james 1 - finance

Question 1

1621 parliament

Answer 1

parliament voted james only 2 subsidies, totalling around $140,000, MPs reluctant to grant more because of the economic depression, also wanted greivances addressed before granting anymore money. MPs also though that if they gave too much money charles would have a sufficient amount and dissolve parliament without dealing with there own concerns .
directed their attention to the issues on monopoly’s, as james financial situation deteriorated his granting of monopolies increased. by 1621 more than 100 monopolies.

Question 2

monopolies

Answer 2

the crown through prerogative could sell the exclusive right to sell a product or provide a service. those who purchased the right could then charge what they wanted for their product or service as they had no competition.

Question 3

1624 parliament

Answer 3

bad harvests in 1623 and 1624 further weakened the crowns finance. furnace remained an issue with the 1624 parliament with subsidy act, statue of monopolies an impeachment of cranfields on charges of corruption

Question 4

subsidy act

Answer 4

granted subsidies of 300,000 to the crown for warfare, in order to gain the subsidies the crown, specifically charles and buckingham, agreed to spend on certain areas of foreign policy, supervised by parliament officials

Question 5

statue of monopolies

Answer 5

limited the crowns rights to grant monopolies to individuals

Question 6

1604 treaty of london

Answer 6

james made peace with spain and thereby reduced the crowns expenditure significantly.
however because of james lavish spending his crown finance was still increased to 600,000 by 1608.

Question 7

1606 bates case

Answer 7

john bates refused to pay the royal imposition on currants. the crown enjoyed the right to levy impositions but bates argues that it was illegal without the approval of parliament. the case went t court and was favoured in the crowns way and agreed impositions didnt need parliamenta approval.
cecil saw this as a significant way to gain income and increased all impositions to date with inflation

Question 8

the book of rates

Answer 8

a book that listed the official values of the items custom duties can be painted upon. item was either a fixed sum or percentage of items normal listing. this form of crowns income didn’t keep up with inflation. after the new book of rates impoitions became worth 70,000 per year the equivalent of a parliamentary subsidy.

Question 9

cecil’s great contract 1610

Answer 9

cecil negotiated with parliament a major reform of the crowns finance. at the begging of the great