Why do you think the king of England was willing to let a group of merchants try to establish a colony in North America?

The king of England was willing to let a group of merchants try to establish a colony in North America because he wanted to compete with Spain on who claims the most land. The king sent an expedition to look for a good place in North America. The scouts returned with an enthusiastic report of Roanoke Island, off the coast of present-day North Carolina.