Sir Francis Cressingham is being chastised by his friend Lord Beaufort for having recently married a much younger wife, soon after his previous wife's death. His new wife was raised in the court, and Beaufort worries that she will be profligate in her spending. Sir Francis replies that she may be young but she is sober and pious. Walter Camlet, a citizen and cloth merchant, enters, complaining that his own wife is always nagging him. He is looking after Sir Francis's two youngest children, who have been sent to him to be out of the way of their new stepmother. Knavesbe enters: a corrupt lawyer, with a fair and witty wife. He seeks advancement from Beaufort, who invites him to his house to work out a suitable arrangement. Young Cressingham (who has quarrelled with his father over his remarriage) and Young Franklin contemplate how they might improve their economic circumstances; after contemplating going to sea, Young Franklin says he has a plan to get money out of Camlet. Lady Cressingham enters, demanding richer and better clothes from her husband. Camlet pities Sir Francis, who has got himself caught by such a woman. Lady Cressingham tells her husband that she has heard about a land-deal: he should sell his estates and in return buy new land worth more. She also insists he give up the practice of alchemy. He agrees to be advised by her in all things.