49. The Financial And Economic Situation In 1558 Flashcards
Where did elizabeth have regular crown income (ordinary income) from?
Her landed estates, customs duties, and profits of justice
How could elizabeth raise extraordinary income?
By raising parliamentary subsidies
Why didn’t elizabeth want to use parliamentary subsidies much?
She didn’t want to call Parliament too often
How much debt did elizabeth inherit in 1558?
£335,000
What was elizabeth keen to do?
Avoid war and increase trade
Where was nearly half of debt owed to?
The Antwerp exchange
How much interest did elizabeth have to pay on the loan to Antwerp?
14% interest
What reforms did Mary make that benefitted elizabeth?
Financial administration
Who did elizabeth have the advice of?
William Paulet and Sir Thomas Gresham
What was the population by 1560?
Over 3 million
What was subsistence farming?
Where farmers produced only enough to feed themselves and their families
Why did subsistence farming make the economic situation worse?
The urban population depended on the countryside for food
Why did commercial farming expanding not increase the levels of food production?
Many were more interested in sheep farming to benefit from high wool prices
Why was enclosure resented?
Caused economic hardship
How much enclosed land was there?
Not much
What happened to the Antwerp cloth market at the beginning of elizabeth’s reign?
Began to decline causing unemployment
What problem did the urban authorities face?
Housing and feeding large numbers of unskilled migrants
Who were based in Antwerp?
The merchant adventurers
Who was developing the Russian market?
The Muscovy company
Where were merchants from London and the West Country interested in trade with?
The Guinea coast
Who controlled American trade?
The Spanish
Who controlled the near and far east trade?
The Portuguese and Venetians
