As I understand it, a captain was paid a certain amount of money to provide a company of men for the King, and therefore the crown could keep a professional standing army without the bother of training and maintaining them itself. Feudal levies were different; that meant an obligation to serve in a local lord's company in exchange for the right to live on his land, and an obligation on said local lord to raise a company of irregular soldiers in exchange for the right to live on His Majesty's land.
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