e of the Mayor and Commonalty and Citizens
of London, under their common seal, for the repayment of principal,
together with interest, to those who were willing to contribute towards
the loan, upon such counter security as was mentioned in the king's
letter. The security there mentioned was to be under the great seal and of
such a character as the city had been accustomed formerly to receive from
the king's predecessors. It appears that James had a few days before
endeavoured to get the citizens to advance the sum of L100,000 on the
security of the crown jewels, but this proposal had met with little
favour.(214)

(M90)

In March the mayor, John Leman, received the honour of knighthood and was
publicly thanked by the king for the forwardness displayed by the citizens
in the loan, although the money had not at the time been raised.(215)
Great difficulty was experienced in raising the money. One London
merchant, John Eldred, whose name frequently occurs in the State Papers in
connection with advances to the king, endeavoured to get the amount of his
assessment reduced by L400,(216) whilst another, William Cater, kept out
of the way to avoid contributing to the loan.(217) In May there was still
a deficiency of L20,000, which called forth a reprimand from the lords of
the council. The city authorities had been observed to omit or else to
sparingly handle many of the best citizens who were "nicetest" to be dealt
with, and especially intended for the purpose, and to lay the burden of
contribution upon persons of weak and mean estate, or such as otherwise by
their quality and place were not so fit to be called upon for any such
occasion.(218)

(M91)

On his return from Scotland in September the king was met by the mayor and
aldermen and a deputation from the livery companies at Knightsbridge and
escorted to Whitehall with the same pomp and solemnity as had been
accustomed to be displayed in attending Queen Elizabeth on her return from
a progress.(219) The mayor presented James with a purse of 500 gold
pieces,(220) and the king conferred the honour of knighthood upon Antony
Benn, the Recorder, and Ralph Freeman.(221)

(M92)

In the following March (17th) the mayor and aldermen were informed by
letter from the lords of the council of the king's inability to repay the
last loan according to promise, and were asked to allow a twelvemonth's
grace.(222)

(M93)

The king's financial position had become by this time reduced