A PICTURE OF THE IRON TRADE. 45 



Mi Porter's ptner at the Naked Boy in Paternoster Row hath entreated me to 

 accept of a Bill from my Lord Scarsdale for an hundred pounds to be pd 

 to M r Halfhid, wch I entreat you to doe when you have soe much of myne : 

 he tells me my Lord ougut it him a great while ; he hath laboured a long 

 time to gett a bill, & now at length hath prvailed." 



Occasionally the bills were not accepted ; the person upon 

 whom they were drawn was out of town ; and when, after some 

 delay, he returned did not find the money, though frequently 

 called upon for it. They were usually payable at seven, eight, or 

 fourteen days sight. 



The rate of interest for borrowed money was at this time arti- 

 ficially kept down by legislation to 5 per cent, a figure unnaturally, 

 low for a country in which commerce and wealth were rapidly 

 increasing. By an Act passed shortly before December, 1665, 

 all persons who should furnish his Majesty with goods or neces- 

 saries for the navy were to receive 6 per cent per annum on the 

 value until the account were paid, an indication that the lawful 

 rate of interest was below this figure. But economic laws, or, 

 as we now more truly term them, economic tendencies, when 

 banished to the planetary system have a way of returning with 

 meteoric violence ; and we accordingly find that, in addition to 

 this 5 per cent., a mysterious gratuity was often expected or 

 paid. Twice I find it paid without remark, and once a borrower 

 returns the loan, as be has heard that the lender expects some- 

 thing beyond the interest. Money, which was easily lent, was 

 not, however, in general so easily recovered, as witness a shoal of 

 letters to Lionell Copley, who invariably defaulted at the last 

 moment, after the most convincing promises. When a lucky and 

 experienced creditor received back the amount of his loan he 

 returned to the bearer the purses in which it was contained. 



Land was the only investment for trade profits which were 

 not required for the enlargement of business, or for the advance- 

 ment in life of a merchant's sons, and twice in the course of 

 these letters there is a reference to the purchase of land. It 

 is possible, however, that a large amount of ready money was 

 kept in the curious oaken chest which has just been discovered 



