IN THE YEAR 1613. 
23 
and, after many misfortunes and much suffering, re¬ 
turned with his men in a French ship, which they had 
seized, and substituted for their own. 
About the time of the breaking-up of the Steelyard 
monopoly Cabot re-appeared in England. It was a 
period of great depression in trade. In conjunction 
with “ certaine grave citizens of London, and men of 
greate wisdome, and carefull for the good of their coun¬ 
try,” he organized an association called “ The Mysterie 
and Companie of the Merchant Adventurers for the 
Discoverie of Regions, Dominions, Islands, and Places 
then unknown.” Cabot, now more than eighty years 
old, was made Grand Pilot of England, and Governor of 
the Company. 
An expedition for the discovery of a passage by the 
North-eastf was immediately resolved upon. There were 
traditions and chronicles declaring the existence of open 
navigation north of Norway and Lapland; particularly 
the narrative of Oether, or Othere, a Norwegian navi¬ 
gator, who, about the year 890, delivered to King Alfred 
“ a most just survey and description of the whole coast, 
even to the mouth of the River Dwina in Russia.” 2 
Encouraged by this account, and by others perhaps of 
a later date, great expectations were entertained of an 
easy transit in that direction. Three vessels were built 
by the best shipwrights specially for the purpose. Sir 
Hugh Willoughby — 66 a most valiant gentleman, and 
well horn ” — was selected to be admiral, from many 
2 Anderson’s Commerce, vol. i. p. 106. The story was inserted in King Alfred’s 
version of Orosius. See Hakluyt, vol. i. p. 5; and Barrington’s translation, with a 
map, in his Miscellanies, p. 453. 
