Shipments of treasure from the Indies totalled over two million ducats between 1552 and 1553. By 1554, the cash deficit for the year was calculated to be over 4.3 million ducats, even after all tax receipts for the six ensuing years had been pledged and the proceeds spent in advance. Credit at this point began costing the crown 43 percent interest (largely financed by the Fugger and Welser banking families). By 1557 the crown was refusing payment from the Indies since even this was required for payment of the war effort (used in the offensive and Spanish victory at the battle of St. Quentin in August 1557). French finances during the war were mainly financed by the increase in the taille tax, as well as indirect taxes like the gabelle and customs fees. The French monarchy also resorted to heavy borrowings during the war from financiers at rates of 10–16 percent interest. The taille was estimated in collection for 1551 at around six million livres. During the 1550s, Spain had an estimated military manpower of around 150,000 soldiers, whereas France had an estimated manpower of 50,000. Treaty of Cateau-Cambrésis (1559) Summary The Treaty of Cateau-Cambrésis (1559) consisted of two treaties: the first one was signed between Elizabeth I of England and Henry II of France on April 2; the second one was signed between Henry II of France and Philip II of Spain on April 3. The two treaties also defined the conclusion of the Imperial-French wars and therefore the end of the Habsburg-Valois conflict as a whole, with the approval of Ferdinand I, Holy Roman Emperor. The four monarchs did not meet in person but were represented by ambassadors and delegations. Some Italian states also attended the conference. Franco-Spanish agreement Anglo-French agreement Aftermath Emmanuel Philibert, Duke of Savoy married Margaret of France, Duchess of Berry, the sister of Henry II of France. Philip II of Spain married Elisabeth, the daughter of Henry II of France. During a tournament held to celebrate the peace on 1 July, king Henry was injured in a jousting accident when a sliver from the shattered lance of Gabriel Montgomery, captain of the Scottish Guard at the French Court, pierced his eye and entered his brain. He died ten days later on 10 July 1559. His 15-year-old son Francis II succeeded him before he too died in December 1560 and was replaced by his 10-year-old