Finance Flashcards
Why was it necessary for Henry VII to look rich?
He was much poorer than the Holy Roman Empire and the King of France
How did Henry spend money?
•Security
•Travel
•Gave out loans which weren’t paid back to increase relations abroad
•Displays and tapestry (e.g a personal badge)
What year was the Act of Resumption and what was it?
1486 - Enabled the king to recover to the crown all lands, offices and revenues that had been lost since 1455 (beginning of the Wars of the Roses)
Who did Henry tranfer crown land control to?
Surveyors, receivers and auditors who specialised in maximising income
How much money did Henry get in his first year as King (using the Exchequer system)?
£11 700 - quite bad compared to other monarchs
What was the Chamber system?
•Direct supervision from the King himself
•Used recievers and officials to get the most profit from estates
•More efficient method
What is Ordinary revenue?
Money that was collected regularly, without the need for permission from the Parliament
What ordinary revenue came from crown lands?
An increased amount as Henry attained lots of land and gained the land of Richard III
What were the 5 kinds of ordinary feudal obligations paid by tenants-in-chief?
Wardship, livery, releif, escheats, marriage dues
What is wardship?
The king has the right to look after the hier and their land if the hier was a minor
What is livery?
A fine paid to recover lands from Wardship
What is relief?
Money paid to the kind if land was inherited
What is escheats?
Payments when land was reverted to the crown
What are marriage dues?
When an important wedding such as a Prince takes place, money will be raised to buy luxurious items
Are bonds and recognises ordinary or extraordinary revenue?
Ordinary
What are bonds?
Written promise whereby a person agrees to pay a sum of money if they broke the promise
What is recognisance?
Formal acknowledgement of a debt or obligation that already existed with the understanding to pay money if obligations not met
What type of revenue are custom duties and what are they used for?
Ordinary.
Custom duties used to pay for English defences
What are two types of custom duties?
•Prerogative duties on exports of wool, woolfells, leather and cloth + some imports
•Import and export duties of tunnage (wine) and poundage (certain other goods) and a subsidy on wool exports
Are profits of justice ordinary or extraordinary revenue?
Ordinary
What were profits of justice?
•Fees paid for royal writs and letters (no court action could start without them)
•Fines levied by the courts - Henry preferred to punish by fine, even if he could serve the death penalty
What is extraordinary revenue?
Money collected for emergencies only, parliamentry approval was needed to raise it
What type of revenue are parliamentry grants?
Extraordinary
What are parliamentry grants used for?
To help the king when the national interest was threatened
