When in 1337 Edward III went to war with
France, he started a conflict that the Victorians would later name the Hundred
Years War. Despite initial easy victories
the English army soon became bogged down besieging towns in northern
France. Costs skyrocketed as soldiers
bedded in for the long haul and the king’s Flemish allies demanded the payments that they had been promised.
For Edward finding this money wasn’t
easy. Customs duties collected on wool
and wine only went so far and parliament had to approve new taxes. The Italian banking houses weren’t being as generous
as previously and borrowing money closer to home wasn't easy. Officially lending money and charging
interest was illegal as it was against church teaching, although there were
ways to get around this.
Back during the Scottish wars in 1327,
William and Richard de la Pole had lent Edward £7200. In return they could keep all customs duties
paid in Hull and Boston until the amount borrowed had been repaid, plus a
little bit extra just to say thank-you. Presumably
the king had considered buying them a present instead but it’s always so hard
to know what to get people.
Ten years later Edward turned to William
again to help fund his war in France. William
and the Londoner Richard Conduit together thought of a cunning scheme to raise
the huge sum needed. They and other
leading merchants formed 'The Wool Company’ and the King granted them a
monopoly in trading wool. Edward also
temporarily banned the export of wool to create a shortage in Europe and raise
the price. The company bought 20,000
sacks of wool, which they hoped would fetch £200,000 when sold. This money would then be loaned to the king
and the merchants gradually repaid through collecting customs.
The scheme however collapsed amid rumours
of smuggling by merchants looking to keep profits for themselves. When the king came for his money not enough sacks
of wool had, officially at least, been exported to Europe. Peeved Edward rashly seized those that had
and sold them quickly and cheaply. Although
this brought in some ready cash it wasn’t enough and Edward was forced to arrange
a temporary truce with France.
Edward III blamed William de la Pole for
the fiasco and put him on trial, although this fizzled out when once again the
king needed to tap him for a loan. William
though was now on borrowed time. When a
decade later the charges reared their head again, he escaped them by writing
off any money that the king owed him and retreating to the safety of Hull.
Photo: Statue of William de la Pole, Pier Head, Hull.
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