The Hundred Years War - Desmond Seward [8]
Wool was ‘the sovereign merchandise and jewel of this realm of England’, and the best part of the kingdom’s wealth. Since the country was already overtaxed as a result of his Scottish campaigns, Edward decided to plunder the wool trade. At Nottingham in 1336 he obtained a loan on every sack produced, which he hoped would bring him in £70,000 per annum. The King also negotiated a somewhat dubious bargain with a group of wealthy English merchants, who were to buy, export and sell sacks of wool for him in return for a monopoly in exporting wool; to obtain the sacks, he arbitrarily requisitioned the stock at Dordrecht, the unwilling owners being compensated by bonds which exempted them from the maletote or export duty. (A wool-sack, which was of the sort on which the Lord Chancellor still sits, was then worth about £10.) The scheme was expected to bring in at least £200,000, but in the event it proved a costly failure.
In borrowing, Edward III resorted to even more dubious expedients. He raised vast loans from Lombard bankers—the Bardi, the Frescobaldi and the Peruzzi—from merchants in the Netherlands, from English wool merchants, pledging either English wool or the duties on Guyennois wine as security. Almost everyone who lent him money went bankrupt. The only thing that mattered to Edward III was to obtain sufficient funds to wage war. It is astonishing that he ever hoped to find it. In fairness, it has to be admitted that he did at least consult his subjects before taxing them. The troubles of Edward I, and his own father’s ruin, had shown him the need for such consultation. Time and again he explained his needs to both Council and Parliament, often to some effect; in 1343 one of his ministers was able to remind Parliament that the War had been ‘undertaken by the joint assent of bishops, lords and commons’. Edward even went so far as to explain himself at local level; in the autumn of 1337 a royal proclamation was read in every English county court, telling how ‘the King of the French, hardened in his malice, would assent to no peace or treaty’. But all these explanations did little to make anyone readier to pay more taxes.
Another of Edward’s difficulties was mobilization. The old system of feudal military service had practically disappeared and Edward had to use the ‘indenture’ method, hiring leaders who, by the terms of a carefully drawn up contract, raised a given number of troops of a specified type to serve for a fixed period and for a fixed scale of pay. However, to begin with, his infantry—whether Welsh knifemen or English archers—were conscripted by the traditional ‘commissions of array’. The commissioner, usually a local gentleman with military experience, chose what in theory were the most likely-looking men among the population between sixteen and sixty, who were called together by the constables