In 1490, Venetian navigator, John Cabot, arrived in Bristol, England, with his wife and three children. Six years later, in 1496 he appealed to Henry VII for the permission and funds to set about exploring.
Henry agreed with the hope that Cabot might discover Japan or China and bring back spices which would bring about a decent profit.
Cabot and his ship The Matthew set off in the May of the following year. While he didn't find Japan or China, within a month he discovered a place later named Newfoundland.
While this land wasn't brimming with spices, it was realised that merely dipping nets into the ocean here could result in a good haul of fish - particularly cod.
He returned to England feeling reasonably triumphant and Henry awarded him £10, followed by a £20 yearly pension.
The following year (1498) Cabot, full of hope, set out again across the ocean. But that's where his story ends. It's not known if he died at sea, or once he had returned to England. However, his son, Sebastian, did follow in his father's exploratory footsteps.
Strangely, Henry VIII was to show little interest in exploration and discovery though this was revived under his daughter, Elizabeth.