But the diminishing the strength of the squadron was not the greatest
inconvenience which attended these alterations, for the contests,
representations, and difficulties which they continually produced
occasioned a delay and waste of time which in its consequences was the
source of all the disasters to which this enterprise was afterwards
exposed. For by this means we were obliged to make our passage round Cape
Horn in the most tempestuous season of the year, whence proceeded the
separation of our squadron, the loss of numbers of our men, and the
imminent hazard of our total destruction. And by this delay, too, the
enemy had been so well informed of our designs that a person who had been
employed in the South Sea Company's* service, and arrived from Panama
three or four days before we left Portsmouth, was able to relate to Mr.
Anson most of the particulars of the destination and strength of our
squadron from what he had learned among the Spaniards before he left
them. And this was afterwards confirmed by a more extraordinary
circumstance; for we shall find that when the Spaniards (fully satisfied
that our expedition was intended for the South Seas) had fitted out a
squadron to oppose us, which had so far got the start of us as to arrive
before us off the island of Madeira, the Commander of this squadron was
so well instructed in the form and make of Mr. Anson's broad pennant, and
had imitated it so exactly that he thereby decoyed the "Pearl", one of
our squadron, within gunshot of him before the captain of the Pearl was
able to discover his mistake.

(*Note. The South Sea Company was formed in 1711 on the model of the East
India Company to trade in the Pacific; and on the conclusion of the
Treaty of Utrecht it was given the monopoly of the English trade with the
Spanish coasts of America. The grant of certain privileges by Government
led to wild speculation in its shares which gave rise to the famous South
Sea Bubble of 1720.)