Henry VII - overseas trade

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  • Created by: Hollie
  • Created on: 30-04-13 18:13
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  • Henry VII - overseas trade
    • Trade with Burgundy
      • England's primary trading relationship was with Burgundy
      • Trade with Burgundy was inconsistent because of how Henry faced a political enemy in Margaret, Duchess of Burgundy.
      • In 1493, Henry placed a ban on all trade with Burgundy after Maximilian backed Perkin Warbeck. This was economically damaging but politically necessary.
      • In 1496, Henry sign the Intercursus Magnus (Great Settlement) with Philip after Burgundy withdrew support for Warbeck. This allowed English merchants to trade freely throughout Burgundy, except in Flanders.
      • Henry signed the Intercursus Malus in 1506 as part of the Treaty of Windsor. This trade treaty gave English merchants such privileges in Burgundy that the Burgundians never implemented it.
    • Trade with France
      • There was an inconsistency in trade relations with France as both countries used trade as a bargaining chip in diplomatic relations.
      • In 1487, France imposed restrictions of trade because Henry backed independence against French ambitions
      • In 1492, both countries agreed to reduce restrictions of trade as part of the Treaty of Etaples
      • In 1495, France ended all restriction on English trade to secure English neutrality in the Italian Wars.
    • The wool and cloth trade
      • Accounted for 90% of all exports and therefore the most important.
      • In 1489, he ended the Hanseatic League's (a powerful trading coalition of German cities) privilege that they controlled the export of bullion from England. This was modified however when Henry needed their support to secure his kingship.
      • In 1487, Henry banned the export of unfinished cloth by any foreign merchants.
      • In 1504, Henry restored all the Hanseatic League's privileges because he was trying to gain custody of the Earl of Suffolk who was a Yorkist fugitive in Germany.
    • Shipping
      • Henry started out his reign with seven ships in 1485 but the number fell to five in 1488, which it remained throughout the rest of his reign.
      • Henry passed Navigation Acts in 1485 and 1489. They said that English ships and crew had to be used in certain trades to encourage English shipping and to decrease dependency on foreign ships.
      • The Acts had limited success because in 1509, half of trade was still carried out of foreign ships.
      • The developments in the shipping industry were important as English seamen were looking to explore new lands.

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