Progress of maritime discovery—Henry VII., 1485-1509—His encouragement of maritime commerce and treaties with foreign nations—Voyages to the Levant—Leading English shipowners—Patent to the Cabots, 1496—Discovery of the north-west coast of America, June 21, 1497—Second patent, Feb. 3, 1498—Rival claimants to the discovery of the North American continent—Sebastian Cabot and his opinions—Objects of the second expedition—Third expedition, March 1501—How Sebastian Cabot was employed from 1498 to 1512—He enters the service of Spain, 1512—Letter of Robert Thorne to Henry VIII. on further maritime discoveries—Sebastian Cabot becomes pilot-master in Spain, 1518, and afterwards (1525) head of a great trading and colonising association—Leaves for South America, April 1526, in command of an expedition to the Brazils—A mutiny and its suppression—Explores the river La Plata while waiting instructions from Spain—Sanguinary encounter with the natives—Returns to Spain, 1531, and remains there till 1549, when he settles finally in Bristol—Edward VI., A.D. 1547-1553—Cabot forms an association for trading with the north, known as the “Merchant Adventurers”—Despatch of the first expedition under Sir H. Willoughby—Instructions for his guidance, probably drawn up by Cabot—Departure, May 20, 1553—Great storm and separation of the ships—Death of Sir H. Willoughby—Success of Chancellor—His shipwreck and death at Pitsligo—Arrival in London of the first ambassador from Russia, Feb. 1557—His reception—Commercial treaty—Early system of conducting business with Russia—The benefits conferred by the Merchant Adventurers upon England—The Steelyard merchants partially restored to their former influence—Cabot loses favour with the court, and dies at an advanced age CHAPTER III. Pages 88-140