Possessed of a relatively small and poor realm, the English queen lacked the means to finance and govern an overseas colony, especially after a full-scale war erupted with Spain in 1585. Obliged to play defense in the nearby Netherlands and English Channel, the English crown lacked the men and ships for risky ventures far from home. Instead, following French and Spanish precedent, the crown subcontracted colonization by issuing licenses and monopolies to private adventurers, who assumed the risks in speculative pursuit of profits.
