Finance In James' Reign Flashcards
One of James’ main sources of income was crown land. How much did Elizabeth sell to find war and how did land raise money?
In wartime, Elizabeth sold off £800,000 worth of land to fund war. However, extracting rents was unpopular. Lands could be used as patronage to provide favourable terms for courtiers without cost to exchequer. Lord treasurers often sold off land in financial crisis.
Describe how James raised money with customs revenue.
Tonnage and poundage - by 1621 this raised 3x what crown lands did. In 1604 this duty was farmed out and customs farmers could collect customs in return of annual rent which have the King an income and this patronage gave the King a group of supporters who could provide loans.
What was Bate’s Case?
In 1606 John Bate’s, a merchant, refused to pay duty on currants and was taken to court. Bate’s claimed it was not sanctioned so the monarch defended him. By 1608 impositions were introduced on 1400 items bringing £70,000 to the exchequer.
What was purveyance?
The courts used to move around lots so to reduce burden on certain counties they could buy provisions at a lower price. This was abused by officials who bought things in excess and sold them. This only affected a small number who travelled. Parliament was anxious to end purveyance. £40,000 per annum.
What were warships?
In Middle Ages a feudal tenure originated as landowners would swear to fight in war, leaving property to the heir when they died. The court of wards was responsible for owning the property until the heir came of age. Courtiers often abused wardships to their benefit, ruining families, so parliament tried to end this. £65,000 per annum.
What was the issue with extravagance?
James increased annual spending from £300,000 in Elizabeth’s reign to £522,000. This was conspicuous consumption. He often spent money on hated scots such as Lord Hay who held a buffet for French ambassadors which occupied 30 cooks for 12 days and cost £2200. James also paid his debts.
