Letter – Nicholas Walton to John Ibbetson – 7 Nov 1776

To John Ibbetson Esqr.					Farnacres 7th November 1776.

	

Sir

      Inclosed you will receive the Langley Lead Mill Account for one Year’s duty Ore, being from the 10th. June 1775 to and with the 3d. Augt. 1776; the finishing of the smelting of the duty Ore being so much prolonged, cheifly on Account of its being considerably above the average Quantity, & also owing to a very dry Season that had subsisted for some Months preceeding, and rendered the Mill scarce of Water.   The Profit of this Year amounting to £829 – tho’ considerably Shorrt of the last is yet above the Mean of the whole; and as we apprised the Board last Year in our Letter attending the Lead Mill Accot., was that year more than could be expected in common, the Profit being subject to considerable Variations, arising from the Sale of the Lead at the Markett and the uncertainty of the produce from the Ore, both of Lead and Silver.   On this Occasion we think it proper to observe to the Board, that hitherto and also in this Accot. we have allowed a Rent amounting, upon the whole to something about 5 p[er]Ct. upon the Expenditure as a Rent for the Mill, that is for this year and some past to £130. before we have struck the Balance of Profit; but in General in the Mining undertakings which are succesfully carried on the first thing to be accomplished is to clear the undertaking of debt; that is to apply the first profits to the discharge of the Money advanced which when done the undertaking is said to have cleared herself; In this light, had we been supposed to have borrowed the Money of the Hospital wherewith the Mill and Conveniences have been erected; and allowed the Hospital Interest upon the several Sums so advanced, whenever the Annual Profits became capable of repaying the Principal, the undertaking might then be said to be cleared; and the Balance of Profits then sho[ul]d be drawn without allowance of Rent, after paying every contingent expence of Rent for the Grounds occupied by the Mill, additional Buildings, repairs, and alterations.

	It perhaps may not be necessary to shew this matter by entering into a Minute detail of Particulars stated Debtor and Creditor, but to observe in the General, that as we have always allowed in Mill Rent at least the Interest of the Money advanced, that part has been fully discharged.   It further appears by our last years account, that we had on the 1st. May 1773 made a profit of £3022:18:7 ½ from the beginning; and as our whole Expenditure upon the Mill at the Close of the present account amounts to no more than £3048:1:1 ¾ which was considerably less the 1st May 1773, and at the same time no Interest being reckoned upon the several Sums, that compose the aforesaid sum of £3022:18:7 ½ returned to the Hospital, we may fairly say, that the whole expenditure upon the Mill, even to the present time was more than cleared the 1st May 1773; and as since that time the 3 years subsequent Profits have amounted Viz

The Year ending Summer 1774 to  £804: 5: 4 1/2   Mill Rents  130

                       1775 to £1529:11: 7 3/4   Do          130  

                       1776 to   829:16: 7       Do          130 

Three Year’s Profit as p[er] 

   Accots sent the Board       £3163:13: 7 1/4              £390

Three Years Mill rent            390

          Total                £3553:13: 7 1/4

so that the Average Profit of the last 3 yrs is £1184:11:2 ¼ . and upon this foundation, in case the Board has no objection, we propose to state our future Accots.   We are

      Yours &c

      NW Junr.  J:S



PS We inclose an Accot shewing the Quantity of Ore remaining at the Mines After finishing the Carriage in 1775