Company of Merchant Adventurers to New Lands
Encyclopedia
The Company of Merchant Adventurers (in full: The Mystery, Company, and Fellowship of Merchant Adventurers for the Discovery of Regions, Dominions, Islands, and Places Unknown) was founded in London
, possibly in 1551 by Richard Chancellor
, Sebastian Cabot
and Sir Hugh Willoughby
. Some 240 adventurers purchased shares at 25 Pounds each and they received a royal charter for their company from King Edward
in 1553, with Sebastian Cabot appointed its Governor. [An adventurer is a business investor who ventures capital.] The purpose of the Company was to seek a new, northern trade route to Cathay
(China
) and the Spice Islands (the Moluccas, now part of Indonesia
).
The first expedition of the Company was led by Willoughby seeking the Northeast Passage to China
. Three ships were outfitted and crewed for the expedition, which departed London's Deptford Docks on 11 May 1553. Willoughby was aboard the Bona Esperanza (120 tons), with Richard Chancellor in command of the Edward Bonaventure (60 tons) and Bona Confidentia (90 tons). The ships became separated in a storm in the North Sea: the Bona Confidentia and Bona Esperanza rejoined, rounded North Cape and sailed east to Novaya Zemlya
. The Edward Bonaventure likewise sailed around North Cape and along the Kola Peninsula, entering the White Sea in August. On 24 August 1553, Chancellor cast anchor near the mouth of the Dwina River and was met by local Russians. While his crew wintered over near present day Arkhangelsk, Chancellor travelled overland to Moscow, where he was received by Czar Ivan the Terrible. Willoughby's two ships, turned back from Novaya Zemlya in September and attempted to winter over on the coast of Lapland: every crew member soon died from cold and hunger. Chancellor returned to the White Sea in March 1554 and arrived back in London in the fall, bearing a letter from Czar Ivan to the English king, welcoming trade between the two Christian nations. This led to the Company becoming the Muscovy Company
in 1555, also called the Russia Company. The Company's privileges were confirmed by Act of Parliament in 1566 as the Fellowship of English Merchants for the discovery of New Trades.
Further English ventures led to the creation of the Levant Company
in 1581, the Venice Company in 1583, East India Company
in 1600, Virginia Company
in 1609, and the Hudson's Bay Company
in 1670.
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, possibly in 1551 by Richard Chancellor
Richard Chancellor
Richard Chancellor was an English explorer and navigator; the first to penetrate to the White Sea and establish relations with Russia....
, Sebastian Cabot
Sebastian Cabot (explorer)
Sebastian Cabot was an explorer, born in the Venetian Republic.-Origins:...
and Sir Hugh Willoughby
Hugh Willoughby (sea captain)
Sir Hugh Willoughby of Risley, Derbyshire was an early English Arctic voyager. He was sent out on 10 May 1553, as captain of the Bona Esperanza with two other vessels under his command and with chief pilot Richard Chancellor, by a company of London merchants known as the Company of Merchant...
. Some 240 adventurers purchased shares at 25 Pounds each and they received a royal charter for their company from King Edward
Edward VI of England
Edward VI was the King of England and Ireland from 28 January 1547 until his death. He was crowned on 20 February at the age of nine. The son of Henry VIII and Jane Seymour, Edward was the third monarch of the Tudor dynasty and England's first monarch who was raised as a Protestant...
in 1553, with Sebastian Cabot appointed its Governor. [An adventurer is a business investor who ventures capital.] The purpose of the Company was to seek a new, northern trade route to Cathay
Cathay
Cathay is the Anglicized version of "Catai" and an alternative name for China in English. It originates from the word Khitan, the name of a nomadic people who founded the Liao Dynasty which ruled much of Northern China from 907 to 1125, and who had a state of their own centered around today's...
(China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
) and the Spice Islands (the Moluccas, now part of Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
).
The first expedition of the Company was led by Willoughby seeking the Northeast Passage to China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
. Three ships were outfitted and crewed for the expedition, which departed London's Deptford Docks on 11 May 1553. Willoughby was aboard the Bona Esperanza (120 tons), with Richard Chancellor in command of the Edward Bonaventure (60 tons) and Bona Confidentia (90 tons). The ships became separated in a storm in the North Sea: the Bona Confidentia and Bona Esperanza rejoined, rounded North Cape and sailed east to Novaya Zemlya
Novaya Zemlya
Novaya Zemlya , also known in Dutch as Nova Zembla and in Norwegian as , is an archipelago in the Arctic Ocean in the north of Russia and the extreme northeast of Europe, the easternmost point of Europe lying at Cape Flissingsky on the northern island...
. The Edward Bonaventure likewise sailed around North Cape and along the Kola Peninsula, entering the White Sea in August. On 24 August 1553, Chancellor cast anchor near the mouth of the Dwina River and was met by local Russians. While his crew wintered over near present day Arkhangelsk, Chancellor travelled overland to Moscow, where he was received by Czar Ivan the Terrible. Willoughby's two ships, turned back from Novaya Zemlya in September and attempted to winter over on the coast of Lapland: every crew member soon died from cold and hunger. Chancellor returned to the White Sea in March 1554 and arrived back in London in the fall, bearing a letter from Czar Ivan to the English king, welcoming trade between the two Christian nations. This led to the Company becoming the Muscovy Company
Muscovy Company
The Muscovy Company , was a trading company chartered in 1555. It was the first major chartered joint stock company, the precursor of the type of business that would soon flourish in England, and became closely associated with such famous names as Henry Hudson and William Baffin...
in 1555, also called the Russia Company. The Company's privileges were confirmed by Act of Parliament in 1566 as the Fellowship of English Merchants for the discovery of New Trades.
Further English ventures led to the creation of the Levant Company
Levant Company
The Levant Company, or Turkey Company, was an English chartered company formed in 1581, to regulate English trade with Turkey and the Levant...
in 1581, the Venice Company in 1583, East India Company
British East India Company
The East India Company was an early English joint-stock company that was formed initially for pursuing trade with the East Indies, but that ended up trading mainly with the Indian subcontinent and China...
in 1600, Virginia Company
Virginia Company
The Virginia Company refers collectively to a pair of English joint stock companies chartered by James I on 10 April1606 with the purposes of establishing settlements on the coast of North America...
in 1609, and the Hudson's Bay Company
Hudson's Bay Company
The Hudson's Bay Company , abbreviated HBC, or "The Bay" is the oldest commercial corporation in North America and one of the oldest in the world. A fur trading business for much of its existence, today Hudson's Bay Company owns and operates retail stores throughout Canada...
in 1670.