At what time our merchants perceived the commodities and wares of
England to be in small request with the countries and people about
us, and near unto us, and that those merchandises which strangers in
the time and memory of our ancestors did earnestly seek and desire
were now neglected, and the price thereof abated, although by us
carried to their own ports, and all foreign merchandises in great
account, and their prices wonderfully raised; certain grave citizens
of London, and men of great wisdom, and careful of the good of their
country, began to think with themselves how this mischief might be
remedied: neither was a remedy (as it then appeared) wanting to
their desires for the avoiding of so great an inconvenience: for
seeing that the wealth of the Spaniards and Portuguese, by the
discovery and search of new trades and countries, was marvellously
increased, supposing the same to be a course and means for them also
to obtain the like, they thereupon resolved upon a new and strange
navigation. And whereas at the same time one Sebastian Cabot, a man
in those days very renowned, happened to be in London, they began
first of all to deal and consult diligently with him, and after much
speech and conference together, it was at last concluded that three
ships should be prepared and furnished out for the search and
discovery of the Northern part of the world, to open a way and
passage to our men for travel to new and unknown kingdoms.

And whereas many things seemed necessary to be regarded in this so
hard and difficult a matter, they first made choice of certain grave
and wise persons in manner of a senate or company which should lay
their heads together and give their judgments and provide things
requisite and profitable for all occasions; by this company it was