James and his Financial Problems and Disputes

Question 1

What were the 2 major problems James faced when inheriting the throne?

Answer 1

• Insufficient income
• High expenditure

Question 2

When did James take the throne?

Answer 2

1603

Question 3

How had Elizabeth dealt with low income?

Answer 3

Short term measures e.g. selling of crown lands

Question 4

What capital lost its value?

Answer 4

Subsides from parliament

Question 5

What rose in the 16th century?

Answer 5

Inflation

Question 6

How much debt had Elizabeth left James in?

Answer 6

£400,000

Question 7

How much had the subsidy fell to in 1628?

Answer 7

£130,000 to £55,000

Question 8

What did James spend his money excessively on?

Answer 8

Gifts, Family, Processions, Himself

Question 9

What tradition did he continue from Elizabeth?

Answer 9

Accession Day Tilts - jousts to mark accession of the monarch

Question 10

How did James try and increase income?

Answer 10

• Increasing custom duties by issuing Book of Rates
• Selling titles
• Fining Catholics
• Raising a benevolence
• Wardships

Question 11

What is ‘benevolence’?

Answer 11

Free gift from taxpayers to the king

Question 12

What was the most effective way of raising income?

Answer 12

Customs duties - accounted for almost 1/2

Question 13

What were impositions?

Answer 13

Extra customs duties imposed on particular goods e.g. currants

Question 14

Who disputed the right to collect them?

Answer 14

John Bate

Question 15

What happened in the Bate’s Case?

Answer 15

Bate lost as the monarch had the right to regulate trade for the security of the realm

Question 16

How much did impositions bring in per year?

Answer 16

£70,000

Question 17

When was the Great Contract?

Answer 17

1610

Question 18

Who made the Great Contract and what was it?

Answer 18

Lord Treasurer, the Earl of Salisbury
- James would surrender some revenue and in return, parliament would pay his debts

Question 19

What did his debts amount to in 1610 and how much income would he get a year?

Answer 19

£600,000 and £200,000

Question 20

How did the HoC react to James’ compromise?

Answer 20

Prepared to meet £200k but not pay off royal debts or compensate Court of Ward officials

Question 21

What was James’ compromise in the Great contract?

Answer 21

Would take £500,000 if the money came quickly

Question 22

What did the GC cause?

Answer 22

Further discontent between the king and MP’s

Question 23

When was the Cockayne Project?

Answer 23

1614

Question 24

What was the Cockayne Project?

Answer 24

James to make a profit by exporting finished cloth as opposed to unfinished cloth to Netherlands

Question 25

Who were the Merchant Adventurers?

Answer 25

Group of merchants who were the only ones allowed to sell cloth

Question 26

Why did a dispute arise between James and the MA's?

Answer 26

He handed the rights to sell cloth to Cockayne and his group

Question 27

Why were the merchants hostile to James?

Answer 27

The project failed and the MA's regained full control, but had to pay for the right

Question 28

When did Lionel Cranfield become Lord Treasurer?

Answer 28

1621

Question 29

How much profit did Cranfield make each year for James?

Answer 29

£7000

Question 30

Why did a dispute arise with Cranfield?

Answer 30

James had strong feelings for the Duke of Buckingham, who wanted to invest in war with Spain

Question 31

What happened to Cranfield?

Answer 31

He was impeached and disgraced