonnensis.  

      I am &c. J.E.B.