It was on this date in 1497 that John Cabot received his monetary reward from King Henry VII for his discovery of the New World. His fee: £10! It is not known for certain where in Canada Cabot landed. Certainly it was the Martime Islands, but whether Nova Scotia, Labrador, or Newfoundland is not known due to the lack of documentation. Cabot had attempted to explore Asia (the Indies as it was known then), following in the stead of Christopher Columbus. However, he felt that if he left from Bristol England, he would get there faster as the point across the sea was thought to be much narrower than from Spain where Columbus departed. It is thought that Cabot likely landed on Newfoundland, having crossed Grand Banks given that he spoke of catching cod simply by lowering his bucket into the sea! Was this the start of Newfoundland's Fisheries Industry?
Wherever he landed, Cabot claimed the land in the name of the King of England and then returned to tell the King and to receive his reward.