What ways were used to raise money?

Question 1

Selling titles and peerages.

Answer 1

• He invented a new title - the baronet.
• They were sold for £1095 between 1611 - 14, £90,885 was collected.
• 1611, 88 purchasers came forward.
• James agreed only 200 should be made, by 1622 value fell down to £220.
• Caused annoyance for those who payed full price.
• James sold peerages so number of earls increased from 27 to 65 in 1628.
• Devaluing of peerage annoyed holders of ancient titles.

Question 2

Benevolance.

Answer 2

• 1614, Earl of Suffolk - Thomas Howard became Lord Treasurer.
  -Had no fresh ideas for solving financial problems.
• He asked King’s wealthier subjects for benevolance - for the King as “good will”.
• There was some grumbling as non - parliamentry tax had last been raised in 1546, £65,000 came in from this.

Question 3

Cockayne project.

Answer 3

• December 1614, James allowed persuasion from Alderman Sir William Cockayne.
• He claimed an extra £40,000 a year could be made if he took over the wool trade.
• He was unable to finish dyeing and completing the cloth.