Folios 121-123. A letter [from Lord Godolphin to King William III] concerning public...

Folios 121-123. A letter [from Lord Godolphin to King William III] concerning public finances. Money has been borrowed from the City [of London] but [Godolphin] warns that this is 'the last of our funds'. With parliament unlikely to grant more funds, and no money at all available for the last two or three months of winter, he cannot see the way forward, or how to prevent business being brought to a 'stand-still'. Repayment of £140,000 to the States General [of the Netherlands] is due before Christmas. For reasons of uncertainty of victualling, as well as the advance season, the fleet has come in to Torbay [Devon], as reported by Secretary [Sir John] Trenchard. This fleet should be paid off, but it's estimated the measure would cost £190,000. When these big ships are laid up there still remains the question of protecting the Turkey fleet and the Plate fleet [?South America] from the French, and 'the war cannot be supported unless trade is protected'. [Godolphin] feels he has to make this argument at length because he has 'the misfortune to differ so much from others in all matters relating to the fleet'. Encloses a warrant to Mr Guy [not filed here] relating to the king's private estate in Ireland, and mentions Mr Topham's honesty.