1.4 Henry's Finances

Question 1

Difference between ordinary and extraordinary income.

Answer 1

Ordinary income is regular and reliable. Extraordinary is more infrequent and less regular.

Question 2

By how much did Henry increase the size of crown lands?

Answer 2

Under Henry VII’s reign they were five times larger than under Henry VI

Question 3

Increase in income from crown lands.

Answer 3

Went from £29,000 to £42,000 between Richard III’s death and 1509.

Question 4

How much more money did Henry get from the Duchy of Lancaster through clever management of crown lands?

Answer 4

He increased his income from the Duchy of Lancaster ten-fold.

Question 5

How much was revenue from custom duties under Edward IV?

Answer 5

£70,000

Question 6

How much was revenue from custom duties under Henry VII?

Answer 6

£40,000

Question 7

What portion of Henry’s income came from custom duties?

Answer 7

One third

Question 8

Why did the revenue from custom duties drop under Henry VII?

Answer 8

It depended on trade and relationships between European powers which Henry was unable to maintain.

Question 9

How did Henry increase his profits from the justice system?

Answer 9

He preferred punishing with fines rather than imprisonment.

Question 10

What was the fine given to the Earl of Northumberland?

Answer 10

For raping a royal ward.

Question 11

What fine did the Earl of Northumberland have to pay for raping a royal ward?

Answer 11

A fine of £10,000

Question 12

What was the income from feudal dues in 1487?

Answer 12

£350 per annum

Question 13

What was the income from feudal dues in 1507?

Answer 13

£6000 per annum

Question 14

Give examples of feudal dues.

Answer 14

marriage
wardship
relief
livery

Question 15

What was wardship?

Answer 15

The state of estates of royal minors which were placed under royal control until the minor came of age.

Question 16

What was relief?

Answer 16

The payment made to the king when land was inherited.

Question 17

What was livery?

Answer 17

The payment made to the king to recover land from wardship.

Question 18

Receipts from bonds in 1493.

Answer 18

£3000

Question 20

Receipts from bonds in 1505.

Answer 20

£35,000

Question 21

What happened to nobles who fell behind on bond payments?

Answer 21

They were summoned by the Council Learned in the Law.

Question 22

Which two people ran the Council Learned?

Answer 22

Empson and Dudley

Question 23

How significant was Dudley’s appointment to the Council Learned?

Answer 23

Under him the records of the Council trebled.

Question 24

How many nobles were at one time or another financially at Henry’s mercy?

Answer 24

Out of 62 nobles, 46 were at one time or another financially at his mercy.

Question 25

What was the most frequent use of extraordinary income?

Answer 25

Parliamentary taxation.

Question 26

Why was Henry wary of using taxes too much?

Answer 26

They created huge uproar. This is shown by the Cornish and Yorkshire rebellions.

Question 27

How much did loans bring in under Henry’s reign?

Answer 27

£203,000

Question 28

Why weren’t loans very useful?

Answer 28

They had to be paid back to nobles (no profit)

Question 29

What were benevolences?

Answer 29

Forced gifts. The nobles giving money to Henry when he asked for it.

Question 30

When were benevolences used? How much did they raise?

Answer 30

In 1491, £48,500 raised.

Question 31

How effective were loans and benevolences? Any disadvantages?

Answer 31

They were very effective but they depended on the nobles’ loyalty and created resentment.

Question 32

Under who was the Chamber system created?

Answer 32

Edward IV

Question 33

When was clerical tax used? How much was raised?

Answer 33

In 1489 the Church raised £25,000

Question 34

An example of simony under Henry.

Answer 34

Henry sold the archdeaconry of Buckingham for £300.

Question 35

How much did Henry make from leaving bishoprics open?

Answer 35

£6000 per annum.

Question 36

What are the notable examples of feudal obligations?

Answer 36

They brought in £30,000 for the knighting of Arthur, Henry’s son.
Other occasion: Margaret, his daughter’s marriage to James IV of Scotland.

Question 37

How much did the French pension promise to pay and for how long?

Answer 37

Payment of £159,000 to be paid in £5,000 annual amounts.

Question 38

What treaty was the French pension a part of?

Answer 38

The treaty of Etaples in 1492

Question 39

What can be said was the downside of the French pension?

Answer 39

It was seen as somewhat dishonourable.

Henry VIII understood this - he immediately declared war on France.

Question 40

The crown income had amounted to about how much after Henry’s efforts?

Answer 40

£113,000

Question 41

How much was the French crown revenue at the same time as Henry VII?

Answer 41

£800,000

Question 42

Why did Edward IV create the Chamber system?

Answer 42

The Exchequer was very slow at collecting money and auditing accounts.

Question 43

What were the advantages of the Chamber system?

Answer 43

It was faster and more informal and allowed the king greater control over finances.

Question 44

What crown finance system did Henry have in place when he first came to the throne?

Answer 44

The Exchequer

Question 45

In which year did Henry change to the Chamber system?

Answer 45

1487

Question 46

What did the Exchequer control by the 1490s?

Answer 46

Custom duties

Question 47

What did the Chamber control by the 1490s?

Answer 47

Crown lands
Feudal dues
Profits from justice
The French pension

Question 48

How much did Henry receive from his crown lands in the first year of his reign?

Answer 48

£11,700