John Cabot went to Newfoundland in 1497. What resource did he find in abundance and how did this influence the British to establish a colony in 1729?

John Cabot embarked upon three voyages to North America in total. The second one, in 1497, was the most successful. Cabot wrongly thought that he'd located the Orient, and waxed lyrical about the precious gems and spices that were certain to be found further down the coast. He clearly didn't want King Henry VII of England to think that the voyage he'd authorized had been a waste of time and money.
Cabot's crew, however, was much more excited by something that could actually be seen: the Atlantic Ocean teemed with fish. Not only that, but they'd be ridiculously easy to catch.
Cabot's accidental discovery of Newfoundland provided an impetus for further exploration. In addition to an abundant, readily-available food supply, Newfoundland was also a strategically important location which allowed the English to make greater inroads into North America, paving the way for the establishment of new settlements.
Initially, Newfoundland had a different status to other English colonies. Indeed, it was officially considered as little more than a seasonal fishing station for the sole benefit of the English fishing industry. The seasonality of the fishing trade meant that there was very little in the way of a settled population. And as there weren't many people living there permanently, there was little demand for the establishment of formal governmental institutions.
However, that changed in 1729 with the establishment of a governor and civil magistrates. Present-day Canada was an increasingly important part of the British Empire, contributing a greater share of Britain's national wealth through trade. It was thought necessary, then, that the fisheries of Newfoundland should be administered as part of a more coherent trade policy. Hence the need for the setting up of civil institutions.
https://www.heritage.nf.ca/lawfoundation/articles/administration.html