Given-Wilson, C., 'Wealth and Credit, Public and Private: The Earls of Arundel 1306-1397', The English Historical Review 106 (1991), 1-26

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Quick Summary

Richard FitzAlan, earl of Arundel (died 1376), was probably the richest man in England and his interest-free loans to the king gave the earl influence over government

  • FitzAlan’s willingness to lend money was a source of strength for the English crown
  • In 1370-1 around 30% of his wealth was on loan to the crown
  • These loans were interest-free but gave FitzAlan influence over government
Key Conclusion

Given-Wilson explores the money-lending practices of Richard FitzAlan, earl of Arundel and Surrey. At the time of his death on 24 January 1376, the earl was probably the richest man in England. The article questions the idea that the English crown became increasingly reliant on ‘over-mighty subjects’ for credit during the period from c. 1350 until the reign of Henry V. According to this interpretation, the magnates exploited the crown’s need for cash to serve their own political ends. However, Given-Wilson argues that the earl of Arundel’s willingness to lend money was a source of strength for the English crown, and that his son’s decision to withhold credit from the minority government of Richard II was much more disruptive.

Content Overview

At the time of his death in 1376, the earl of Arundel had realizable assets amounting to £72,245. Given-Wilson observes that the earl’s activities made him ‘a financier of the first importance in the noble and local society of his day, and he seems to have run a well-organized business’ (p. 8). Evidence from the period 1370-1 provides a snapshot of the earl’s credit operations at their greatest extent. His total assets were in the region of 100,000 marks, with 30% on loan to the crown and another 10-15% on loan privately. Some 20% was invested elsewhere, and the remainder was held at the earl’s castle.

Further Findings

From an examination of Exchequer records, Given-Wilson determines that there was no ‘systematic payment’ of interest on the earl’s loans to the crown. Although some financial advantage could be derived by the earl even without charging interest, the article notes that ‘there were other factors which made lending an attractive option’. In particular, lending to the crown could give the earl influence in government: ‘The extent to which he used his wealth to gain leverage over [government] is unknowable, but he was certainly good at getting his own way.’ (p. 13). In terms of war with France, the earl appears to have been prepared to lend for whatever military strategy the crown had decided to pursue.

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