James VI and I - Finance Flashcards
What did James do in 1607 ?
James paid of the debts of 3 of his Scottish favourites amounting to 44K
What was the Cockayne Project ?
a plan to reorganise the cloth trade, in order to increase crown finances. The project had a negative effect on the crowns finances, because the monopoly to produce and sell the cloth was given to William Cockayne, and his scheme failed. This led to Dutch refusing to buy cloth from England, leading to a slump in English cloth trade.
What was a monopoly ?
this was an exclusive right granted by the monarch to a person/company to produce/sell/trade a certain good or service.
What was the Book of Rates ?
this is a book that listed the official values of those items in which custom duties should be paid.
How did the Book of Rates come about ?
the book came about due to Cecil advising James his right to levy impositions as a source of revenue.
What is levying impositions ?
this is where the monarch imposed and collected custom duties on imported goods, without parliamentary consent.
What was the Great Contract ?
this occurred in 1610 and was Cecil’s attempt to reform the crown’s finances, by granting James a subsidy of 600k and an annual subsidy of 200k, in exchange for feudal rights such as Wardship. However parliament would only agree on those terms if James would stop levying impositions, without parliamentary consent. James agreed to this, but only if he was compensated and to leave those impositions which were already in place. Parliament disagreed therefore James dissolved parliament.
