Elizabeth and Finance Flashcards
How much debt did QE inherit from Mary?
£227,000
How much of the debt inherited from Mary was owed to the Antwerp Exchange at what interest rate?
50% of debt owed at 14% pa
Who was QE’s financial adviser?
Thomas Gresham
What did Thomas Gresham say was causing financial difficulties?
- Debasement
- Resorting to loans
- War
What was Thomas Gresham keen for QE to maintain?
An excellent credit rating
What did a 1571 Act of Parliament allow?
A 10% interest rate to be charged on loans
What did Thomas Gresham found in 1565?
The Royal Exchequer
When did QE clear the debt she inherited from Mary?
1576
What was the surplus by 1584?
£300,000
SOURCES OF INCOME
SOURCES OF INCOME
What were QE’s 4 sources of income?
- Customs revenue
- Efficiency savings
- Crown lands
- Taxes
What was QE’s revenue from crown lands at the start of her reign?
£86,000
What was QE’s revenue from crown lands at the end of her reign?
£111,000
What were the 2 ways taxation was collected?
- Fifteenths and tenths
- Subsidies
What did QE not want to pay for, meaning income from taxation was minimal?
A professional tax collection service
How much did Fifteenths and tenths raise?
£30,000
How much did a subsidy produce?
£100,000
How much did the Subsidy Bill bring in?
£140,000
What governed the collection of customs duties?
The Book of Rates
How many imports were subject to tax before the Book of Rates was revised in 1557?
790
How many imports were subject to tax after the Book of Rates was revised?
1170
How much was customs revenue in 1556-57?
£29,000
How much was customs revenue in 1558-59?
£82,000
How much was customs revenue in the 1590s?
£91,000
What % of crown revenue was collected in the Exchequer of Receipt?
75%
How much was defaulted on in the Exchequer in 1571?
£44,000
What tax that used to go to the Pope went to the crown?
First Fruits and Tenths
Why did QE keep bishoprics vacant?
So she could collect the income
What did QE increase in 1581?
Recusancy fines
How much did the war with Spain cost?
£4.5 million
How many Parliaments were called from 1588 to 1603?
4
How much did QE sell in crown lands from 1599 to 1601?
£200,000
How much had prices risen from 1500 to the 1560s?
198%
Who did the public blame for rising prices?
‘Greedy gulls’
When were all debased coins recalled?
1560-61
Why did the revaluing of the coinage not bring down inflation?
- People did not trust the coins so didn’t bring down prices
- Had to borrow from Antwerp to buy silver
What did the Lord Treasurer, the Marquis of Winchester, tell the Council about inflation?
That the council did not know what they were doing but he did - he knew that the rising population was the cause of inflation
When did Wednesday become a fish day?
1563
What did QE forbid in times of rising prices?
The export of grain
TRADE
TRADE
What % of English exports were wool?
81%
Where was the majority of English wool sold to?
Europe via Antwerp
Who controlled American trade?
Spain
Who controlled the Near and Far East trade?
The Portugese and the Venetians
When was the Muscovy Company set up?
1555
What was the Muscovy Company given?
A monopoly of trade between London and Moscow
Who heavily taxed the Muscovy Company’s woollen goods?
Ivan IV
Where did England want to buy silks and spices?
Down the River Volga to Persia
How many slaves did John Hawkins acquire in 1562?
300
Who backed John Hawkins’ trip in 1563?
QE, Cecil and Dudley
Where did English merchants begin directly trading with in the 1570s?
The Mediterranean
What company was set up in the 1580s to trade with the Turkish Empire?
The Levant Company
When did QE grant traders a monopoly to whale in Spitzbergen, the coast of Norway?
1577
Why were the whalers in Spitzbergen unsuccessful?
The Norwegian whalers were far more experienced than them
What company was formed in 1579 to try to break into the Baltic Trade?
The Eastland Company
What English city benefited from the Eastland Company?
Hull
Why was English trade with Persia unsuccessful?
The Shah of Persia refused to do business with non-Muslims
When was the Persian route abandoned?
1573
What vessel owned by QE was lost?
The Jesus of Lubeck
How much did Sir Francis Drake rob from Spanish cargo ships in 1587?
£140,000
What trading company was formed in 1600?
The East India Company
PERSONAL FINANCES/PARLIAMENT
PERSONAL FINANCES/PARLIAMENT
How much did QE borrow from her wealthy subjects in 1588?
£75,000
How much did QE borrow from the City of London in 1588?
£56,000
Why did QE grant monopolies?
They were a cheap way of rewarding courtiers and servants
What was the main complaint about monopolies?
They caused rising prices
In what Parliament did MPs protest about the abuses of purveyance?
1589
What 2 things were the House of Commons concerned about in 1597?
- Monopolies
- Patents
What was QE’s response to complaints about monopolies and patents?
She withdrew some grants
When did monopolies become a serious issue in Parliament?
1601
What was read out in the 1601 Parliament?
A list of grants that had been made since 1597
What was issued soon after the 1601 Parliament?
A proclamation annulling the most contentious monopolies
What speech did QE give to Parliament in 1601?
The Golden Speech
POVERTY/VAGRANCY
POVERTY/VAGRANCY
How many people did William Harrison estimate were vagrants?
10,000
How much did living standards decline over QE’s reign?
25%
What started increasing as living standards were decreasing?
Vagrancy
What was the population in the 1540s?
2.7 million
What was the population in 1601?
4.1 million
How did London try to help poor people?
They bought St Bartholomew’s hospital
How did Norwich help the poor?
The wealthiest 650 individuals made regular contributions for the relief of about 200 poor townspeople
How did York try to help the poor?
A small daily payment was made available for the old and infirm
What Statute was passed in 1563?
The Statute of Artificiers
What did the Statute of Artificiers state?
People under 30 who were unmarried had to serve any employer who needed them
What were the working hours in Kent?
5 am to 7 pm
When was the Alms Act passed?
1563
What did the Alms Act 1563 revive?
The statutes passed under Henry and Edward for the punishment of sturdy beggars
What did the Alms Act distinguish between?
The idle and the deserving - people who needed it received help from a poor rate
What Act was passed in 1572 to deal with poverty and vagrancy?
Vagabonds/Poor Relief Act
What did the Vagabonds Act make compulsory?
Contributions towards the poor rate
Where was begging licensed in the Vagabonds Act?
Parishes where relief could not be provided
What happened to beggars over 14 without a licence?
They were whipped
What happened to beggars aged 5 to 14?
They were sent to service in honest occupations
What Act was passed in 1576 to deal with Poverty/Vagrancy?
Act for the Relief of the Poor 1576
Where were persistent beggars sent to under the 1576 Act for the Relief of the Poor?
Houses of Correction
What 2 acts were passed in 1598 to deal with vagrancy?
- Act for the Relief of the Poor
- Act for the punishment of Rogues, Vagabonds and Sturdy Beggars
What was forbidden in the 1598 Act for the Relief of the Poor?
Begging
What Act was passed in 1601?
Act for the Relief of the Poor
What was made permanent in the 1601 Act for the Relief of the Poor?
The Elizabethan Poor Law - The 1598 Poor Law
How many poor people received residential provisions from people bequeathing them?
40
Who set up a hospital in Warwick for 12 poor men?
The Earl of Leicester
What Archbishop of Canterbury gave contributions to a Canterbury hospital?
Matthew Parker
What Archbishop of Canterbury founded almshouses in Croydon?
John Whitgift
How much did Queen Elizabeth give after a great fire destroyed many houses in Nantwich, Cheshire in 1584?
£1000
