The Muscovy Company (also called the Russia Company or the Muscovy Trading Company ) was an English trading company chartered in 1555. 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 Muscovy Company had a monopoly on trade between England and Muscovy until 1698 and it survived as a trading company until the Russian Revolution of 1917. Since 1917 the company has operated as a charity, now working within Russia. History Company of Merchant Adventurers to New Lands The Muscovy Company traces its roots to the Company of Merchant Adventurers to New Lands (in full: "Mystery and Company of Merchant Adventurers for the Discovery of Regions, Dominions, Islands, and Places unknown") founded in 1551 by Richard Chancellor, Sebastian Cabot and Sir Hugh Willoughby, who decided to look for the Northeast Passage to China. 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. He had no prior nautical or navigational experience and it was hoped he would transition into naval life with the same aplomb he showed on land. Chancellor would function as the navigator of the small fleet, which consisted of three ships: the Bona Esperanza under Willoughby, the Edward Bonaventure under Chancellor and the Bona Confidentia. The fleet departed from London on 10 May 1553, but near the Lofoten islands a storm hit the ships and separated Chancellor's vessel from the other two. Willoughby eventually crossed the Barents Sea and reached Novaya Zemlya. He spent some time sailing along the coast, then turned south towards Scandinavia. However at the mouth of the Varzina River on the coast to the east of present-day Murmansk the ship became trapped in ice. Willoughby and his crew were found a few years later by Russian fishermen who stumbled across the ship frozen in ice. Forcing entry into the ship, they found the bodies of Willoughby and his men frozen solid. 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