This portrait of Sir Walter Raleigh and his son exemplify cutting edge Elizabethan dress. He wears:
--a shirt and drawers (unseen)
--a doublet with padded sleeves under a sleeveless jerkin. Both of these garments feature a modest dip-front (V) waistline and padded peascod belly.
--His trunk hose/breeches are another variation of melon hose/pumpkin breeches. They contain less stuffing, thus they have a deflated look.
--the extensions below his trunk hose (reaching to the knee) are canions. These would be attached to the breeches.
--stockings. These reach to the knee and are held in place with garters or by attachment to the canions. They could be knitted rather than made from woven fabric. Knitting allowed stockings some elasticity to hug the leg defying gravity a bit. Full length hose would not be worn with the new breeches. Notice the absence of the codpiece.
His son wears clothing very similar to Dad. Noticable differences (which do not relate to his status of being a child at all, but rather provide examples of other acceptable dress combinations) are:
He wears the venetian version of breeches and has a square shirt collar in the place of a ruff.
Both wear rounded toe shoes--a happy middle ground in response to the out of date pointed shoes, and the suddenly fashionable wide square toed duckbills.