344,) that in the year 1553 the crown owed but three hundred thousand pounds.

I own that this last sum appears a great deal more likely.

The whole revenue of Queen Elizabeth would not in ten years have paid four millions.
*** Winwood, vol.i.p.

29, 54.
Though that prince was extremely frugal, and after the peace of Vervins was continually amassing treasure, the queen never could, by the most pressing importunities, prevail on him to make payment of those sums which she had so generously advanced him during his greatest distresses.
One payment of twenty thousand crowns, and another of fifty thousand, were all she could obtain, by the strongest representations she could make of the difficulties to which the rebellion in Ireland had reduced her.[*] The queen expended on the wars with Spain, between the years 1589 and 1593, the sum of one million three hundred thousand pounds, besides the pittance of a double subsidy, amounting to two hundred and eighty thousand pounds, granted her by parliament.[**] In the year 1599, she spent six hundred thousand pounds in six months on the service of Ireland.[***] Sir Robert Cecil affirmed, that in ten years Ireland cost her three millions four hundred thousand pounds.[****] She gave the earl of Essex a present of thirty thousand pounds upon his departure for the government of that kingdom.[v] Lord Burleigh computed, that the value of the gifts conferred on that favorite amounted to three hundred thousand pounds; a sum which, though probably exaggerated, is a proof of her strong affection towards him.

It was a common saying during this reign, "The queen pays bountifully, though she rewards sparingly."[v*] It is difficult to compute exactly the queen's ordinary revenue, but it certainly fell much short of five hundred thousand pounds a year.[v**] In the year 1590, she raised the customs from fourteen thousand pounds a year to fifty thousand, and obliged Sir Thomas Smith, who had farmed them, to refund some of his former profits.[v***] * Winwood, vol.i.p.