An essay on the value of the mines, late of Sir Carbery Price by William Waller, Gent ...

THE Epistle Dedicatory TO S^ir HUMPHRY MACKWORTH, CHAIRMAN, And now Standing in the Place of ED∣WARD PRICE, Esq and late of Sir CARBERY PRICE; AND TO

• ...The most Noble, his Grace, the Duke of LEEDS,
• ...The Right Honourable the Mar∣quess of CARMARTHEN,
• The Right Honourable Pawlet, Earl of BULLINGBROOK,
• The Right Honourable James, Lord Viscount LANESBOROUGH,

• The Right Honourable William, Lord Digby,
• The Honourable Sir Humphry Ed∣win, Knight, Lord Mayor of LONDON,
• The Honourable Hatton Compton, Esq

AND TO The Honoured, the Lady Ann Cholm∣ley, Mrs. Mary Cholmley, Mrs. Bridget Pesball, Mrs. Jane Bickerstaffe, Mrs. Ann Hill, Mrs. Elizabeth Lloyd, Widow, Mrs. Eliz. Lloyd, Spinster, Mrs. Lu∣cy Wright; AND TO The Honoured Sir Thomas Mackworth, Bar^t. Sir John Price, Bar^t. Sir John Morden, Kn^t. Sir Charles Bickerstaffe, Kn^t. Sir Christopher Wren, Kn^t. Sir Paul Whitchcot, Kn^t. AND TO The Honoured Edward Price, Esq Hen∣ry Farmer, William Powell, Edward Ni∣cholas,

Bulkley Mackworth, Philip Bic∣kerstaffe, Arthur Moore, Henry Lloyd, John Meyrick, John Pugh, James Blake, William Freeman, Samuel Trotman, Wil∣liam Nicholas, Joseph Short, Rich. Ste∣phens, Geo. London, Hen. Simons, Hen. Grove, and Joh. Wodehouse, Esquires; AND TO Mr. John Oldbury, Thomas Phips, Senior, Paul Docminique, Whitfield Hayter, An∣thony Forty, William Wolley, Thomas Phips, Junior, Richard Chancy, Richard Curtis, Thomas Fredericke, Gabriel Glo∣ver, John Glover, Thomas Jeve, John Thrale, Nathanael Troughton, John Newland, John Preston, Edward Grace, John Hayword, James Hallet, Mer∣chants, present PARTNERS of the said MINES.

HAving had the Honour to be employed in the Manage∣ment of these Mines, of Sir Carbery Price, for six Years last past, and being much concerned to see so great a Treasure lye dead

and unwrought, meerly for want of a Stock, and a right Constitution for the Management thereof; and find∣ing some of the Partners unhappily engaged in Differences and Law-suits amongst themselves, and no probabi∣lity of any Reconciliation, or the Works going forward, without the Assistance of some Publick-spirited Gentleman, who both understood the Art of Mining, and also composing of Differences; I thought it my Duty and Interest to make an Enquiry, if possibly I could find out such a Per∣son, who would Purchase the Shares late of Sir Carbery Price, and heartily Engage for the Publick Good.

But when all the Qualifications are considered that were necessary to be found in one Person, upon this Occasion, I presume your Honors will

be much enclined to believe, that I undertook no very easie Task.

For, when I met with an honest Gentleman, I generally found that he was very unskilful in Matters of this nature, and either unable, or fearful, to Engage in so great an Ʋndertaking; and when I met with a Gentleman who had any Knowledge of these things, I pre∣sently perceived that he was for grasping at all, and, instead of being willing to grant any thing for the publick Good, was still for getting more for his own particular and pri∣vate Advantage.

So that, upon the whole Matter, I found that some had Money, but no Skill, others had Skill, but no Money; some again had both Skill and Money, (which was very rare) but yet wanted that generous and

publick Spirit that was necessary in this Case; and where-ever I found a Person who was well disposed in the general, and well qualified in other Respects, yet he either want∣ed Courage to venture so great a Sum of Money, or Judgment to un∣derstand the present Constitutions of the Company, and how to amend them for the publick Good.

But at last, when I was, in a manner, in Despair, and had given over all hopes of Success, it was my fortune to Travel to Neath, in Glamorgan-shire, where I had the favour of being admitted to see the Copper-works and Coal-works of Sir Humphry Mackworth; and having observed his new Contrivan∣ces in the Management thereof, which were more than I had seen before in any part of this Kingdom;

and taking notice of his Judgment in Matters of Law, and also of his frank and generous Disposition for the publick Good; and that he was by no means of a covetous or grasping Temper, but took de∣light in the Advantage he brought to others, especially the poor Miners and Labourers, as well as in the Gains he got for himself.

I presently concluded, that he was the fittest Person I knew, to set the Wheels a going with us in Car∣diganshire; and, I humbly conceive, your Honors would all be of the same Opinion, if it were lawful for me to discover the several Em∣provements I observed at his Works, many of which being yet kept as Se∣crets, I must forbear to mention.

But his new Method of Coffering out the Water from his Shafts and

Sinking-pits, and thereby prevent∣ing the Charges of Water-engines, and also recovering a large Vein of Coal by that means, which was in vain attempted by other Artists; and his new Sailing-waggons, for the cheap Carriage of his Coal to the Water-side, whereby one Horse does the Work of ten at all times; but when any Wind is stirring (which is seldom wanting near the Sea) one Man and a small Sail does the Work of twenty, (which are publick,) do sufficiently shew what his Genius is capable of in Matters of that nature.

And, I believe, he is the first Gentleman, in this part of the World, that hath set up Sailing-engines on Land, driven by the Wind, not for any Curiosity, or vain Applause, but for real Profit, where∣by

he could not fail of Bishop Wil∣kins's Blessing on his Ʋndertakings, in case he were in a Capacity to bestow it.

But I must beg leave, not only to mention these things, (which (how∣ever others may justly Value) I know he is pleased to esteem but as ac∣cidental Trifles that fell in his way) but also to take notice of his prudent Methods, for reducing all his Ʋndertakings to a Certainty, free from Hazard; his Copper-men working by the Tun, and his Colli∣ers by the Weigh, at a certain Price, which is constantly and punctually Paid; whereby, as no Fraud can happen to himself, without a Com∣bination of all, so good Encourage∣ment is given to the Workmen, to be Careful and Industrious, for their own Interest as well as their Ma∣sters;

〈1 page duplicate〉〈1 page duplicate〉

〈1 page duplicate〉〈1 page duplicate〉

not to mention the convenient Scituation of his Copper-work, which is such, that his Men may run the Coal, with Wheel-barrows, into the very Furnaces, and bring the Oar by Water within a Stone's cast of the Work; nor his Prudence, in securing Partners who had quanti∣ties of good Copper Oar to be smelted with his own Coal, before he be∣gan his Copper-work, whereby the Necessity of raising a great Stock, keeping many Agents and Stewards, at great Salaries, in several Coun∣ties, and great Hazards of bad Bargains, and bad Oar, with ma∣ny other Inconveniencies incident to other Ʋndertakings of that kind, were all prevented, and not only a great Profit made of the Cop∣per, but also a great Vent secur'd for his own Coal, both at home in

his own Copper-work, and also a∣broad in the West of England, in exchanging Coal for Copper Oar.

In all which, and in many other Respects, which will hereafter ap∣pear, such Management and Con∣duct may very well be admired, e∣specially in a Gentleman that was bred up another way.

But I dare not express the Ho∣nour and Esteem I have for this Gentleman, for fear of giving Of∣fence, and therefore I have only hint∣ed at these things at present, for my own Vindication, that your Lordships and all the Partners may know the true Motives that induced me to la∣bor for this Revolution, and to bring in Sir Humphry Mackworth to be so highly concerned in these Works, for the common Good of all the PARTNERS, as well as my own,

and all the Agents employed under them.

It was for this end I first commu∣nicated these Thoughts to Mr. Price, and Mr. Powel, in the Country, who knowing these things to be true, and being extreamly pleased with my Proposal, ordered me to proceed there∣in, which accordingly I did, and ha∣ving now spent near a Year's Time about it, and at last happily effected my Design, to the Satisfaction of all Parties.

I humbly hope your Honors are, or in a short time will be of Opinion, when your Term is lengthened, and your Constitutions setled to your own Content, that I have not mispent my Time in your Service.

I must confess that nothing ever troubled me so much, as the Misfor∣tunes I labour'd under on the account

of these Mines: That I should leave my own Habitation, and so many Works in the North, (in all which I had been fortunate even beyond ex∣pectation) and come so far into a strange Country to lose my Labour, and when I had got Mines under my Management of so great a Value, my Hands should be tied up, by un∣happy Differences, from either making Profit to you or my self; and, at last, that it should be recorded in History to all Posterity, That the richest Mines, of that kind, in these three Kingdoms, and perhaps in all the Christian World, lay dead and unprofitable, for so many Years, during my Stewardship; where∣as if these Mines had been carried on with a large Stock, and to the best Advantage, they might by this

time have raised the Fortunes of all the Partners concerned, and been as famous in foreign Countries, as most other Mines in the World.

When I first viewed these Mines, and undertook this Employment, I freely offered (for the Encourage∣ment of all the Partners) to take my Salary out of the clear Profits, but I always apprehended, that I was not to Suffer for any other Per∣son's Default but my own; and, on that account, I am so far from re∣penting of my Bargain, that allow∣ing one Year to put the Works in or∣der, and assuring me of good Ma∣nagement for the future, I shall be ready (instead of 250 l. per Ann. present Salary) to take 100 l. for every 10000 l. a Year clear Profits, which shall accrue from these Mines to your Treasury, over and above

all and all manner of Charges and Expences whatsoever.

My LORDS, I have at my leisure Hours, and for want of an Opportunity of doing your Lordships and your Partners bet∣ter Service, considered the Profits, that are usually made of other Veins, both at home and abroad, especially in the North of England, where I am best acquainted, and have com∣pared the Charges and Profits there∣of, and of these Mines together, and the vast Advantages these Mines have above any of them, which I did at first for my own private Ʋse.

But being now advised, that it would be a great Satisfaction to your Lordships, and all the Part∣ners,

to have a more large Account given of these Mines, and that your Lordships are desirous to know my Reasons for setting the same at such a Valuation, upon which your Lordships, and all the Partners, may be capable of being the best Judges of the Value thereof your selves, I have therefore humbly presumed (tho' a Person otherwise very unworthy to appear in Print) to publish this fol∣lowing Essay on the Value of these Mines, for your Lordships particu∣lar and private Satisfaction.

And lest it may be thought I have writ this for any particular Advantage to my self, or to encou∣rage others to any Ʋndertaking, in which I durst not venture my own Bottom, as well as theirs; I humbly beg leave hereby to offer to your

Lordships, and all the Partners, that I shall be ready at all times to accept of Shares for my Salary at the highest Rate that was ever yet given for them.

Provided always that you agree together to settle a good Constitu∣tion for the Management thereof, and to raise a competent Stock pro∣portionable to so great an Ʋnder∣taking, to which I am also willing to lay down my Proportion, and stand or fall by my former and present Valuation.

For tho' I am sensible the same may seem very high, and almost incre∣dible to others, who do not know the Advantages of these Mines, or be∣lieve that they are so large as they are described; yet, to my self, who have spent so much Time, and ta∣ken

so much Pains to consider of it, and take the exact Measures of them, I have great reason to be∣lieve (taking one thing with ano∣ther) that I have rather set them below, than above, the real Value.

For, First, The Price of the rai∣sing the Oar, in the great Vein, is set at fourteen Shillings and Three-pence per Tun, in the last Valu∣ation, which is much higher than it will really cost when the Levels are carried home.

Secondly, The five lesser Veins of Lead are set very much below the real Value, if managed with a large Stock.

Thirdly, The Copper Veins would employ a much greater number of Men, with brisk Management: And,

Fourthly, The Profits of the Silver (which may probably amount to the Value of all the rest) is not computed at all, but only men∣tioned in general Terms.

And, as to the largness of the Veins, there are several Gentle∣men, now in Town, who have been in that Country (viz.) Dr. Thomp∣son, Minister of Friday-Church, Mr. Phips, of Clerkenwel-green, Mr. Hoile, in the Still-yard, Mr. Duckett, in the Strand, near Exeter-Change, and several o∣thers.

Who, I suppose, will all own I ever represented, those Veins they took the trouble to view, (which were only the great Vein, and the Bog Vein) rather less than greater

than they really were; but, at that time, I had not discovered the two Copper Veins, nor the Richness of the five lesser Lead Veins, which now make your Honors Interest of double the Value it was in the Year 1693.

And therefore since your Honors are now like to have the Advan∣tage of my Labours, and new Di∣scoveries; and, since I have been the Instrument (under Providence) of bringing in a Gentleman to re∣dress your Grievances and encrease your Term, I can never doubt, ha∣ving Right done me at your Hands, nor the Works being carried on to the best Advantage.

And, for my part, your Honors shall all find, that I stand upon an ho∣nest

Bottom, and That the com∣mon Good of all Parties con∣cerned, is all that is desired, by

Your HONORS Most Obedient and most Humble Servant, WILLIAM WALLER.