2 - James 1 Finance Flashcards
What were James’ key personality traits?
Extravagant
Against war
Fond of favorites
What is ordinary revenue?
Revenue that the monarch received, not dependant on subsidies or grants from parliament
What is extraordinary revenue?
Taxes which were granted in emergencies or special occasions by parliament
What were the crown lands?
The sale of land owned by the crown in order to generate quick revenue
What is customs revenue/tonnage and poundage?
The second major source of ordinary revenue
taxes on imports and exports
bought in 3x the number of crown lands in 1621
What were merchant farmers in relation to tonnage and poundage?
Those who could buy rent on customs to be allowed to administer customs
Why were parliament unhappy with the use of merchant farmers?
They saw their control over taxation being reduced
What were the facts of the bate’s case?
A merchant refused to pay a duty on currants as he believed it wasn’t sanctioned by parliament
the court ruled that the king had the right to control taxation, undermining parliament.
What were the results of the Bates case?
in 1608 new customs duties on specific goods called impositions were introduced.
this placed a duty on 1400 items and brought in £70,000.
What is a wardship?
when the estate of the dead is taken into the custody of the crown until their heir came of age
The king would use the estates as patronage for their favorites and the new lord would gain any profits from the land
What is purveyance?
The right of the court to buy provisions at a much lower price than market value
What was the key issue with purveyance?
Corrupt officials would buy the cheaper goods and sell on for a profit.
now that the court did not move as much as it used to, some areas would be burdened with selling cheaper goods
