In 1337 Edward declared war against France, and that war was carried on mainly with supplies of money provided by the De la Pole Brothers.
Within two years of the opening of war, the King had borrowed money on the crown jewels, on the crown itself, and even on his own person. Edward was actually stranded in France unable to move for lack of money, when his ‘beloved merchant,’ William de la Pole, came to his assistance with new supplies; and the King acknowledged himself bound to him for the astonishing sum of £76,180, a sum equal to more than a million pounds in our money.
‘How was this immense sum raised?’ we may quite naturally ask. Probably a large portion of it was borrowed by the lender from others who were quite ready to put their spare cash into the hands of such a far-sighted and reliable man of business as William de la Pole. And how was the loan repaid by the King?
The answer to the second of these questions gives the secret of the wealth of the ‘Hull Firm.’ Edward repaid his loans not with money but by grants of the customs and duties payable on exported goods at the various ports of the kingdom. In other words, if the King borrowed £1000, he gave to the lender of this sum permission to collect all the dues at, say, the port of Bristol, for the next five years; and as the trade of Bristol was then rapidly growing, the lender very probably received during those five years twice as much value in dues as he had lent in money to the King.
Such services as these, rendered at a critical moment, did not go unrewarded in other ways. In 1332 Edward visited his new ‘King’s Town’ on his way to Scotland, and was the guest of William de la Pole, whom he knighted before his departure.
At the same time the townsfolk were granted the dignity of having a Mayor and four Bailiffs instead of a Warden, and Sir William was, naturally, the man chosen by them to hold this office.[office.] Thus the long line of Mayors of the city of Hull goes back to Sir William de la Pole, who was Mayor for three years, 1332–1335. Later on other honours were showered upon him, and when he died his body was buried in the church of the Holy Trinity, where the alabaster effigies of himself and Dame Katherine his wife may still be seen.
As William de la Pole was a great favourite of King Edward III.[Edward III.], so his son Michael was equally a favourite of Edward’s grandson, King Richard II. Michael de la Pole had gone to Spain in the train of John of Gaunt, Edward’s third son, and his retinue had consisted of 140 men-at-arms, 140 archers, 1 knight banneret, 8 knights bachelor, and 130 esquires.
In 1376 Michael was not only Mayor of Hull but also ‘Admiral of the King’s Fleets in the Northern Parts.’ Seven years later he became a Knight of the Garter and Lord Chancellor of England. In another two years he was raised to the peerage as Earl of Suffolk, the first example in our history of a prosperous merchant becoming a peer of the realm. As Earl of Suffolk, Michael began the building at Kingston-upon-Hull of a mansion which was known when finished as Suffolk Palace, and which stood on the ground where has recently been built the General Post Office.
But the first Earl of Suffolk was by no means a favourite with Parliament, whatever he might be with the young King; and though he had as Lord Chancellor advised the members of Parliament to ‘avoid all corruptions,’ he was accused by them of enriching himself at the expense of the nation. As the result of the charges laid against him by his many and powerful enemies he was exiled, and died at Paris four years after the creation of his peerage.
