James Finanace

Question 1

1604

Answer 1

• Commons propose to buy out wardships

- Cecil issued new book of rates for the customs

Question 2

1606

Answer 2

-Bate’s case

Question 3

1608

Answer 3

• Cecil got James to accept ‘Book of Bounty’ which set agreed levels for crown gifts and pensions
• Cecil issued ‘Book of Rates’, extending tariffs to cover wider range of imported goods

Question 4

1609

Answer 4

-Cecil gets James to accept plan that restricted his freedom to sell off his lands

Question 5

1610

Answer 5

-Great Contract plan devised by Cecil

Question 6

1612

Answer 6

• Funeral of James’s son Henry. Massive expenses.

- Cecil died. Thomas Howard (Earl of Suffolk) became Treasurer.

Question 7

1613

Answer 7

-Wedding of James’s daughter Elizabeth. Massive expenses.

Question 8

1618

Answer 8

• The cloth trade collapsed
• Suffolk fell from power
• Lionel Cranfield started financial reformation

Question 9

1619

Answer 9

-Cranfield reissued ‘Book of Bounty’

Question 10

1620

Answer 10

-Cranfield balanced James’s books and brought ordinary expenditure into line with income

Question 11

1624

Answer 11

-Buckingham encouraged parliament to impeach Cranfield so Cranfield is removed.

Question 12

Bate’s Case

Answer 12

• 1606
• a london merchant (Bates) refused to pay impositions on an import
• went to Court of Exchequer and Bates lost
• resulted in new set of impositions that could set on imports

Question 13

Great Contract

Answer 13

• 1610
• devised by Cecil
• said that in return for an annual grant of £200,000 from parliament, the king should give up his rights of wardship and purveyance
• James rejected it. Refused to sell his prerogative rights
• Parliament rejected it. Objected to regular taxation and thought amount of money was too much.