Social, economic and financial affairs Flashcards
(159 cards)
Describe Elizabeth’s ordinary income sources.
Elizabeth’s ordinary income came from regular crown income sources such as landed estates, customs duties, profits from justices, and patronage.
What was the situation with new coins and prices during this period?
New coins were circulating, but prices didn’t go down; the Council had to raise loans in Antwerp, which led to a fall in the value of the pound.
What issue arose with merchants and traders regarding new money?
The problem was that merchants and traders charged as much or more in new money as they had charged in the old; imported raw materials were particularly affected, partly because demand outstripped supply.
What motivated Elizabethans to develop new markets during this period?
Elizabethans were eager to develop new markets, especially as demand at home and in Europe for woollen products declined; they were ready to travel long distances, with much of the finance for such enterprises coming from private investors, sometimes in the form of joint-stock companies; profits were variable.
What was the role of the Muscovy Company in trade?
The Muscovy Company had already begun trade with Russia, selling woollen goods in Russia and bringing back furs; later, they imported goods such as hides, tar, timber, and wax, which proved useful in the expansion of English naval capacity.
What was the further aim of Elizabethan traders regarding silk and spices?
The further aim was to buy silk and spices using a route down the River Volga to Persia, thus undercutting the Portuguese, whose route to India around Africa was very laborious.
What action did Elizabeth I take regarding whaling in 1577?
In 1577, Elizabeth I granted some traders a monopoly on whaling round Spitzbergen, but the English found it hard to maintain their position against the whalers already in the area.
What was the rivalry faced by English merchants regarding trade with Germany?
There was a rivalry with the merchants of the Hanse who strove to win control of trade with Germany.
What challenges did English merchants face in the Baltic Sea?
Danes charged heavy tolls on shipping in the Baltic, while Mediterranean trade suffered badly from attacks of pirates.
What were some of the key provisions of the 1572 Vagabonds or Poor Relief Act?
Contributions towards the Poor Rate became compulsory, and begging was licensed in parishes where relief could not be provided.
What was the purpose of the 1598 Act for the Relief of the Poor?
The families of the ‘impotent’, and often aged, poor were to be encouraged to provide for them.
Explain the concept of extraordinary income in Elizabeth’s financial management.
Extraordinary income refers to funds that Elizabeth could raise through parliamentary subsidies, which were not regular and required her to call parliament when she needed additional funds.
Define the limitations Elizabeth faced regarding taxation.
Elizabeth could not levy taxation without parliamentary consent, which meant she had to ensure her policies were financed through ordinary income and avoid calling parliament too often.
How did Elizabeth’s inherited debts impact her financial situation in 1558?
Elizabeth inherited debts of £227,000 from Mary I, primarily due to the war with France, which included 14% interest on a loan owed to the Antwerp Exchange.
Explain the role of William Paulet in Elizabeth’s financial administration.
William Paulet served as a highly experienced Lord Treasurer and provided valuable advice on financial matters during Elizabeth’s reign.
What were the three reasons for financial difficulties identified by Gresham?
Gresham identified the debasement of coinage by Henry VIII, ongoing wars, and issues with the Hanseatic League as the three main reasons for financial difficulties.
Describe Gresham’s influence on Elizabeth’s credit rating.
Gresham emphasized the importance of maintaining an excellent credit rating to facilitate easy loans and advocated for relaxing usury laws to allow for more borrowing.
How did Elizabeth manage her court expenses?
As a single woman, Elizabeth’s court expenses were lower than they would have been if she had a family, and she avoided lavish expenditures and magnificent building projects.
What was the financial outcome by 1576 regarding Elizabeth’s debts?
By 1576, the Chancellor of the Exchequer reported to the House of Commons that the debt was no longer an issue.
How did Elizabeth’s revenue from crown lands change during her reign?
Revenue from crown lands increased from £86,000 to £111,000 over Elizabeth’s reign, although this was less than the gains of most nobility.
Explain the process of parliamentary taxation during Elizabeth’s reign.
Parliamentary taxation involved Elizabeth asking parliament for money, which they generally granted, with taxes collected in forms such as fifteenths and tenths.
What was the typical financial outcome of a parliamentary subsidy during Elizabeth’s reign?
A typical parliamentary subsidy, along with two-fifteenths and tenths, would bring in about £140,000, which was significantly less than during Henry VIII’s reign but still sufficient for Elizabeth.
How did Elizabeth’s approach to land management differ from that of the nobility?
Unlike the nobility, who adopted aggressive land management systems to increase rents, Elizabeth was cautious and kept much of her crown land on long leases.
What was the impact of Elizabeth’s reluctance to exploit her tenants?
Elizabeth’s reluctance to exploit her tenants limited her potential revenue from crown lands, as she did not sell land aggressively or increase rents significantly.