“At what time our marchants perceiued the commodities and wares of England to bee in small request with the countreys and people about vs and neere vnto vs, and that those marchandizes which strangers in the time and memorie of our auncesters did earnestly seeke and desire, were nowe neglected and the price thereof abated, although by vs carried to their owne portes, and all forreine marchandises in great accompt and their prises wonderfully raised: certaine graue citizens of London, and men of great wisedome, and carefull for the good of their countrey, began to thinke with themselves howe this mischiefe might be remedied. Neither was a remedie (as it then appeared) wanting to their desires, for the auoyding of so great an inconuenience: for, seeing that the wealth of the Spaniards and Portingales, by the discouerie and search of newe trades and countreys was marueilously increased, supposing the same to be a course and meane for them also to obteine the like, they thereupon resolued upon a newe and strange nauigation. And whereas at the same time one Sebastian Cabota, [24] a man in those dayes very renowned, happened to bee in London, they began first of all to deale and consult diligently with him, and after much speech and conference together, it was at last concluded that three shippes should bee prepared and furnished out, for the search and discouerie of the northerne part of the world, to open a way and passage to our men for trauaile to newe and vnknowen kingdomes. “And whereas many things seemed necessary to bee regarded in this so hard and difficult a matter, they first make choyse of certaine graue and wise persons, in maner of a senate or companie, which should lay their heads together and giue their iudgements, and prouide things requisite and profitable for all occasions: by this companie it was thought expedient that a certaine summe of money should publiquely bee collected, to serue for the furnishing of so many shippes. And lest any priuate man should bee too much oppressed and charged, a course was taken, that euery man willing to be of the societie should disburse the portion of twentie and five pounds a piece; so that in short time by this meanes the summe of sixe thousand pounds being gathered, the three shippes were bought, the most part whereof they prouided to be newly built and trimmed.” [25]