Henry’s patent, bearing date March 5, 1495/6, and distinguished as “the most ancient American state paper of England,” gave to the grantees sweeping powers and a pretty complete commercial monopoly. They were authorized to sail in all seas to the East, the West, and the North; to seek out in any part of the undiscovered world islands, countries, and provinces of the heathen hitherto unknown to Christians; affix the ensigns of England to all places newly found and take possession of them for the English crown. They were to have the exclusive right of frequenting the places of their discovery, and enjoy all the fruits and gains of their navigations except a fifth part, which was to go to the king. The sole restriction imposed was that on their return voyages they should always land at the port of Bristol. With these generous concessions, however, the canny king stipulated that the enterprise should be wholly at the Cabots’ “own proper costs and charges.” Hakluyt reproduces the text of this precious document in the first volume of the _Principal Navigations_. It runs as follows: "Henry by the grace of God, King of England and France, and lord of Ireland, to all to whom these presents shall come, Greeting. "Be it knowen that we have given and granted, and by these presents do give and grant for us and our heires, to our welbeloved John Cabot citizen of Venice, to Lewis, Sebastian, and Santius, sonnes of the sayd John, and to the heires of them, and every of them, and their deputies, full and free authority, leave and power to saile to all parts, countreys, and seas of the East, of the West, and of the North, under our banners and ensignes, with five ships of what burthen or quantity soever they be, and as many mariners or men as they will have with them in the sayd ships, upon their owne proper costs and charges, to seeke out, discover, and finde whatsoever isles, countreys, regions or provinces of the heathen and infidels whatsoever they be, and in what part of the world soever they be, which before this time have bene unknowen to all Christians: we have granted to them, and also to every of them, the heires of them, and every of them, and their deputies, and have given this license to set up our banners and ensignes in every village, towne, castle, isle, or mainland of them newly found. And that the aforesayd John and his sonnes, or their heires and assignes may subdue, occupy, and possesse all such townes, cities, castles and isles of them found, which they can subdue, occupy, and possesse, as our vassals, and lieutenants, getting unto us the rule, title, and jurisdiction of the same villages, townes, castles, & firme land so found.