The Willoughby-Chancellor voyage was planned with much thoroughness, specifically for the expansion of trade. It was the outcome of the deliberations of “certaine grave Citizens of London and men of great wisdome and carefull for the good of their Countrey” seeking means to revive commercial affairs which had fallen into a dismal state. English commodities had come to be in small request by neighbouring peoples. “Merchandises” (as the term was) which foreigners in former times eagerly sought were now neglected and their prices lowered, although the goods were carried by the English traders to the foreign ports; while all foreign products were “in great account and their prices wonderfully raised.” Meanwhile English merchants had seen the wealth of Spaniards and Portuguese marvellously increase through the repeated discoveries of new countries and new trades for their nations. So these grave and wise citizens came at last to realize the imperative need of a similar course for England if she were to keep pace with her rivals: practically to adopt the policy which Robert Thorne had so sagely pressed a quarter of a century before. Having resolved upon a “new and strange navigation” they first of all brought Sebastian Cabot into their councils, and forming a company chose him their head. “After much speech and conference together” it was decided that three ships should be prepared for discovery in the northern parts of the world to open the way for Englishmen to unknown kingdoms northeastward. The three ships were duly obtained, for the most part newly built craft of “very strong and well-seasoned planks.” One at least of them was made especially staunch by “an excellent and ingenious invention,” described as “the covering of a piece of keel with thin sheets of lead.” This is supposed to have been the first instance in England of the practice of sheathing. It had, however, been adopted in Spain nearly forty years before. The ships were well furnished with armours and artillery, and were victualled with supplies for eighteen months. They were severally: the “Bona Esperanza,” of one hundred and twenty tons, designated admiral (flag-ship) of the fleet, the “Edward Bonaventure,” one hundred and sixty tons, and the “Bona Confidentia,” ninety tons. Each was provided with a pinnace and a boat.