The tower was constructed in memory of John Cabot, 400 years after he set sail in "Matthew" from Bristol and landed in what was later to become Canada. It was paid for by public subscription. The foundation stone was laid on 24 June 1897 by the Marquis of Dufferin and Ava and the tower was completed in July 1898. The architect was William Venn Gough and it was built by Love and Waite of Bristol. A lift was originally planned but never installed.