It was the first major chartered joint-stock company, the precursor of the type of business that would soon flourish in England and finance its exploration of the world.

The first expedition of the Company of Merchant Adventurers was led by Willoughby, who was chosen for his military leadership skills after esteemed service against the Scots defending English castles in the north of the country.

It has been assumed that the men froze after a cold Russian winter aboard the ship, however, Willoughby and his men were well supplied for a winter aboard a ship – they had supplies of food enough for a journey meant for Asia and they had many woollen garments meant for trading in any destination they might have ended up in.

He reached the harbour of Nikolo-Korelsky Monastery on the Northern Dvina river (near the present-day Arkhangelsk, which would be eventually founded in 1584 to service the growing trade).

The region had just recently been added to Muscovy, and when Tsar Ivan IV heard of Chancellor's arrival, he immediately invited the exotic guest to visit Moscow for an audience at the royal court.

Upon his arrival to the court of Ivan IV, Chancellor secured a number of privileges within Russia for the company, including free passage, control of English settlement, and freedom from arrest.

Chancellor drowned, but Nepeya managed to reach the coast, where he was taken hostage by the Scots for a few months before they allowed him to travel on to London.

[6] In 1567, when Muscovy was faring badly in the Livonian War (1558–1583), Tsar Ivan IV asked Jenkinson to sound out Queen Elizabeth I of England as a marriage prospect, providing a possible refuge for him if he was forced to flee the country.

[7] This unease between the Muscovy Company and Russia continued to the end of the sixteenth century, under the anti-English dominated courts of Fyodor Ivanovich and Boris Godunov.

[8] At the end of the 16th century, Richard Hakluyt wrote: "... the notable and strange journey of Master Jenkinson to Boghar in Bactria.

Whereunto thou maist adde sixe of our voyages eleven hundred verstes up against the streame of Dwina to the towne of Vologhda thence one hundred and fourescore verstes by land to Yeraslaue standing upon the mighty river of Volga: there hence above two thousand and five hundred versts downe the streame to the ancient marte Towne of Astracan, and so to the manifolde mouthes of Volga, and from thence also by ship over the Caspian sea into Media, and further then that also with Camels unto Georgia, Armenia, Hyrcania, Gillan, and the cheefest Cities of the Empire of Persia: wherein the Companie of Moscovie Marchants to the perpetual honor of their Citie, and societie, have performed more than any one, yea than all the nations of Europe besides.

[12] Shortly after Chancellor's death in 1556, the Muscovy Company sent another voyage to discover the Northeast Passage, this time led by Steven Borough.

[2] St. Andrew's and the company headquarters (called the Old English Yard), were built during the reign of Ivan IV, and are not far from the Moscow Kremlin.