Phipps, however, took the first opportunity of landing
the mutinous part of the crew, and engaging other men in their
places; but, by the time that he could again proceed actively with
his explorations, he found it absolutely necessary to proceed to
England for the purpose of repairing the ship. He had now,
however, gained more precise information as to the spot where the
Spanish treasure ship had sunk; and, though as yet baffled, he was
more confident than ever of the eventual success of his enterprise.
Returned to London, Phipps reported the result of his voyage to the
Admiralty, who professed to be pleased with his exertions; but he
had been unsuccessful, and they would not entrust him with another
king's ship. James II. was now on the throne, and the Government
was in trouble; so Phipps and his golden project appealed to them
in vain. He next tried to raise the requisite means by a public
subscription. At first he was laughed at; but his ceaseless
importunity at length prevailed, and after four years' dinning of
his project into the ears of the great and influential--during
which time he lived in poverty--he at length succeeded. A company
was formed in twenty shares, the Duke of Albermarle, son of General
Monk, taking the chief interest in it, and subscribing the
principal part of the necessary fund for the prosecution of the
enterprise.
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