Cabot, like Columbus and all of the navigators of the fifteenth century, was of opinion that Cathay (China or India) could be reached by sailing to the west, and more especially to the north-west, an opinion which has prevailed even to our own times. Consequently the vessels under his first patent sailed from Bristol to discover a north-west passage to that country; and it was only when Cabot found his voyage to the north and north-west impeded by ice and land respectively, that he turned to the south in the hope, no doubt, of finding either a western passage or reaching the countries which had been discovered by Columbus. [Sidenote: Sebastian Cabot.] For this voyage of 1498, English merchants adventured small stocks of different kinds of merchandise, besides despatching various small vessels, all of which were placed under charge of Sebastian Cabot;[58] so that England commenced trading operations with America in the course of the very first year after its discovery. Henry VII. appears also to have taken a pecuniary interest in this expedition, for in the account of the privy purse expenses there are the following entries:— “22nd March, 1498. To Lancelot Thirkill of London, upon a prest (loan or advance) for his shipp going towards the New Islande, 20_l._” “Delivered to Lancelot Thirkill (for himself), going towards the New Isle, on prest, 20_l._” “April 1st, 1498. To Thomas Bradley, and Lancelot Thirkill, going to the New Isle, 30_l._” “To I. Carter, as going to the New Isle, in rewerde, 2_l._” [Sidenote: Object of the second expedition.] [Sidenote: Third expedition, March 1501.]