Why did King James I choose America's east coast for colonization?

No other European power had established colonies there.  

Explanation:    

King James I signed the charter in 1606, that allowing the Virginia Company the right to control the settlement on the east coast of America (New World). English chose to establish their first settlement in North America because it remains untouched by other European powers. King James I gave the charter to the Virginia Company to support Britain goals, including competing for other European nations in America, especially in South America where Spanish and Portuguese established colonies. Investors in the stock company expected profits from the settlement in America.    

the answer is false.

the government closely monitored its finances to avoid another financial collapse.