On this day in 1712, Thomas Gillotts declare that although his rent for the Kings Head Inn, Southwark was due on 24 June, he could not pay Thomas Bowrey. His rent was one shilling a day (or £18/5/0 a year – about £2,500 p.a. in today’s values) and he agreed to pay the arrears at one shilling a day until it was repaid. The statement, written in Bowrey’s hand, was witnessed by Bowrey’s servant, Joseph Noden.
Bowrey himself rented the Kings Head from Peter Briggins paying him £15/2/6 each half year (or £30/5/0 p.a.).
It is difficult to understand the economics of the Kings Head for Bowrey. He was making a loss of £12 per year (over £1,600 in today’s values) and yet was still willing to be lenient about late payment of rent.