Gave someone the sole exclusive right to manufacture/sell a product. Given as a gift by James in order to gain loyalty as it made huge profits. Statue of Monopolies passed in 1624, ending this source of finance.
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Crown Lands
Crown rented out lots of land, with many being long leases and prices didn't increase with inflation. Ran out of crown land to sell after Elizabeth's rule.
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Sales of titles
Such as knighthoods, could pay £1600 to be a Baron in 1600s.
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Wardship
If a landowner's child was not 21 before they died, the land would go to the crown until the child was old enough to buy it back.
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Purveyance
Right to buy goods for the royal household at a discounted price
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Cockayne Project
William Cockayne wanted to forbid the export of undyed cloths and promised government an annual revenue of £40,000. Failed miserably due to lack of expertise in England to dye cloths, and the cloth trade collapsed by 1618.
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Impositions
Extra custom duties. Crown could argue new ones if it protected English trade and prevent a flood of goods from abroad.
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Subsidies
Tax on income for landowners, officeholders and wage earners, or on movable property for merchants, craftsmen and tenant farmers. The poor were exempt.
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Tunnage and Poundage
Customs duties on movable goods, normally granted to King for life by Parliament.
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Tenths and Fifteenths
Tax on movable goods paid by everyone (excluding personal clothing).
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Ship Money
Tax on building ships during wartime in coastal areas.
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Bates' Case
1606 - John Bates, a merchant, refused to pay impositions so King James sued him and won.
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Great Farm - 1604
Crown leased the collection of customs to a group of financiers for £112,400 a year.
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Great Contract -1610
Proposed by Cecil. King would give up purveyance and wardship in return for annual income of £200,000 from parliament. Never put into practice as James demanded more money.
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Cranfield - 1621
Launched an attack on government spending: ordered departments to cut spending and put books in order, and budget for royal gifts and pensions was cut.
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Cranfield - 1622
Obtained a promise from James that no grants of land, pensions or allowances would be given without Treasury approval. Broken when he gave Buckingham £30,000 for a new house.
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Spanish Match
Diplomatic and financial disaster: cost over £46,000
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Taxation
James inherited outdated system of taxation due to damaging effects of inflation. James did little to reform this.
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Other cards in this set
Card 2
Front
Crown Lands
Back
Crown rented out lots of land, with many being long leases and prices didn't increase with inflation. Ran out of crown land to sell after Elizabeth's rule.
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