James and Finance

• Parliament had control over taxation, which meant that they could refuse to grant money to the monarch if he did something they didn't like
• How well did Elizabeth I manage her finances?

  Cut expenditure and sold Crown lands but didn't give long-term solutions
• What reduced the real amount received by Stuarts?

  Inflation and reduced subsidies(£130k-£55k 1550-1628)
• How did James increase expenditure?

  Doubled it 1603-10£185k on Jewels by 1612Large gifts to friends
• James' debt


  Inherited £420k£816k by 1606
• Where did James get his ordinary revenue from?

  Crown landsFeudal and Prerogative rightsCustoms
• Where did James get his extraordinary revenue from?

  taxes granted by par
• Why was Ordinary Revenue not sufficient for James?

  Amount from crown lands decreased due to many being sold and pre-inflation rates for tenantsRoyal officials were corrupt in money gathering and assessments of wealth(Buckingham's wealth assessed at 0.1% of its real value)No revision of custom duties since 1558Parliamentary subsidy had fallen
• How did James solve financial issue through Customs?


  Sold right to collect custom duties to people who could make a profit. encouraged diligence in collection and reduced smuggling.Also gave treasury the exact figure they would collect each year.1614, made half of James' revenue with £140k
• What were the downsides of custom farms?

  Govt lost out in trading booms, leases sold for several years at a time at a fixed amount.
• How did James increase revenue from the Book of Rates?

  Re-issued it in 1604 with higher rates1606, won Bates case over non-parliamentary tax on goods, allowed expansion of impositions to a further 1000 items£70k a year
• What was the Bate's Case?

  John Bate refused to pay imposition on currants 1606, he called then non-parliamentary taxes, a violation of magna carta. Lost case
• How did James earn through Wardships?

  Could sell the right to manage estates of minors or women.Useful for rewards1610 brought in £65k
• How did James and royal officials make money through Purveyance?

  Could buy goods at lower rates than market price, could then be sold on for profit. An old law for when the royal court moved around the country.£40k a year
• How else did James make or save money?

  -Ended war with Spain in 1604 Treaty of London-Reduced intervention in Ireland -Reduced Scot-Eng border patrol-Benevolence £65k 1614
• How did Robert Cecil increase revenue as Lord Treasurer from 1608

  Collected unpaid recusancy fines and debts to the crown(£9000 in one day)Entailed more land so that it couldn't be given away by over-generous JamesCreated Book of Bounty for Courtiers to apply for grants through
• How successful was Cecil as Lord Treasurer?

  Brought in extra £100kFailed to accomplish Great Contract(not his fault)
• What was the Great Contract?

  Put forward in 1610 by Cecil to pay of JI debt and give him a steady set income from Parliament while appeasing Par by getting rid of purveyance and warships(£600k debt pay off and £200k a year)
• What concessions was James willing to make for the Great Contract?

  End purveyance and warshipsNot have any new impositions and then removed 900/1000 impositionsReduce request for debt relief
• What were the demands of Par in negotiations of the Great Contract?

  No wards or purveyIt was JI's fault for war and generosityGet rid of all impositions(illegal)No debt relief
• Why did it fail?

  Both sides too heavy vested interestsPar's gave final refusal, not flexibleBiggest op for structural reform missedofficials in court of Wards against reform Par feared independence it would give J
• What did Cecil do in 1611 to raise money?

  Invented title of Baronet for £1095Brought in £90k by 1614Title devalued to £200 by 1622 but payed for army in Ireland
• Who was William Cockayne?

  Merchant who convinced James to export finished cloth in 1614 to bring in £40k
• Why did Cockayne's scheme fail?

  He didn't have the financial backing to set up the dyeing
• What was the fall-out of Cockayne's failure?

  1616, Dutch refused cloth and in requested to pay off debt to take back flushing due to disruption at the hands of the English.
• What were the monopolies?


  Sold to individuals to give them sole control of a market
• What happened to monopolies?

  Outlawed in 1623 Statute of Monopiles due to huge opposition
• Who was Lionel Cranfield?

  Privy Counsellor, then Lord Treasurer then imprisoned in Tower London
• What did Cranfield do as Lord treasurer from 1621?

  Increased revenue from Court of Wards£4000+ from custom farmsIncreased impositionsSaved £100k in cutting household and military expenditurebalance the books
• Why was Cranfield impeached?

  In his opposition to war, he clashed with Buckingham, who had him impeached on charges of corruption(1624)
• What was the main source of income originally?

  Crown Lands
• Why did crown lands become less important?

  Lots given away or sold off in financial crisis
• By 1621, what multiple of crown lands did customs bring?

  3x
• How did the judges rule in the Bate's case?

  In favour of the King
• What did the Bate's case result in?

  Increased impositions, 1400 by 1608
• What is an example of under assessment of income that highlights the corruption in tax?

  Duke of Buckingham's £400k income assessed at £400
• How much was James' income worth compared to Elizabeth's due to inflation?

  1/5
• Who used benevolence as a means of income for James in 1614?

  Thomas Howard
• When did Robert Cecil(EoSalisbury) become Lord Treasurer and when did he die?

  1608-1612
• How was James' attitude to money and giving explained by him?

  'money is like muck, not good unless it be spread