Closely linked to the mercantile community, he actively supported trade promotion schemes and invested in the Muscovy Company and the Levant Company. He supported the attempts of John Davis and Martin Frobisher to discover the Northwest Passage and exploit the mineral resources of Labrador, and encouraged Humphrey Gilbert's exploration of Newfoundland. Gilbert's voyage was largely financed by recusant Catholics and Walsingham favoured the scheme as a potential means of removing Catholics from England by encouraging emigration to the New World. Walsingham was among the promoters of Francis Drake's profitable 1578–1581 circumnavigation of the world, correctly judging that Spanish possessions in the Pacific were vulnerable to attack. The venture was calculated to promote the Protestant interest by embarrassing and weakening the Spanish, as well as to seize Spanish treasure. The first edition of Richard Hakluyt's "Principal Navigation, Voyages and Discoveries of the English Nation" was dedicated to Walsingham.