Trade, Commerce and Exploration under Henry VII

  • Created by: Loooosse
  • Created on: 30-05-17 20:21
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  • Trade and Commerce
    • Navigation Act
      • 1485-86: Forbade English merchants from loading their goods onto foreign ships if English ships were available
        • English ships had at least 50% English crew
        • Transportation of Gascony wine to England forbidden in anything other than English ships
      • 1489: only English ships were allowed to be used to import goods and a foreign ship could only be used when English ships not available
    • Italy
      • Venetians imposed large tariffs on all English imports after a few English merchant ships export malmsey in 1488
      • 1490: a trade treaty was signed that provided for English wool to be imported into Pisa, the main port of Florence
    • Hanseatic League
      • 1487: Henry banned the export of unfinished cloth by alien merchants
      • 1493: Henry paid minimal compensation when the Hansa's London headquarters were attacked by an angry mob
      • 1489: Prohibition on the Hansa's export of bullion
    • Customs duties
      • Granted tunnage and poundage for life in 1485 Parliament
      • 1507: New Book of Rates
      • Customs duties increased 20% during reign: £33,000 in 1485; £40,000 in 1509
      • Company of Merchant Adventurers given charter in 1505 by Henry
    • Treaties
      • 1496: Intercursus Magnus, English merchants could trade freely in all parts of Burgundy except Flanders
      • 1506: Intercursus Malus, allowed English merchants to import cloth duty and tax free into the low countries
      • 1489: trade treaty with Denmark that gave English fisherman the right to fish in Icelandic waters
    • Exploration
      • Royal Council advised against financing Christopher Columbus
      • gave £50 for John Cabot's first (unsuccessful) voyage
      • 1494: Treaty of Torsedillas set up Line of Demarcation for New World between Spain and Portugal by Pope Alexander VI
      • 1497: John Cabot reached Newfoudnland and claimed it for England, and his son Sebastian found Hudson Bay in 1509
    • Wool
      • Woolen cloth made up 90% of England's exports
      • At the end of his reign exports of raw wool was 30% lower than it had been in 1485
      • Overall, 60% more cloth was being exported to Europe in 1509 than had been at beginning of the reign
    • Navy
      • First monarch to build a fortified naval base at Portsmouth
      • Left Henry VIII nine ships, but of good quality
        • The 'Regent' weighed 600 tonnes with 225 cast-iron guns, that each weighed 250 pouns
      • Encouraged merchants to build ships of at least 80 tonnes that could quickly be transformed into naval ships


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