One naval victory alone redeemed years of failure and expense.

Guienne was all but lost, England was suffering from the terrible taxation, from the ruin of commerce, from the ravages of her coast.

Five years of constant reverses were hard blows for a king of twenty-eight who had been glorious and successful at twenty-three.

His financial difficulties indeed were enormous.

It was in vain that, availing himself of an Act which forbade the exportation of wool "till by the King and his Council it is otherwise provided," he turned for the time the wool-trade into a royal monopoly and became the sole wool exporter, buying at L3 and selling at L20 the sack.