Letters – Joseph Richmond to Walter Calverley – 7 Jul 1733

To Sr. Wr. Calverly                     Newcastle 7th July 1733

Hon[ou]rd Sr.

      I have your Lre [Letter of the 3[rd]. In answer to which I give it with all submission as my opinion, that no such sum as £5000 can be raised at present out of the stock in hand, without reducing all pays to the pays there were at Sr. Wms. time. The saving £1000 is a moving Inducem[en]t to lengthen them again; but it should be considered whether by doing so, more than twice that many may not be Insensibly lost in a little time, I am sure if short pays are not now made when lead is so low & like to be lower, the Groves will turn to little or no acco[un]t, & therefore should think it more advisable to borrow this £5000 if the treaty take place, than to raise it out of the stock in hand which is not yet large enough to enable us to make our pays in a year, I have by this post sent Mr Blackett an acco[un]t of the stock & Debts, as they stand valued to the 30th ulto by which he will readily conclude what can be done in the affair, I [missing word] strainger to Mr Maynalls Debt, & time of payment, & do not know of any money being applyed that [missing word] 

      I am etc                  J R