Letter – John Erasmus Blackett to Thomas Richard Beaumont – 18 Jan 1794

Thos R Beaumont Esqr                                                                    Newcastle 18th Jany 1794

       Messrs Ransom & Co   Bankers London



Dr Sir	I hope that this may find Mrs Beaumont yourself and Young Man perfectly well after your Journey to Town.  Mr C Blackett made application to me a few days since for 5000 pieces of Lead and at the same Time shewed the Lre [Letter] that he had from Mr Freeman (a Copy of wch I enclose you) You may believe me it was with reluctance that I came into this reduction of the price of Lead, but on fully considering the matter I was well assured that it was for your Interest to accept of the terms offered; The large quantity of Lead at the several Marketts, and the small demand there is at present was my inducement to sell; 2000 p[iece]s Lead having been sold some days before at this place at £15-10 per Fo[dde]r.  Mr Dennis called on me lately to make a proposal to me that you, the Lead Comp[an]y and other considerable Lead Owners should unite with Lord Pomfret and himself in supporting the Price of Lead at the London Marketts etc for that purpose to enter into an engagem[en]t not to sell under a certain Price to be stipulated; That in Case the London buyers did not come into their Terms, to send a Quantity of Lead to London; to appoint an Agent, or Agents for the disposal of it to the India Company, the Merchants, and Plumbers; that he had already engaged a large Warf as well as an Agent for that Buisiness, and wished much that you would join Lord Pomfret and himself for that purpose, I told him my Sentiments on the matter and the many objections that there were to his Scheme; that I sh[oul]d acquaint you with it, and submit it to your Approbation  Mr Dennis is now in Town and may probably call on you to have some conversation on the Subject; In my Opinion there are so many objections to this Scheme of Mr Dennis that it is unnecessary to mention them, had the reduced price of Lead been owing to a Combination of the London Buyers something might have been said in favour of this Scheme, but as it most certainly is occasioned by the small demand owing to the War, as well as the large quantity of Lead at the sev[era]l Marketts, it is a most absurd Idea to enter into any engagement for to support a price when there is not a sufficient demand for the Article, for while you (who it is probable wo[ul]d have the largest stock of Lead) th[a]t yourself yourself bound by the agreement, thus might be under a necessity of selling, and under the like Circumstances of the Times etc.  I have always observed that it was for the advantage of the Lead Owner to accept of the first offer for a quantity rather than to speculate with a large Stock on hand and a falling Markett.  As it is probable that Messrs Walkers & Co may make me the like offer, I should be glad to have your Sentiments and directions for my future Measures.                          I am etc       J.E.B