James Finance Flashcards
How much debt did Elizabeth have when she died and why was this not so big?
£420,000 but she was owed £300,000 from Parliament and a further £100,000 from forced loans
When did the Court of Exchequer allow royal prerogative to make tax on certain goods and why?
1606
John Bates didn’t pay impositions on the currants he traded so he went to court
When and how much did Parliament grant James to pay off his debts, and what did he spend the money on?
1606
Three subsidies
James gave £44,000 to three Scottish friends
What was the royal debt by 1606?
£816,000
When was the Book of Rates drawn up, how much did it raise each year and what was the controversy of it?
1608
£70,000
It was granted without Parliament’s consent, making MPs angry as James was becoming more financially independent
When was the Book of Bounty created, and what did it do?
1608
Created a set amount for crown gifts and pensions to limit James’ spending on his favourites
When was the Great Contract, what was it and why did it fail?
1610
It would mean Parliament paid off James’ debt over three years in return for concessions such as the reform of the Court of Wards
Failed because Parliament had no intention of making James financially stable and James’ spending was extravagant, making it look as if there wasn’t a problem. James refused because he did not want to make concessions to Parliament
How much did James give away in 1611?
£90,688, with £67,498 going to 11 Scottish friends
What percentage of royal revenue was from impositions in 1611?
50%
How much was James spending on his Household in 1611?
£100,000 a year compared to Elizabeth’s £64,000
How much could buying a title cost?
A baronet could be bought for £1095
How much was James spending in 1614?
£550,000 a year during peacetime compared to Elizabeth’s £300,000 during a war
How much did Henry’s funeral (16..) and his daughter Elizabeth’s wedding (16..) cost together?
1612 and 1613 respectively
£116,000
When did the Cockayne Project take place, what was it and why did it fail?
1614-17
The Cockayne Project was a monopoly on the cloth industry designed to make more money by moving the dyeing process from the Netherlands to England
It failed as the Dutch refused to buy wool from England, destroying the cloth industry, which was one of the biggest in England
James made money out of it by taking bribes from those involved so that they could regain their status
What was the royal debt in 1618?
£900,000
