Finance James Flashcards
Contrast James’ situation with Elizabeth.
James inherited £420,000 in debt but Elizabeth paid a £100,000 forced loan in the 1590s. Elizabeth would get £137,000 in subsidies but James only got £72,500 due to inflation. Sir Walter Raleigh claimed those worth £30-40 in Elizabeth’s book were really worth much more. 10% of people paid tax. James spent £400,000 during peacetime compared to Elizabeth who paid £300,000.
What finances did James need? When did debt reach a million?
James needed £116,000 for Henry’s funeral and between 1603-7 spent £68,000 on goods.
Royal debt nearly a million by 1618.
What did Robert Cecil do as Lord Treasurer?
1604 – Book of Rates farms out customs, £120,000 paid by farmers annually.
1608 – Book of Rates issued again, extends tariffs, £70,000 extra p.a.
1608 – Book of Bounty, expensive land in entail and levies for gifts.
What happened in the 1610 Great Contract Discussions?
1610 GREAT CONTRACT: Cecil proposed to Parliament £200,000 to James to give up purveyance and wardships, James felt not worth it and Parliament distrusted him breaking down talks.
When did James promise he would change?
1611 – James tells privy council he will adopt antidotes.
When did Thomas Howard take over as Treasury Commissioner?
1612 : Thomas Howard, Earl of Sussex, collected benevolence 1614 and £100,000 from Dutch to remove garrisons from United Provinces. Sold baronets and peerage for £1095 and £10,000 and borrowed from finances. Built Audley End.
By 1614 how much did James spend?
£550,000
How much did James spend on pensions, gifts, and annuities?
Pensions - £30,000
Gifts - £68,000
Fees and annuities increased to £80,000 over Elizabeth’s £30,000.
What did Lionel Cranfield do?
1618 Lionel Cranfield Treasury Commissioner: 1618 re-issued Book of Rates to gain from tariffs, cut pensions and forced rent from farmers, 1619 – stop pensions and reduce household waste, 1620 balanced expenditure and revenue.
Why were wardships disliked?
Wardships disliked as abused by head of state of Court of Wards and speculation abused property leaving wards to pay large sums.
Outline James’ spending on jewels and how debt rose.
On James’ first nine years he spent £185,000 on jewels.
In 1606 debt was £816,000 falling to £300,000. By 1613 debt reached £500,000 and peaked at £900,000 by 1618.
How did customs gain James wealth?
Customs made 1/3 of revenue in 1580s, rising to ½ by 1611.
Business consortiums paid £112,000, by 1607 paid £120,000, rising to £140,000 in 1614. Income increased by £100,000.
