No stigma had attached to Chancellor on his return to London in the summer of 1554, despite King Edward having died and his successor Mary having executed Northumberland for attempting to place Lady Jane Grey on the throne.

The Muscovy Company, as the association of London merchants is now called, has sent Chancellor again to the White Sea.

He has learned on this voyage what had happened to Willoughby, recovered his papers, and found out about the discovery of Novaya Zemlya.

Chancellor spends the summer of 1555 dealing with the Tsar, organizing trade, and trying to learn how China might be reached by the northern route.