Charles immediately stopped his pension, but Edward replaced it by one of 250 marks, and Cabot continued in the service of England until his death, exercising a kind of general supervision over the maritime affairs of the Kingdom, and adding to his store of charts and "discourses."
[Original]
In 1551, a general stagnation of trade pervaded England, and the London merchants consulted Cabot, who had just succeeded in breaking the monopoly of the German "Merchants of the Steelyard," as to what steps could be taken to revive it. Through his advice they formed themselves into the "Company of Merchant Adventurers of London" (of which the Bristol "Merchant Venturers" is an outcome) for the search and discovery of the northern part of the world by sea, and to open a way and passage to Cathay by the north-east.
Cabot, in recognition of his services, was made Governor for life, and immediately set about building new ships, the keels of which he covered with lead after the Spanish fashion, thus being the first to introduce the custom of "sheathing" into England.
[Original]
Great was the rejoicing when the first expedition put to sea, May 20th, 1553. The ships were towed down the Thames by boats, "and being come neare to Greenwich, where the Court then lay, the courtiers came running out, and the common people flocked together upon the shores in crowdes; the Privy Council they lookt out of the windowes of the Court, and the rest ranne up to the toppes of the towers," while the "skies rang agayne with the shouts of the mariners and the firing of the shippe's ordnance." But, alas! the young king who would have taken so keen an interest in the show, being well learned in all matters pertaining to the sea, was lying sick unto death in his room in the Palace, and e'er the ships were well on their way he had breathed his last.