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Stuart History > Finance > Flashcards

Finance Flashcards

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1
Q

What is Crown Land?’

A

Land owned by the monarch that was leased out for rent.

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2
Q

What is Wardship?

A

When the Court of Wards looks after and gains money from land owned by an under 21 year old.

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3
Q

What is Marriage?

A

The King can arrange a marriage and receive the dowry.

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4
Q

What is Purveyance?

A

The royal household can buy goods at a discounted price.

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5
Q

What are Monopolies?

A

The King can grant people or companies the exclusive right to sell certain goods.

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6
Q

What is Justice?

A

Fines and court fees eg.

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7
Q

What is Tonnage and Poundage?

A

Custom duties on wine and wool.

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8
Q

What are New Impositions?

A

Import duties to protect English trade.
Back door tax.

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9
Q

What are Benevolences?

A

Gifts that are often forced.

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10
Q

What are Subsidies?

A

An income tax, it was not levied on the poor.

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11
Q

What is Ship Money?

A

A tax levied on coastal areas during wartime.

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12
Q

Who was James’ first treasurer?

A

Thomas Sackville, Earl of Dorset.

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13
Q

What did Sackville do?

A

Introduced customs farms.

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14
Q

Why was Sackville replaced?

A

He was corrupt.
His nickname was ‘Sack Fill’ because he robbed some of James’ money.

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15
Q

Who was James’ second treasurer?

A

Robert Cecil, Earl of Salisbury.
Replaced Sackville in 1608.

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16
Q

What did Cecil do?

A

Introduced the Book of Bounty and Rates in 1608.
Proposed the Great Contract in 1610.

17
Q

Why was Cecil replaced?

A

He died in 1612.

18
Q

What was the Book of Bounty?

A

It was made in 1608.
Restricted James’ from giving money and lands away.
He got around this by giving Carr Sherborne Manor.

19
Q

What was the Book of Rates?

A

It was made in 1608.
Introduced after the 1606 Bate’s case.
Brought in another 1400 impositions and an additional £70,000 a year.

20
Q

What was the proposed Great Contract?

A

James would give up purveyance and wardship, later parliament asked for impositions as well.
Parliament would give James £200,000 a year as well as a lump sum of £600,000.

21
Q

What are some reasons why Parliament made the Great Contract fail?

A

Parliament didn’t trust James’ to actually give up P&W.
Parliament feared James would become financially absolute.
Parliament didn’t know where the money would come from.

22
Q

What are some reasons why James made the Great Contract fail?

A

£200,000 didn’t match the income of P&W.
Didn’t want to give up his prerogative rights.
Refused to later give up impositions.

23
Q

What was James’ debt at the start of his reign?

A

£422,000.

24
Q

Why did Parliament not like P&W?

A

They were seen as corrupt.

25
Q

Why did Parliament not like impositions?

A

They were a ‘back door tax’ and James didn’t need to call Parliament for them.
James could become financially absolute.

26
Q

What was the Great Farm of the Customs?

A

Leased customs for seven years to a syndicate in return for £112,400 a year.

27
Q

How much more was annual expenditure on servants?

A

It was double Elizabeth’s.

28
Q

How much were household expenses?

A

They were up by 60%.
Left a shortfall of £334,000.

29
Q

How much were Subsidies worth in 1550 and 1603?

A

1550 - £130,000.
1603 - £80,000.

30
Q

How much was Crown Land worth in 1530 and 1619?

A

1530 - £200,000.
1619 - £72,000.

31
Q

When was the dissolution of the First Parliament?

A

1611.

31
Q

Why did James need money from the Second (Addled) Parliament?

A

Henry died and needed a state funeral.
Has to pay a dowry for Elizabeth’s marriage.
Debts were £680,000.

32
Q

Why did Parliament not want to give James money?

A

Disliked title of baronet.
Disliked his bedfellows.

33
Q

What other ways did James think of getting more money?

A

Spanish match would have a dowry of £600,000.
Tax on beer.
Selling titles.
Selling monopolies.

34
Q

What was the Cockayne Project?

A

Cockayne wanted to stop exporting unfinished cloth, and finish it himself.
The monopoly was taken away from the Merchant Adventurers and given to King’s Merchants Adventurers.

35
Q

Why did the Cockayne Project fail?

A

Cockayne didn’t have enough money to buy wool.
Didn’t know how to finish the cloth.
Didn’t have contacts to sell it to.

36
Q

What happened to the cloth industry?

A

In 1618 it collapsed.
It never fully recovered.

Stuart History (4 decks)

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