1.4 Henry's Finances

Question 1

Difference between ordinary and extraordinary income.

Answer 1

Ordinary income is regular and reliable. Extraordinary is taxes and the like, needed only once in a while.

Question 2

By how much did Henry increase the size of crown lands?

Answer 2

Under Henry VII’s reign they were five times larger than under Henry VI.

Question 3

Increase in income from crown lands.

Answer 3

Went from £29,000 to £42,000 between Richard III’s death and 1509.

Question 4

How much more money did Henry get from the Duchy of Lancaster through clever management of crown lands?

Answer 4

He increased his income from the Duchy of Lancaster ten-fold.

Question 5

How much was revenue from custom duties under Edward IV v under Henry VII?

Answer 5

£70,000 under Edward IV
£40,000 under Henry VII

Question 6

What portion of Henry’s income came from custom duties?

Answer 6

One third

Question 7

Why did the revenue from custom duties drop under Henry VII?

Answer 7

It depended on trade and relationships between European powers which Henry was unable to totally reinstate.

Question 8

How did Henry increase his profits from the justice system?

Answer 8

He preferred punishing with fines rather than imprisonment or execution.

Question 9

What fine did the Earl of Northumberland have to pay for raping a royal ward?

Answer 9

A fine of £10,000

Question 10

What was the income from feudal dues in 1487 v in 1507?

Answer 10

£350 per annum in 1487
£6000 per annum in 1507

Question 11

Give examples of feudal dues.

Answer 11

marriage
wardship
relief
livery

Question 12

What was wardship?

Answer 12

The state of estates of royal minors which were placed under royal control until the minor came of age.

Question 13

What was relief?

Answer 13

The payment made to the king when land was inherited.

Question 14

What was livery?

Answer 14

The payment made to the king to recover land from wardship.

Question 15

Receipts from bonds in 1493 and 1505.

Answer 15

£3000 in 1493
£35,000 in 1505

Question 16

Which two people ran the Council Learned?

Answer 16

Empson and Dudley

Question 17

How significant was Dudley’s appointment to the Council Learned?

Answer 17

Under him the revenue of the Council trebled.

Question 18

How many nobles were at one time or another financially at Henry’s mercy?

Answer 18

Out of 62 nobles, 46 were at one time or another financially at his mercy. (bad flashcard)

Question 19

What was the most frequent use of extraordinary income?

Answer 19

Parliamentary taxation.

Question 20

Why was Henry wary of calling taxes?

Answer 20

They created huge uproar. This is shown by the Cornish and Yorkshire rebellions.

Question 21

How much did Henry take in loans under his reign?

Answer 21

£203,000

Question 22

Why weren’t loans very useful?

Answer 22

They had to be paid back to nobles (no profit)

Question 23

What were benevolences?

Answer 23

Forced gifts. The nobles giving money to Henry when he asked for it.

Question 24

When were benevolences used? How much did they raise?

Answer 24

In 1491, £48,500 raised.

Question 25

How effective were loans and benevolences? Any disadvantages?

Answer 25

They were very effective but they depended on the nobles' loyalty and created resentment.

Question 26

Under who was the Chamber system created?

Answer 26

Edward IV

Question 27

When was clerical tax used? How much was raised?

Answer 27

In 1489 the Church raised £25,000

Question 28

An example of simony under Henry.

Answer 28

Henry sold the archdeaconry of Buckingham for £300.

Question 29

How much did Henry make from leaving bishoprics open?

Answer 29

£6000 per annum.

Question 30

What are the notable examples of feudal obligations?

Answer 30

They brought in £30,000 for the knighting of Arthur, Henry's son. Other occasion: Margaret, his daughter's marriage to James IV of Scotland.

Question 31

How much did the French pension promise to pay and for how long?

Answer 31

Payment of £159,000 to be paid in £5,000 annual amounts.

Question 32

What treaty was the French pension a part of?

Answer 32

The treaty of Etaples in 1492

Question 33

What can be said was the downside of the French pension?

Answer 33

It was seen as somewhat dishonourable. | Henry VIII understood this - he immediately declared war on France.

Question 34

The crown income had amounted to about how much after Henry's efforts?

Answer 34

£113,000

Question 35

How much was the French crown revenue at the same time as Henry VII?

Answer 35

£800,000

Question 36

Why did Edward IV create the Chamber system?

Answer 36

The Exchequer was very slow at collecting money and auditing accounts.

Question 37

What were the advantages of the Chamber system?

Answer 37

It was faster and more informal and allowed the king greater control over finances.

Question 38

What crown finance system did Henry have in place when he first came to the throne?

Answer 38

The Exchequer

Question 39

In which year did Henry change to the Chamber system?

Answer 39

1487

Question 40

What did the Exchequer control by the 1490s?

Answer 40

Custom duties

Question 41

What did the Chamber control by the 1490s?

Answer 41

Crown lands Feudal dues Profits from justice The French pension

Question 42

How much did Henry receive from his crown lands in the first year of his reign?

Answer 42

£11,700