Comparing The Careers Of Lionel Cranfield, Earl Of Middlesex and George Villiers, Duke Of Buckingham

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Comparing The Careers Of Lionel Cranfield, Earl Of Middlesex and George Villiers, Duke Of Buckingham Lionel Cranfield was an astute businessman who had made large sums of money for himself through his dealings in trade and as part of a syndicate that had won the custom forms. He was anxious to gain entry into royal service and had acted as Buckingham's financial adviser. The Council was determined to cut expenditure and made Cranfield Master of the Wardrobe. This department was costing £42000 a year and Cranfield was appointed on the understanding that if costs fell below £20000, he could keep any additional savings. This figure was quickly surpassed and Cranfield made a profit of over £7000 a year. He achieved similar success in the Household down by £18000 from £77000, the Ordnance (£34000 to £14000) and the Navy (£53000 to £30000). In 1621, Cranfield was created Lord Treasurer as the Earl Of Middlesex. When he became treasurer, the royal finances were in a desperate state. Cranfield attempted to control the flow of royal generosity. A new Book of Bounty was issued in 1619 and in 1621 he demanded an immediate stop to the payment of pensions and insisted that new grants should be screened by himself. Due to both James' and Buckingham greed and need to spend money, Cranfield only survived as Lord Treasurer for two and a half years and made many enemies, due to both his difficult personality and his drive and determination. Cranfield exploited existing sources of revenue more effectively but failed to achieve other things. He did not manage to reduce pensions and to end the practised whereby men would sell or bequeath them to others. Cranfield also refused to sell the crown lands, as he believed that it made the King's authority look weak and it reduced his future income. The Court then thought of Cranfield as a mean and money-grabbing merchant when he used money saving schemes such as using a ten-year old flag. As long as Cranfield had the support of both James and Buckingham, he

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