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 armoured concrete 45 or 50 ft. below low-water level. No attempt has been made actually to carry out either this project or that of a bridge.

In 1905 the question of establishing a train ferry from Dover across the Channel was brought forward by the Intercontinental Railway Company, and in the following year the Channel Ferry (Dover) Act was passed authorizing the work. About the same period the Channel Tunnel Company, which had amalgamated with the Submarine Railway Company, awoke to activity and started a campaign in favour of its scheme; but the bill which it promoted was opposed by the government and accordingly was withdrawn in March 1907.

 ENGLISH FINANCE. The history of the English fiscal system affords the best example known of continuous financial development, in respect both of institutions and methods. Though certain great periods of change can be readily noticed, yet from the time of the Norman Conquest to the beginning of the 20th century the line of connexion is substantially unbroken. Perhaps the most revolutionary changes occurred in the 17th century, as the outcome of the Civil War, and, later on, the revolution of 1688. But even in this case there was no real breach of continuity. It is, therefore, possible to trace the normal growth and expansion of British finance as one of the aspects of the nation’s history.

The primitive financial institutions of England centre round the king’s household, or, in other words, the royal economy precedes the national one. Revenue dues collected by the king’s agents, rents, or rather returns of produce, from land, and special levies for emergencies form the elements of the royal income, which gradually acquired greater regularity and consistency. There is, however, little or no evidence of any effective financial organization until we approach the 11th century. The influence exercised from Normandy, which so powerfully affected the English rulers at this time, tended towards the creation of records of revenue claims and also of a central treasury.

With the union of England and Normandy under the same head the idea of settled administrative methods was definitely fixed and became of special importance in the field of finance. The systematizing spirit, so characteristic of both the Norman and Angevin kings, produced the great institution of the (q.v.) with its judicial and administrative sides, and its elaborate forms of account and control. Even before this organization was developed the Domesday Survey (see )—now recognized as having a purely fiscal object (in Maitland’s words “a tax book, a geld book”)—shows the movement towards careful observation of the sources of revenue. It is clear that William I. initiated a policy which was followed by his successors, in spite of the serious difficulties of the period of anarchy during Stephen’s nominal reign. The obscure question as to the real origin of the special contrivances employed by the exchequer is, strictly speaking, irrelevant to the financial inquirer, who may be content to hold that, granting the existence of some Old English analogies, the system, as it appears in the 12th century, was a peculiar product of the conceptions as to fiscal organization formed by Norman subtlety. It is the manner in which this institution held together and focused the revenues and expenditure of the kingdom that has to be considered. The picture presented by the “Dialogue of the Exchequer” (c. 1176) is that of a comprehensive system which secured the receipt of the royal income, and provided a thorough audit of the accounts by employing processes adapted to the circumstances of the time. It is, in fact, through the description of financial institutions that it is possible to ascertain the forms of revenue possessed by the crown. The ingenuity expended on the administrative machinery of the exchequer had as its aim the increase of the king’s resources, an object in which the official class of churchmen and lawyers was deeply interested.

In order to understand the character of English finance in the middle ages it is absolutely essential to bear constantly in mind the identification of the king with the state. Though (q.v.) was, in one of its aspects, a powerful instrument for division of political authority, it, nevertheless, in the particular form in which the Conqueror introduced it into England, enabled the fiscal rights of the crown to be established in a more definite shape than was possible under the older condition. For, in the first place, the actual property of the crown was more carefully administered as each royal manor came under the system of accounting. Again, the various claims or dues of the king took more decidedly the feudal type and received stricter legal definition. Further, the higher judicial organization assisted the expansion of court fees; while, above all, the increased authority of the state made the casual receipts (for such they were) from trade more profitable.

In a broad view the sources of revenue fall under the following heads:—(1) The royal estates which were distributed over England, derived in part from the possessions of the old English kings, but increased by the confiscations that followed the events of the Conqueror’s reign, as well as by the doctrine that unowned land was the king’s (terra regis). Over fourteen hundred manors appear in Domesday as royal property. The forests, placed under special laws, yielded little revenue, except in the form of penalties on offenders. The rural tenants, who at first paid their rents in produce, gradually commuted them into money payments. As the royal demesne was favourable for the growth of towns the rents derived from urban tenants became a valuable part of the yield from the demesne; this, later, took the shape of a payment from the town as a unit (the firma burgi), a method which secured to the burghers freedom from the exactions of the sheriff and which was purchased by special payments. (2) The feudal rights. These included the claim to military service; the three regular aids and the payments of relief at succession to a fief, as also the profits on wardships and marriages. Escheats and forfeitures completed the list. The yield from this source varied with the power of the king and was kept within bounds by the resistance of the tenants as shown in the provisions of Magna Carta. (3) The administration of justice was a lucrative prerogative of the crown. Suitors had to pay for securing the hearing of their cases in addition to the fees for writs, and both amercements and compositions increased the receipts under this head. (4) Two special classes contributed to the royal exchequer. As a great deal of the wealth of the country was in the hands of the church the opportunities afforded by the vacancies of sees, abbacies and priories were utilized for the purpose of securing the profits of these offices during the time in which there was no occupant; and this term was frequently prolonged by the king’s action or inaction. The Jews, until their expulsion, were an even more profitable class to the revenue. Being under the absolute control of the crown, they could be taxed at pleasure, either by taking a percentage of their property (e.g. in one case, one-fourth), or by levies for alleged offences. The existence of a separate exchequer for the Jews is an indication of their fiscal value. (5) Direct taxation formed an extraordinary or occasional head of revenue. The Danegeld was succeeded by the carucage, and the commutation of military service introduced the scutage, but these forms were of little immediate importance, though very significant for the future course of development. (6) Lastly come the dues claimed at the ports, which contain in germ the customs system of later times, though they rather resemble the harbour charges of modern ports and were very trivial in amount.

The history of the English financial system consists largely in the exhibition of the different fortunes of these several component parts of the exchequer receipts; for it must be remembered that the sheriff was bound to account to that tribunal for all that he should have received, and by this agency the local