As background to an investigation of the crown's foreign borrowing from 1544 though 1557. this thesis examines the general fiscal situation of the mid-Tudor Commonwealth with special emphasis on the great inflation of the 16th century, the role of Antwerp in European finance. and the relationship between war and English fiscal policy It then examines in detail the creation of the debt under Henry VIII, its development into a standard feature of state finance under Edward VI, and its liquidation under Mary. Information on England and English crown finance was drawn principally from published primary sources while information on the Antwerp market and on continental affairs in general was derived mainly from secondary sources.