Finance

Question 1

What is Crown Land?’

Answer 1

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

Question 2

What is Wardship?

Answer 2

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

Question 3

What is Marriage?

Answer 3

The King can arrange a marriage and receive the dowry.

Question 4

What is Purveyance?

Answer 4

The royal household can buy goods at a discounted price.

Question 5

What are Monopolies?

Answer 5

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

Question 6

What is Justice?

Answer 6

Fines and court fees eg.

Question 7

What is Tonnage and Poundage?

Answer 7

Custom duties on wine and wool.

Question 8

What are New Impositions?

Answer 8

Import duties to protect English trade.
Back door tax.

Question 9

What are Benevolences?

Answer 9

Gifts that are often forced.

Question 10

What are Subsidies?

Answer 10

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

Question 11

What is Ship Money?

Answer 11

A tax levied on coastal areas during wartime.

Question 12

Who was James’ first treasurer?

Answer 12

Thomas Sackville, Earl of Dorset.

Question 13

What did Sackville do?

Answer 13

Introduced customs farms.

Question 14

Why was Sackville replaced?

Answer 14

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

Question 15

Who was James’ second treasurer?

Answer 15

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

Question 16

What did Cecil do?

Answer 16

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

Question 17

Why was Cecil replaced?

Answer 17

He died in 1612.

Question 18

What was the Book of Bounty?

Answer 18

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

Question 19

What was the Book of Rates?

Answer 19

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

Question 20

What was the proposed Great Contract?

Answer 20

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.

Question 21

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

Answer 21

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.

Question 22

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

Answer 22

£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.

Question 23

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

Answer 23

£422,000.

Question 24

Why did Parliament not like P&W?

Answer 24

They were seen as corrupt.

Question 25

Why did Parliament not like impositions?

Answer 25

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

Question 26

What was the Great Farm of the Customs?

Answer 26

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

Question 27

How much more was annual expenditure on servants?

Answer 27

It was double Elizabeth's.

Question 28

How much were household expenses?

Answer 28

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

Question 29

How much were Subsidies worth in 1550 and 1603?

Answer 29

1550 - £130,000. 1603 - £80,000.

Question 30

How much was Crown Land worth in 1530 and 1619?

Answer 30

1530 - £200,000. 1619 - £72,000.

Question 31

When was the dissolution of the First Parliament?

Answer 31

1611.

Question 31

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

Answer 31

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

Question 32

Why did Parliament not want to give James money?

Answer 32

Disliked title of baronet. Disliked his bedfellows.

Question 33

What other ways did James think of getting more money?

Answer 33

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

Question 34

What was the Cockayne Project?

Answer 34

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.

Question 35

Why did the Cockayne Project fail?

Answer 35

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.

Question 36

What happened to the cloth industry?

Answer 36

In 1618 it collapsed. It never fully recovered.