Her Majesty Queen Elizabeth I has by her hand granted a new monopoly charter to the Muscovy Company. The charter bestows on the Company a monopoly on whaling. This increasingly important industry is expected to add to the power of the Muscovy Company which was established originally to trade with the Russias and maintains a factory in Moscow. Having established a reputation with the Russian authorities, the Company was entrusted in 1567 with the mission to convey an offer of marriage to Queen Elizabeth I from Czar Ivan IV. Her Majesty declined the offer but has maintained cordial relations between England and Russia.