Letter – Nicholas Walton to John Holmes – 9 Nov 1772

To Mr John Holmes						Farnacres 9th November 1772



Dear Sir

      Since our return from our rounds we have taken an opportunity of enquiring into the state of the Silver Trade at Newcastle and we are well informed that the price paid there for several Months has been the same that we have received from you and so continues. The fact is that the Silver bought at Newcastle is in general worked up there so that if the demand there for Manufacture exceeds what is brought to that Markett they can afford to give even a better price than the London Markett as they must then bring down the difference from London.   Sir Walter Blackett we find sends part of his Silver to London and sells part at Newcastle as we suppose according as he finds the best Markett.  We cannot by any means desire or expect you to dispose of the Hospital's Silver to your loss or without a proper profit at the same time you are sensible we cannot be vindicable to our Principals if we do not sell our Silver at the best Markett we know of.   We have just now a Cake come down from the Mill Weighing about 656 Ounces and cut in 6 pieces and will be the last we shall take off til about Christmas but as you say you have the greatest part of what we last sent on hand we thought proper to let it lie til we have your answer; that is to say we will either send it or take a trial of what we can make of it at Newcastle as will be most suitable to you;  and it strikes us that as you may have a better opportunity of disposing of Silver in Quantity, at one time than at another; that without confining yourself to any given rule that if you will from time to time advise us what you can afford to give, we will send it to you when ever we can make as much by doing so as by selling it here as you are sensible for the reasons we have stated, there will at times be a difference between the two Marketts.

      In regard to the last Cake undrawn for as you had it previous to our enquiries we shall not draw for it at more than 5s11d and as we have not done it so soon as we have been in use to do, that will make you some further recompence for the particular hardship you have suffered from unforeseen causes; though we find that the ready money price at Newcastle has been and still is at 5s11 1/2d.   We shall be glad of your answer as soon as you can with convenience and are

      Dear Sir your most hble Servts

      NW Junr

      J S



PS.    Tomorrow we propose to draw upon you at the usual date for £231.6s 10d being the amount of 782 Ounces of Bullion at 5s 11d POunce.





                                       					Farnacres 10th November 1772

Sir, Ten days after date Pay to the Order of Mssrs Bell Cookson Carr Widdrington & Saint Two Hundred and Thirty One Pounds Six Shillings and Ten Pence.   Value received as advised by Sir.                    your most hble Servts

      Walton & Smeaton 



To Mr John Holmes Watchmaker London