You read in The Wall Street Journal that 30-day T-bills currently are yielding 8 percent.
Your brother-in-law, a broker at Kyoto Securities, has given you the following estimates
of current interest rate premiums:
You read in The Wall Street Journal that 30-day T-bills currently are yielding 8 percent.
Your brother-in-law, a broker at Kyoto Securities, has given you the following estimates
of current interest rate premiums:
You read in The Wall Street Journal that 30-day T-bills currently are yielding 8 percent.
Your brother-in-law, a broker at Kyoto Securities, has given you the following estimates
of current interest rate premiums:
In France and Scotland, by contrast, royal action to seize monastic income proceeded along entirely
different lines. In both countries, the practice of nominating abbacies in commendam had become
widespread. Since the 12th century, it had become universal in Western Europe for the household expenses of abbots and conventual priors to be separated from those of the rest of the monastery, typically appropriating more than half the house's income. With papal approval, these funds might be diverted on a vacancy to support a non-monastic ecclesiastic, commonly a bishop or member of the Papal Curia; and although such arrangements were nominally temporary, commendatory abbacies often continued long-term. Then, by the Concordat of Bologna in 1516, Pope Leo X granted to Francis I effective authority to nominate almost all abbots and conventual priors in France. Ultimately around 80 per cent of French abbacies came to be held in commendam, the commendators often being lay courtiers or royal servants; and by this means around half the income of French monasteries was diverted into the hands of the Crown, or of royal supporters; all entirely with the Popes' blessing. Where the French kings led, the Scots kings followed. In Scotland, where the proportion of parish tiends appropriated by higher ecclesiastical institutions exceeded 85 per cent, in 1532 the young James V obtained from the Pope approval to appoint his illegitimate infant sons (of which he eventually acquired nine) as commendators to abbacies in Scotland. Other Scots aristocratic families were able to strike similar deals, and consequently over £40,000 (Scots) per annum was diverted from monasteries into the royal coffers.