Flashcards in Henry VII - finances Deck (4)
To what extent did Henry change financial administration?
Used the chamber system, so it had the central role of managing:
-profits from Justice
King's privy chamber also had changes: increased importance for Treasurer of the chamber and gentlemen of the bedchamber.
What was Ordinary revenue?
-Increased amount of land held with 1486 Act of Resumption - £29,000 - £42,000
-Income on trade depended on relationships between European powers. Dropped to £40,000.
-some said Henry charged with crimes merely to fine them.
-Earl of Northumberland fined £10,000 for raping a royal ward
-Wardship, marriage, livery and relief.
Bonds and recognisances also.
What was Extraordinary revenue?
-Unpopular(Yorkshire and Cornish rebellion)
-only in exceptional circumstances, never fully tapped wealth of the country.
-Wealthy subjects gave loans but he had to repay them.
-Benevolences = forced loans as a sign of support, would provoke resentment if used too often.
-1489 - £25,000 in expedition to France
-Sold church offices and claimed Bishoprics - £6000 p/y
-Crowning of Prince Arthur
-Marriage of daughter to James IV of Scotland