In the first extension of English commerce, in the sixteenth century, consequent upon the discoveries of Western Africa, America, and the maritime route to India, it seems to have been conceived that exclusive chartered companies were best fitted for its effectual prosecution. "The spirit of enterprise in distant trade, which had for a century brought large resources to Spain and Portugal, began to diffuse itself as a new principle, in the rising commerce of England, during the long and able administration of Queen Elizabeth. Hence associations were beginning to be formed, the joint credit of which was to support experiments for extending the trade of the realm."[76] [Footnote 76: Ann. of the Honb. East India Co, I. 206.] In the reign of Edward VI. a company was projected with this view; which obtained a charter in 1553, from Philip and Mary, under the name of _Merchant Adventurers for the Discovery of Lands, Countries, Isles, &c. not before known to the English_. This company, of which Sebastian Cabot was governor, in the last year of Queen Mary, had extended its trade through Russia into Persia, to obtain raw silks, &c. In the course of their proceedings, the agents of this company met with merchants from India and China, from whom they acquired a knowledge of the productions of these countries, and of the profits which might be derived from extending the trade of England to these distant regions.[77] In 1581, Queen Elizabeth gave an exclusive charter to the Levant or Turkey Company, for trading to the dominions of the Grand Signior or Emperor of Turkey. In the prosecution of this trade, of which some account has been given in our preceding chapter, the factors, or travelling merchants, having penetrated from Aleppo to Bagdat and Basora, attempted to open an overland trade to the East Indies, and even penetrated to Agra, Lahore, Bengal, Malacca, and other parts of the East, whence they brought information to England of the riches that might be acquired by a direct trade by sea to the East Indies.[78] The circumnavigations of Sir Francis Drake in 1577-1580, and of Mr Thomas Cavendish, or Candish, in 1586, of which voyages accounts will be found in a future division of this work, who brought back great wealth to England, obtained by making prizes of the Spanish vessels, contributed to spread the idea among the merchants of England, that great profits and national advantages might be derived from a direct trade to India by sea.[79] [Footnote 77: Ann. of the H.E.I. Co. I. 107.] [Footnote 78: Ann. of the Hon. E. India Co. I. 108.] [Footnote 79: Id. ib.]