Cabot went to Bristol to make the preparations for his voyage. Bristol was the second-largest seaport in England, and during the years from 1480 onwards several expeditions had been sent out to look for Hy-Brazil, an island said to lie somewhere in the Atlantic Ocean according to Celtic legends.
[23] Bristol may have been particularly interested in seeking this island because it appears to have been believed that Bristol men had discovered the island at earlier date but then lost it. Since it was said to be a source of brazilwood (from which a valuable red dye could be obtained) the merchants had a sound economic motive for seeking the isle.
[24]
All that is known about Cabot's first voyage is contained in a letter from John Day (a Bristol merchant) to Christopher Columbus. The letter, written in the winter of 1497/8, mostly concerns the 1497 voyage. However, by way of an aside, Day notes that: "Since your Lordship wants information relating to the first voyage, here is what happened: he went with one ship, his crew confused him, he was short of supplies and ran into bad weather, and he decided to turn back.".
[25] Since Cabot only received his patent in March 1496, it is generally assumed that this voyage took place in the summer of that year
Nearly everything that is known about the 1497 voyage comes from four short letters and a brief chronicle entry. The chronicle entry, which dates from 1565, states in its entry for 1496/7 that "This year, on St. John the Baptist's Day [24 June 1497], the land of America was found by the Merchants of Bristow in a shippe of Bristowe, called the Mathew; the which said the ship departed from the port of Bristowe, the second day of May, and came home again the 6th of August next following."
[26] Although the source is late, some of the details can be corroborated from sources that the Bristol chronicler cannot have known about. It is thus generally considered that he had copied the main details from some earlier chronicle entry, perhaps merely replacing "new found land", or something similar, with "America", which had become a common term by 1565. Given that various of the details in the chronicle can be corroborated, it is generally assumed to be reliable.