1.5 Finance

Question 1

What is the Exchequer?

Answer 1

• Already in place from Richard
• Slow to collect finances
• Poor cash flow
• Not very effective/efficient

Question 2

What is the Chamber?

Answer 2

• New system that Henry introduced
• Gives King much closer control
• By 1940’s handled 90% of Crowns income

Question 3

Key Treasurers

Answer 3

• Lovell until 1492
• Heron who was the most important
• Bray was the Duchy

Question 4

What is ordinary revenue?

Answer 4

Regular income

Question 5

What is extraordinary revenue?

Answer 5

Special/One off occasions

Question 6

What were custom duties and success or not?

Answer 6

• Money paid on imports and exports

Very successful
- £40,000 annually under Henry

Question 7

What were crown lands and success or not?

Answer 7

• Lands held by the King by inheritance or confiscation from traitors

Success
- 5 times larger than Edward IV
- £42,000 per annum

Question 8

What were feudal obligations and success or not?

Answer 8

• Traditional rights from the King and 4 types of payment
  1. Relief
  2. Marriage
  3. Livery
  4. Wardship

Success
- Income rose from £350 to £6,000

Question 9

What were bonds and recognisances and success or not?

Answer 9

Bonds were written agreements where a person would pay money if they failed their promise

Recognisance’s were an acknowledgement of a prior debt or obligation

Success
- Aided the control of nobility
- £200,000 promised to King

Question 10

What were parliamentary grants?

Answer 10

• To help the King when national interest was threatened
• Usually £30,000 gathered

Question 11

What were loans and were they sucessful?

Answer 11

• From richer subjects in emergencies

Success
- £203,000 gained

Question 12

What were benevolences?

Answer 12

• Forced loan with no repayment
  1491 = £48,500

Question 13

What was the French pension?

Answer 13

• Part of the Treaty of Etaples as a fee to remove English troops

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

Question 14

Why did Henry want to improve finances so much?

Answer 14

• Believed prior monarchs had made themselves ‘servants’ to subjects due to weak finances
• Needed to be financially stable as a usurper
• Didn’t feel secure and didn’t feel he was maintaining dynasty

Question 15

Reginald Bray Profile

Answer 15

• Appointed Chief Financial Adviser in 1492
• Valued and trusted councillor
• Worked closely with Lovell and Heron on improving financial system