In 1497 he sailed west from Bristol hoping to find a shorter route to Asia, a land believed to be rich in gold, spices and other luxuries. After a month, he discovered a 'new found land', today known as Newfoundland in Canada.
This was very valuable because John Cabot discovered a foodsource. This food is a type of fish known as cod. Which apparently was so plentiful in the waters surrounding Newfoundland. This was valuable because it soon became a cheap and available source of nutrition for everyone in England and food is hard to come by usually.
HOPE ITS CORRECT