XI.] ESTIMATES OF EXPENDITURE. 289 may be relied upon : the value of a tenth and fifteenth was £30,000; of a clerical tenth, £10,000; the estimated amount of the subsidy of 1513 was £160,000; the estimate for the royal expedition made in 1522, £372,404 i8J. 40].; the estimated sum of the loans of 1523 was £260,000 ; the income from the monasteries cannot be stated in reasonable figures ; but of this a considerable part was during the few years that it accrued expended in pensions. Of estimated outlays we have but a few illustrations ; the expenses of the household were a little over £20,000 a year, but these of course represent only the fixed charges, not the king's lavish personal expenditure; Wolsey's estimate for the war of 1513 was £640,000 ; and when we find Giustiniani estimating the outlay at half of the ten millions of ducats which was the treasure supposed to be left by Henry VII, we are inclined to conclude that the estimate was not below the mark; anyhow the cost of the expedition to Tournay was such as to recommend a peace policy for several years. The time may come when these accounts may be subjected to a formal historical audit, that is when the researches at the Record Office furnish us with a complete view of extant material ; but it would be very rash now to define with any exactness either income or outlay for a reign of such abnormal character. The only general conclusion that I can come to is that, in despite of Wolsey's financial ability and the cleverness of the agents who were trained under him, the policy of the whole reign in this respect was a hand-to-mouth policy, assisted by occasional godsends in the shape of forfeitures and benevolences. In this department the parliaments showed some spirit, as we shall see ; the result of that was the grant of subsidies to reach over several years;' under these subsidy-acts the king collected as much as he could, and then collected money in other ways until, the patience, υ