A good strategy is to always have your blacksmith working in ALL your territories. It is worth doing this as even a trickle of weapons per turn can save you when at some point you may have to raise an army quickly to fend off a surprise invasion.
To perform the following cheats you will need to have a hex editor installed on your computer. Go to 'Program Files' and find the Lords of the Realm 2 folder and locate the 'C://Program Files/Sierra/Lords 2/save1' file. 'save1' will be whatever you put in the save game field when saving your game and when you open it there will be a long list of numbers and letters. Change the values to FF in order to gain the corresponding effect (example 14BB8 and 14BB9 enter ffff to create 65k of Bows).