Company of Merchant Adventurers to New Lands

The Company of Merchant Adventurers to New Lands was an early joint stock association, which began with private exploration and enterprise, and was to have been incorporated by King Edward VI in 1553, but received its full Royal Charter in 1555. It led to the commencement of English trade with Russia, Persia and elsewhere, and became known informally, and later formally, as the Muscovy Company.

The Company was formed in London in about 1551 by Richard Chancellor, Sebastian Cabot and Sir Hugh Willoughby. Some 240 adventurers (investors) purchased shares at £25 each and a royal charter was prepared for their company under King Edward in 1553, making Sebastian Cabot its Governor. However the King died before it could receive the Seal. The circumstances are described at the opening of the Charter of 1566:

"divers very good Subiects of this Realme of England in the latter end of the reigne of the late right high and mightie prince our Soueraigne Lord king Edward the sixt, at the gracious incouragement and right good liking of the said king, and by his Maiesties liberall example, did at their aduenture, and to their exceeding great charges, and for the glory of God, the honor and increase of the reuenues of the Crowne, and the common vtilitie of the whole Realme of England, set forth three ships for the discoverie by sea, of Iles, lands, territories, dominions and Seigniories vnknowen, and by the Subiects of the sayd late king not commonly by seas frequented: and after that Almightie God [...] called to his mercie the said king, who died before the finishing and sealing of his most ample and gracious letters of priuiledges promised to the sayd Subiects..."

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 from 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 Dvina 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 Tsar 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.

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