PALGRAVE STUDIES IN THE HISTORY OF FINANCE CREDIT AND TRADE IN LATER MEDIEVAL ENGLAND, 1353–1532 RICHARD GODDARD Palgrave Studies in the History of Finance Series Editors D’Maris Coffman University College London, Bartlett School of Construction and Project Management United Kingdom Tony K. Moore University of Reading United Kingdom Martin Allen Fitzwilliam Museum of the University of Cambridge United Kingdom Sophus Reinert Harvard Business School USA Th e study of the history of fi nancial institutions, markets, instruments and concepts is vital if we are to understand the role played by fi nance today. At the same time, the methodologies developed by fi nance academ- ics can provide a new perspective for historical studies. Palgrave Studies in the History of Finance is a multi-disciplinary eff ort to emphasise the role played by fi nance in the past, and what lessons historical experiences have for us. It presents original research, in both authored monographs and edited collections, from historians, fi nance academics and econo- mists, as well as fi nancial practitioners. More information about this series at http://www.springer.com/series/14583 Richard Goddard Credit and Trade in Later Medieval England, 1353–1532 Richard Goddard Department of History University of Nottingham United Kingdom Palgrave Studies in the History of Finance ISBN 978-1-137-48985-2 ISBN 978-1-137-48987-6 (eBook) DOI 10.1057/978-1-137-48987-6 Library of Congress Control Number: 2016936092 © Th e Editor(s) (if applicable) and Th e Author(s) 2016 Th e author(s) has/have asserted their right(s) to be identifi ed as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988. Th is work is subject to copyright. 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Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover illustraction: V&A Images / Alamy Stock Photo Printed on acid-free paper Th is Palgrave Macmillan imprint is published by Springer Nature Th e registered company is Macmillan Publishers Ltd. London Th is work is dedicated to the memory of Walter Emanuel Goddard (1921–2010) Acknowledgments Th e research was partly funded by a Fellowship Grant from the Arts and Humanities Research Council (AH/I026391/1). Th e bulk of the research for this project was funded by the School (now Department) of History at the University of Nottingham. I am immensely grateful for this and for the generous support and encouragement from colleagues and friends at the University. I would like to extend special thanks to all of my Special Subject students over the last few years. Our discussions in class have had a real impact upon my understanding of the past. Finally, I off er all my love and gratitude to my family—Allison and Grace—for their patience and forbearance during the cloistered writing process. vii Staple, Merchant and Borough Scotland Courts used in this study Newcastle-upon-Tyne EASTERN Chester LLincolnincoln NNottinghamottingham Boston Norwich CCENTRALENTRAL EASTERN CCoventryoventry Wales Colchester OOxfordxford WWestministerestminister Bristol SSOUTHOUTH EEASTAST Canterbury SSailsburyailsbury Bridgwater WWinchesterinchester SSOUTHOUTH WWESTEST Southampton Exeter Chichester N 050miles 050km Staple Courts Staple and Borough Courts Merchant Courts Merchant and Borough Courts Borough Courts Contents 1 Th e Statute Staple and Trade Finance in Later Medieval England 1 Introduction 1 Th e Statute Staple 4 Stage One: Th e Recognisance 7 Stage Two: Th e Certifi cate 9 Stage Th ree: Th e Extent 16 Th e Statute Staple and the Financing of English Trade 19 Th e Repayment of Staple Debts 29 Th e Charging of Interest in Staple Debts 38 Beyond the Staple: Alternative Sources of Trade Finance 40 2 Merchants and Trade 49 Introduction 49 Staple Credit and Domestic Trade: Wool 53 Th omas Cressy and the Domestic Wool Trade 55 Staple Credit and Domestic Trade: Cloth 63 Cloth Manufacture and Staple Credit 65 Th e Distribution of Finished Cloth and Staple Credit 69 John Beauchamp and the Domestic Cloth Trade 70 Staple Credit and the Trade in Imports 80 ix x Contents Th e Trade in Imports at Provincial Towns: Lincoln and Boston, Chichester and Southampton 85 Provincial Merchants and the Trade in Imports: Boket and Fetplace 88 Th e Trade in Imports: John Norwich and the Turtledoves 91 3 Boom and Bust: Patterns of Borrowing in Later Medieval England 97 Introduction 97 Th e Later Fourteenth Century: Boom 100 Th e Early Fifteenth Century: Bust 109 Th e Later Fifteenth Century: A Faltering Revival 119 Th e Early Sixteenth Century: Recovery 121 Th eoretical Approaches: Long Waves, Shocks and Asset Bubbles 129 4 Th e Geography of Recession: Provincial Credit in Later Medieval England 147 Introduction 147 Regional Economic Disparity 156 Th e Central Region 159 Th e Eastern Region 162 Th e South West Region and the Geography of Recession 169 Th e South East Region and the ‘Irresistible’ Pull of London 181 5 London: Th e Commercial Powerhouse 195 A City of Superlatives 195 Th e Westminster Staple 198 Size Matters 212 Th eoretical Approaches 236 6 Conclusion 243 Bibliography 251 Index 271 Abbreviations CCR Calendar of Close Rolls CPR Calendar of Patent Rolls Statutes of the realm Th e statutes of the realm: printed by command of His Majesty King George the Th ird, in pursuance of an address of the House of Commons of Great Britain: from original records and authentic manuscripts, 11 vols. London: George Eyre and Andrew Strahan, 1810–22. Plea and memoranda rolls Calendar of plea and memoranda rolls preserved among the archives of the Corporation of the City of London at the Guildhall, 6 vols, edited by A. H. Th omas and Phillip E. Jones. Cambridge: Cambridge University Press, 1926–61. Letter Book Calendar of letter-books preserved among the archives of the Corporation of the City of London at the Guildhall, 11 vols, edited by Reginald R. Sharpe. London: John Edward Francis, 1899–1911. TNA Th e National Archives, Kew, London. All archive references (“C,” “CP,” “E,” “PROB,” and “SC”) are TNA class marks unless otherwise indicated. xi List of Figures Fig. 3.1 Transaction dates of Statute Staple certifi cates and extents of debt, 1353–1532 99 Fig. 3.2 Mean decennial repayment terms, 1360–1529 106 Fig. 4.1 Th e Staple courts of the Central region. (a) Chester. (b) Coventry. (c) Lincoln. (d) Nottingham 157 Fig. 4.2 Th e Staple courts of the Eastern region. (a) Boston. (b) Colchester. (c) Newcastle. (d) Norwich 163 Fig. 4.3 Th e Staple courts of the South West region. (a) Bridgwater. (b) Bristol. (c) Exeter. (d) Salisbury 170 Fig. 4.4 Th e Staple courts of the South East region. (a) Canterbury. (b) Oxford. (c) Winchester 183 Fig. 5.1 Statute Staple certifi cates enrolled at Westminster, 1360–1529 (N = 6,407) 199 Fig. 5.2 Statute Staple certifi cates by region, 1360–1529 (N = 8,604) 204 xiii List of Tables Table 1.1 Staple, merchant and borough courts used in this study 12 Table 2.1 Textile-related occupations cited in the Staple certifi cates, 1353–1532 63 Table 3.1 Th e number of certifi cates received by Chancery in 1315, 1331, 1343 and 1360 102 Table 3.2 Th e decennial mean of defaulted credit transactions per year, 1380–1459 109 Table 3.3 Decennial proportions of certifi cates over the mean recovery time (three years, 14 days), 1390–1489 114 Table 3.4 (a) Recorded English mint outputs, 1355–1530; (b) Estimates of English currency, 1290–1544 141 Table 4.1 Debt pleas recorded at the Bristol Staple, 1509–13 173 Table 4.2 Use of the ‘home’ Staples, 1353–99 185 Table 4.3 Fifty-year totals of the number of certifi cates registered outside the home Staple and their percentages 190 Table 5.1 London creditors at provincial Staple courts, by region, 1353–1532 (N=97) 200 Table 5.2 Non-London debtors at the Westminster Staple, by region, 1353–1532 202 Table 5.3 Debtors and creditors from London using the Westminster Staple, 1352–1532 210 Table 5.4 Artisan and retail company membership in the fi fteenth century 225 xv 1 The Statute Staple and Trade Finance in Later Medieval England Introduction But now they [merchants] make mention of many thousands [of pounds]— and without doubt there are some who, if they paid their debts without bargaining (or deception), would not have any more than a fl orin with which to pay. (John Gower, Mirour de l’Omme , lines 25813–24 (c. 1376–9).1 Th is worthy man [the Merchant] very well used his wits, there no man knew he was in debt, so dignifi ed was he of his management, with his buy- ing and selling and his borrowing.