Finance Flashcards
What does Divine Right of Kings mean?
The idea that a king ruled because God had chosen him to become king, so he was god’s earthly representative
What was purveyance?
The right of the Crown to buy provisions and requisition transport at low prices
What were wardships?
Applied when a major landowner died and left an underage heir, the land was administered to the crown. Usually the wardship was sold to a courtier, who would typically exploit the state for a higher profit
How much debt had James received from Elizabeth? Why was it not as serious as it looked?
420,000
- There was still 300,000 of a grant from parliament and 100,000 of it was to landowners who had given up hope of ever getting back
What was subsidy’s for?
emergencies like war
What was the difference between Elizabeth’s subsidy in 1558 compared to James’ in 1621?
E - 137,000
J - 72,000
What was the Duke of Buckingham’s salary and how much was he assessed for?
- 400,000
- 400
In Sussex on average how much did 78 gentry families pay in 1560 compared to 1626?
1560 - £48
1621 - £14
In 1610 how much was James’ giving away in gifts compared to Elizabeth?
E - £30,000
J - £80,000
How much did James spend on jewels over 9 years?
£185,000
What was James’ justification for spending so much more than Elizabeth?
He was married with a family, which meant 3 households, one for him, one for his wife (Anne of Denmark) and one for his heir (Prince Henry)
How much did Henry’s funeral and Elizabeth’s wedding cost James?
£116,000
What were custom duties?
Charges on selected imports and exports
What were the two ways that James tried to get more revenue from trade?
- farming out the collection process
- increasing the rates in the Book Of Rates and to recognise the changing patterns of trade
What did ‘farming out the collection’ mean?
The right to collect was sold. They then collected the the duties and kept any profits they made. This encouraged them to be diligent.
