#7 Exploiting financial resources

Question 1

2 reasons exploiting his financial resources was important

Answer 1

1. Allow him to raise forces to put down unrest
2. On his death, would provide his son with resources to fight any challenger

Question 2

3 ways Henry attempted to achieve strong royal finances

Answer 2

1. Reorganising financial administration
2. Exploiting sources of ordinary revenue
3. Increase income from extraordinary revenue

Question 3

Evidence of resentment in increasing revenue

Answer 3

Yorkshire and Cornish tax rebellions

Question 4

How much money did Henry make in his first year as king compared to Richard III?

Embarrassing consequences?

Answer 4

Henry: £11,700

Rich III: £29,000

Had to take out loans to pay for his coronation

In 1487 could not afford to pay for celebrations at Windsor for the feast of St George

Question 5

How did Henry change his financial administration for the better?

Answer 5

Began to revert from Exchequer to Chamber system in 1487-90

Question 6

What did the Chamber system take a central role in managing?

Answer 6

1. Crown lands
2. Feudal lands
3. Profits from justice
4. The French Pension

Handled all income except customs duties

Question 7

How did the changes to the Chamber system change the Chamber?

Answer 7

Increased importance ofthe Treasurer of the Chamber and officials such as the Gentlemen of the Bedchamber

Question 8

As a result of Henry’s developments to the Chamber system..

Answer 8

… he had a much closer control of his finances

Question 9

Define ordinary revenue

Answer 9

Came in annually from:

1. Crown lands
2. Customs
3. Profits from justice
4. Profits from feudal dues

Amounts varied

Question 10

Define extraordinary revenue

Answer 10

Not regular

Only raised in times of need by taxation

Raised in times of emergency by borrowing

Question 11

What successes did Henry make with exploiting the crown lands?

Answer 11

Maximised his income from existing lands, and increased crown lands by 5 times amount at start of reign

Question 12

How did Henry increase number of crown lands?

Answer 12

Act of Resumption 1486

Land attained from those declared traitors

Question 13

Income from crown lands increased from ____ on death of Rich III to ____ by 1509

Answer 13

Income from crown lands increased from £29,000 on death of Rich III to £42,000 by 1509

Question 14

How did Henry avoid antagonising the nobility over crown lands?

Answer 14

Did not claim all he was entitled to

Question 15

Perhaps Henry’s greatest success in maximising income from the crown lands?

Answer 15

Duchy of Lancaster

Skilful management increased income from its lands ten-fold

Question 16

Evaluation of Henry’s customs revenue success

Why?

Answer 16

• Only £40,000 annual average whereas Edward’s had been £70,000

Henry tried to imitate Edward’s methods but:

1. Smuggling was a problem
2. Trade depended heavily on relationship between European powers, which Henry had no control over

Question 17

What did some claim after HEnry’s death about his profits from justice?

Answer 17

Sometime’s charged subjects just to fine them

Question 18

How did Henry definitely exploit his profits from justice?

Example

Answer 18

Often punished by fines rather than imprisonment

Cornish rebels

Earl of Northumberland fined £10,000 for raping a royal ward

Question 19

What was the consequence of Henry exploiting his feudal rights?

Answer 19

Income from feudal rights rose from under £350 in 1487 to over £6,000 in 1507

Question 20

Were bonds and recognisances exploited to their full?

Answer 20

Yee - see other deck

Question 21

Why was Henry wary about misusing extraordinary income?

Answer 21

Unpopularity of taxation had led to Yorkshire and Cornish rebellions

Question 22

During which exceptional circumstances did HEnry VII ask for money from parliament?

Answer 22

For defeating Simnel 1487

Resisting Scottish invasion in support of Warbeck 1496

Question 23

As a result of what did Henry never successfully tap the wealth of the country using extraordinary measures?

Answer 23

The sums levied were based on out-of-date assessments of wealth

They did not bring in the amounts they should have done

Question 24

How much did Henry get from loans from subjects?

Why is this not really a success?

Answer 24

£203,000

Had to pay it all back

Question 25

What were benevolences?

Strengths?

Weaknesses?

Answer 25

Forced loans with no repayment

• 1491 raised money for expedition to France
• Didn’t have to pay back

BUT

Could not be used on a regular basis as it would provoke resentment

Question 26

How did Henry raise money from the Church?

Details

Answer 26

1. Contributed when parliament granted king money
   
   1. 1489 - £25,000 for French expedition
2. Sold church offices
   
   1. £300 for archdeaconry of Buckingham
3. Left bishoprics vacant towards end of reign to claim the revenue
   
   1. Over £6,000 per annum

Question 27

2 examples of when Henry levied feudal aid

Answer 27

1. Knighting of Prince Arthur - £30,000
2. Marriage of daughter Margaret to James VI Scotland

Question 28

How much did the French pension bring in, and what caused it?

Answer 28

£5,000 per annum

Treaty of Étaples 1492

Question 29

Overall successes of Henry’s expoitation of financial resources?

Answer 29

1. Able to maintain a lavish court to ward off Pretenders
2. Crown income risent o about £113,000 per annum
3. Restored solvency of crown giving it greater freedom of action

Question 30

Overall failures of Henry’s exploitation of finances

Answer 30

1. Perhaps exploited methods to excess and by end of reign alienated nobility to extent they might have challenged him
2. French king’s annual income about £800,000