The arrival back at London of Chancellor’s company in the autumn of 1554 was greeted with much rejoicing, while the tales that they told of the strange sights they had seen and the great things they had accomplished filled the merchant adventurers with admiration. Uneasiness over the fate of Sir Hugh Willoughby and the men of the two lost ships tempered their enthusiasm; but their hope and belief were strong that the missing ones would ultimately be safely found, and immediate steps were taken toward a search for them. Acting upon Chancellor’s wondrous reports and the letters he brought, the English sovereign, now Mary, with her consort Philip of Spain, in February, 1555, granted a charter to the promoters under the name of the Merchant Adventurers of England, and constituted Sebastian Cabot governor of the corporation for life, in consideration that he had been the “chiefest setter forth” of the first voyage. Thus was established the great Muscovy Company with a monopoly of the new Russian trade, and empowered further to promote discoveries in unknown regions—"lands, territories, isles, dominions, and seigniories"—north, northeast, and northwest. In the following May (1555) the newly organized company despatched Chancellor on a second voyage to the White Sea again with the “Edward Bonaventure” and a companion ship, the “Philip and Mary,” both freighted with English goods to be bartered for Russian furs and other commodities. Accompanying him were three factors, or agents, of the company, and he carried letters of amity from Mary to Ivan, written in Greek, Polish, and Italian. While this second voyage was essentially a commercial one, Chancellor was to continue his efforts to discover a Northeast passage, being instructed to “use all wayes and meanes possible to learne howe men may passe from Russia either by land or sea to Cathaia.” He was also to make diligent enquiry among mariners and other “travelled persons” for tidings of Willoughby’s party. This expedition arrived at “Wardhouse” by midsummer, and Moscow was reached in November. As flattering courtesies as before were exchanged between the emperor and Chancellor, and the factors were freely accorded the privileges asked for. Chancellor remained in Moscow through the following winter and spring, and then prepared for his return voyage, Ivan having appointed an ambassador to go back with him personally to convey to the English court tokens of the emperor’s good will and readiness to enter into mutual bonds of friendship. Chancellor had made no further Northeastern discoveries, but the fate of Willoughby and his companions had been ascertained, and their two ships had been brought from the tragic Lapland haven to St. Nicholas and added to Chancellor’s fleet there.