Salisbury invented the baronet - sold and in 3 years over 90,000 was collected. James agreed to only 200 but there value fell over time to 220. This money used to keep an army in Ireland.
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Peerages?
no. of earls increased from 27 to 65 in 1628 but go-between courtiers took their own pay and it didn't raise much. Peerage devalued - annoyed holders of ancient titles who didn't like the new noblemen.
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Benevolence?
1614 - Earl of Suffolk became Lord Treasurer. Asked the king's wealthier subjects for gifts to the king - 65,000 came in.
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What was the Cockayne scheme?
he claimed 40,000 a year could be made if cloth was exported in a finished state. James was taken in and cancelled the charter of the Merchant Adventurers (in charge of cloth trade )
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Why did the Cockayne scheme fail?
his company didn't have enough capital to develop the dyeing industry or enough skilled dyers. 1615 - asked permission to export unfinished cloth again. 1616 - Dutch refused to accept any more English cloth.
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What happened as a result of this failure?
Riots and unemployment - bales piled up in warehouses. 1617 - James forced to end the scheme and return to the Merchant Adventurers. Cloth trade took time to recover.
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Brill and Flushing?
these were Dutch towns that the English held as security for loans to the Dutch. James agreed in 1616 - 250,000 - which was less than half the outstanding royal debt.
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Money from monopolies?
these were sold to courtiers who had the right to import goods from it. They could set their own prices and make big profits. But they put up prices and were unpopular. in 1621 - James revoked them due to criticism.
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Generally how successful were these methods?
limited amounts of revenue, and generated a lot of discontent and complaint. Shows how the Great Contract would have been a better alternative.
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Lionel Cranfield's policy?
Appointed in 1621 after the downfall of Suffolk. His policy was to increase revenue and cut down expenditure.
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What did he achieve?
more money out of Court of Wards, increased impositions, more money from customs farmers, cut military expenditure and reduced drastically gifts from the king.. Saved 100 000 a year in various budgets. He balanced the books.
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What did James do that hindered his policy?
James kep spending money - debt approaching 1 m pounds. James gave his new revenue away - to his Scottish friends, to Buckingham and on his building projects.
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Problems with foreign policy that ruined his achievements?
Defence costs had tripled. Trip to Madrid by Charles cost a lot. Buckingham was intent on war with Spain. Cranfield didn't want war - Buckingham now an enemy - led to his downfall - royal favourite - impeached and imprisoned. James released him soon.
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Other cards in this set
Card 2
Front
Peerages?
Back
no. of earls increased from 27 to 65 in 1628 but go-between courtiers took their own pay and it didn't raise much. Peerage devalued - annoyed holders of ancient titles who didn't like the new noblemen.
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