3 - Crown Finances & Attempted Reforms Flashcards
What were the main financial issues of the crown?
Crown expenditure was rising due to inflation between 1502-1622
What happened during the Treaty Of London 1604?
James I made peace with Spain in order to reduce Crown expenditure significantly on warfare.
Why did Court spending double in 1603 - 1625 than what it was under Elizabeth?
James’ spent extravagantly.
James was generous to courtiers.
What was an ante-supper?
An extravagant preparation of two large feasts, one for display the other to eat.
When was the largest ante-supper and how much did it cost?
1621, costing £3,300
What was the Cockayne project 1614?
William Cockayne convinced James to grant him a monopoly on cloth exports to help increase the Crown income.
Was the Cockayne project 1614 successful?
No, it had the opposite effect as the Dutch refused to buy the cloth and entered a trade war with England.
What is a monopoly?
Selling of the exclusive right to make trades in a particular field e.g. cotton, cloth etc.
What issue did the 1621 parliament focus on?
Issue of monopolies as by 1621 there were over 100.
What was the Subsidy Act 1624?
Parliament allowed a subsidy of £300,000 and in return the Crown must use the money in specific areas of foreign policy supervised by MP’s.
What was the Statue of Monopolies 1624?
Limited the Crown’s right to grant monopolies to individuals.
Who was Robert Cecil?
James’ Lord Treasurer who aimed to reduce the Crown expenditure.
What was the Book of Bounty 1608?
The ordering of a survey of Crown lands to strengthen royal finances and increase revenue from royal lands.
What did James promise Cecil 1608?
To stop giving gifts of land and pensions to others but breaks his promise.
What was the Book of Rates 1608?
A book of official values of those items that customs duties should be paid.
What was the Great Contract 1610?
Cecil negotiated with Parliament to allow the King a subsidy of £600,000 and a regular income of £200,000 in exchange for some feudal rights.
What feudal right did James give up during the Great Contract 1610?
Income from wardship
Was the Great Contract successful?
No, the plan was rejected by both the King and Parliament and eventually fell through.
What did James’ dire financial situation lead him to do?
Dissolve Parliament
Who took charge of finances in 1618?
Lionel Cranfield
