Henry VII - Economy

What happened in 1486?

Commercial Treaty with France - Removed all restrictions on Franco-English trade. Economically beneficial and helped to bring nations closer.

Commercial Treaty with Brittany - July 1486. Henry owed Duke Francis II of Brittany a debt of gratitude for providing shelter during his exile from 1471 to 1484. A commercial treaty was signed between England and Brittany in July 1486.

What happened in 1489?

Commercial Alliance with Portugal - Opening up further trade options.

What happened in 1490?

Treaty with Florence - Allowed English wool to be imported into Pisa, the main Port of Florence.

What happened in 1492?

Imposed Tariffs on Venetian Wine - Venetian government lifted import duties.

What happened in 1493?

Trade embargo on Burgundy - Massive risk in order to force Burgundy to force Warbeck out.

What happened in 1496?

Intercursus Magnus - Free trade deal with Burgundy (except Flanders). By 1509, England was exporting over half of the total cloth exports to Europe. Cloth production 1485-1509 had risen 60%. Philip to not support Warbeck as Margaret had done.

What happened in 1506?

Intercursus Malus - Burgundy to give Earl of Suffolk back, failed and Henry had to pay £158,000 and promised not to execute him. Marriage alliances: Henry VII to Margaret of Austria, Prince Henry to Eleanor of Burgundy, Princess Mary to Charles of Burgundy.

- Allowed English cloth to be exported without duty, seen too generous for England and reverted in 1507.

What was English Society like by 1500?

- Around 2 million commoners in England and Wales, around 50% lived under the poverty line. Many lived in rural areas.

- Population growth - 1430 - 2.1 million, 1522 - 2.3 million, beginning of a population explosion, 1640 - 5.2 million.

- Husbandmen and Yeomen - able to rent or but land/property. Could be richer than gentlemen or esquires but still considered socially inferior.

- 55 nobles, 500 knights, 800 esquires and 5,000 gentlemen, making up 1% of population.

- Regular Clergy - 10,000, secular Clergy - 35,000

What were the developments in Agriculture during the Reign.

- Increase in enclosure, decline of open field farming.

- Wool grew in profitability, and developments were less labour intensive.

- It caused depopulation.

- 1488 & 89 legislation to tackle enclosure never enforced.

- Increase in wool Production - Mian ingredient of Flemish cloth.

- Increase in foreign demand for cloth.

- England was still an increasingly backward country.

What were the Key developments about Industry during the reign?

- Merchant clothiers emerged, collected wool, thread and cloth.

- More capitalist way of organising the trade. Increased exports.

- Exporting of cloth by Hansa merchants increased five-fold from beginning to end of 15th century.

- Control taken away from individual sellers but industry remained cottage-based industry.

- There was the introduction of charcoal-fuelled blast furnaces of technological expertise with Europe was not unusual.

- There was a beginning of a brass-making industry.

What key developments was there in Coinage during the Reign?

Nov 1485 - Sir Giles Dabeney became Master of Monies and Keeper of Exchange.

New coins introduced in 1485 - Angel, Anglet, Quarter Royal, Half Royal & Royal of Gold.

Shilling - had portrait of King, propaganda.

There was little change since Edward III.

It was a Domestic policy reform.

Prpoaganda move.

What key developments was there in Trade with Burgundy and France?

- Trade Embargo on Burgundy - 1493.

- 1496 - Intercursus Magnus, free trade with Burgundy (except Flanders).

- 1506 Intercursus Malus - allowed English cloth to be exported without duty, seen as too lenient and reversed in 1507.

- 1487 - France placed embargo's on English trade after Henry VII backed Breton.

- 1492 - Treaty of Etaples

- 1495 - France ended all restriction on English trade.

- Merchant Adventurers continued to clash with the Dutch government.

What was the success of the Trade with Burgundy and France during the Henry VII's reign?

- Economically damaging but political necessity.

- Success - Gave England the right to trade freely throughout.

- Failed - Gave English merchants such privielges that Burgundy never implemented it.

- Ease of access in terms of trade.

- Strong trade relations.

What were the Key features of the Cloth Trade during Henry VII's reign?

- Ascendance of Merchant adventurers, est. 1407, who exported finished cloth from London. Decline of the Merchants of the staple, who exported raw wool through Calais.

- 1487 - banned export of unfinished cloth by any foreign merchant.

- 1498 - ended the Hanseatic League's privilege to control bullion exportation from England.

- 1504 - returned privilege in to gain custody of Earl of Suffolk.

What was the success of the Cloth trade during Henry VII's reign?

- Cloth made up 90% of all exports = most important trade.

- 1485-1509 - 60% increase in cloth exports.

- 1.3% of the population worked full time in the cloth trade, many more part time.

- Cloth exports to Hanseatic League increased 5x from 1400-1500.

- Gave in to Hansa by 1504.

what were the key features of Shipping during the Reign?

1485 and 89 Navigation Acts - Prohibited from exporting using foreign ships if English were available. Crews had to be least 50% English.

First drydock constructed in Portsmouth.

What were the success of Shipping during Henry VII's reign?

- Henry began his reign with 7 ships but allowed the number to fall to five by 1488 where it remained throughout his reign.

- Acts had limited success, in 1509 over half of trade was still carried out in foreign ships.

What were the key features of Exploration during the reign?

- 1486 and 96 Henry visited Bristol.

- 1497 - The Matthew landed on America.

What was the success of Exploration during the Reign.

1506 - Adventurers to the New Found Lands was in existence. Not Asia.

1497 - Cabot planted Henry's flag on America.

Due to Henry's patronage, England had more knowledge of North America than most countries.

What were Key developments with Mining and Metallurgy during the reign?

- Tin mined in Cornwall.

- Lead mined in the Pennines.

- Coal mined in Northumberland and Durham.

What was the success of Mining and Metallurgy during the Reign?

- Little coal was exported, most used domestically.

- 1509 - 20% of Newcastle's exports was in coal. Small export trade to Germany and Netherlands.

- 1496 - Henry VII sponsored the building of a blast furnace in Kent for the Scottish war. Germany was superior to metallurgy and mining.