text: " Chancellor returned the following year to Moscow and arranged with the Tsar the commercial privileges and immunities of a new company of merchant-adventurers who desired to trade with Muscovy; but in 1556 while on his way home accompanied by Osep Neped the first Russian ambassador to the court of England their ship was wrecked on our own coast at Pitsligo bay where Chancellor was drowned with most of the crew; but Osep Neped who escaped was conducted with much pomp to London and there established on a firmer basis the commercial relations between the two countries to which Chancellor's discovery had led and of which he had laid the foundation