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Chapter 01 - Introduction
1-1
Test Bank for Financial Markets and
Institutions, 5th Edition: Saunders
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Chapter 01
Introduction
True / False Questions
1. Primary markets are markets where users of funds raise cash by selling securities to funds'
suppliers.
True False
2. Secondary markets are markets used by corporations to raise cash by issuing securities for a
short time period.
True False
3. In a private placement, the issuer typically sells the entire issue to one, or only a few,
institutional buyers.
True False
4. The NYSE is an example of a secondary market.
True False
5. Privately placed securities are usually sold to one or more investment bankers and then
resold to the general public.
True False

1-2
6. Money markets are the markets for securities with an original maturity of 1 year or less.
True False
7. Financial intermediaries such as banks typically have assets that are riskier than their
liabilities.
True False

1-3
8. There are three types of major financial markets today: primary, secondary, and derivatives
markets. The NYSE and NASDAQ are both examples of derivatives markets.
True False
Multiple Choice Questions
9. What factors are encouraging financial institutions to offer overlapping financial services
such as banking, investment banking, brokerage, etc.?
I. Regulatory changes allowing institutions to offer more services
II. Technological improvements reducing the cost of providing financial services
III. Increasing competition from full service global financial institutions
IV. Reduction in the need to manage risk at financial institutions
A. I only
B. II and III only
C. I, II, and III only
D. I, II, and IV only
E. I, II, III, and IV
Figure 1-1
IBM creates and sells additional stock to the investment banker, Morgan Stanley. Morgan
Stanley then resells the issue to the U.S. public.
10. This transaction is an example of a(n)
A. primary market transaction
B. asset transformation by Morgan Stanley
C. money market transaction
D. foreign exchange transaction
E. forward transaction

1-4
11. Morgan Stanley is acting as a(n)
A. asset transformer
B. asset broker
C. government regulator
D. foreign service representative
12. A corporation seeking to sell new equity securities to the public for the first time in order
to raise cash for capital investment would most likely
A. conduct an IPO with the assistance of an investment banker
B. engage in a secondary market sale of equity
C. conduct a private placement to a large number of potential buyers
D. place an ad in the Wall Street Journal soliciting retail suppliers of funds
E. none of the above
13. The largest capital market security outstanding in 2010 measured by market value was
A. securitized mortgages
B. corporate bonds
C. municipal bonds
D. Treasury bonds
E. corporate stocks
14. The diagram below is a diagram of the
A. secondary markets
B. primary markets
C. money markets
D. derivatives markets
E. commodities markets

1-5
15. _________ and __________ allow a financial intermediary to offer safe, liquid liabilities
such as deposits while investing the depositors' money in riskier, illiquid assets.
A. Diversification; high equity returns
B. Price risk; collateral
C. Free riders; regulations
D. Monitoring; diversification
E. Primary markets; foreign exchange markets
16. Depository institutions include:
A. banks
B. thrifts
C. finance companies
D. all of the above
E. A and B only
17. Match the intermediary with the characteristic that best describes its function.
I. Provide protection from adverse events
II. Pool funds of small savers and invest in either money or capital markets
III. Provide consumer loans and real estate loans funded by deposits
IV. Accumulate and transfer wealth from work period to retirement period
V. Underwrite and trade securities and provide brokerage services
1. Thrifts
2. Insurers
3. Pension funds
4. Securities firms and investment banks
5. Mutual funds
A. 1, 3, 2, 5, 4
B. 4, 2, 3, 5, 1
C. 2, 5, 1, 3, 4
D. 2, 4, 5, 3, 1
E. 5, 1, 3, 2, 4

1-6
18. Secondary markets help support primary markets because secondary markets
I. Offer primary market purchasers liquidity for their holdings
II. Update the price or value of the primary market claims
III. Reduce the cost of trading the primary market claims
A. I only
B. II only
C. I and II only
D. II and III only
E. I, II, and III
19. Financial intermediaries (FIs) can offer savers a safer, more liquid investment than a
capital market security, even though the intermediary invests in risky illiquid instruments
because
A. FIs can diversify away some of their risk
B. FIs closely monitor the riskiness of their assets
C. the federal government requires them to do so
D. both a and b
E. both a and c
20. Households are increasingly likely to both directly purchase securities (perhaps via a
broker) and also place some money with a bank or thrift to meet different needs. Match up the
given investor's desire with the appropriate intermediary or direct security.
I. Money likely to be needed within 6 months
II. Money to be set aside for college in 10 years
III. Money to provide supplemental retirement income
IV. Money to be used to provide for children in the event of death
1. Depository institutions
2. Insurer
3. Pension fund
4. Stocks or bonds
A. 2, 3, 4, 1
B. 1, 4, 2, 3
C. 3, 2, 1, 4
D. 1, 4, 3, 2
E. 4, 2, 1, 3

1-7
21. As of 2010, which one of the following derivatives instruments had the greatest amount of
notional principle outstanding?
A. Futures
B. Swaps
C. Options
D. Bonds
E. Forwards
22. Which of the following is/are money market instrument(s)?
A. Negotiable CDs
B. Common stock
C. T-bonds
D. 4-year maturity corporate bond
E. A, B, and C are money market instruments
23. The Securities Exchange Commission (SEC) does not
A. decide whether a public issue is fairly priced
B. decide whether a firm making a public issue has provided enough information for investors
to decide whether the issue is fairly priced
C. require exchanges to monitor trading to prevent insider trading
D. attempt to reduce excessive price fluctuations
E. monitor the major securities exchanges
24. The most diversified type of depository institutions are
A. credit unions
B. savings associations
C. commercial banks
D. finance companies
E. mutual funds

1-8
25. Insolvency risk at a financial intermediary (FI) is the risk
A. that promised cash flows from loans and securities held by FIs may not be paid in full
B. incurred by an FI when the maturities of its assets and liabilities do not match
C. that a sudden surge in liability withdrawals may require an FI to liquidate assets quickly at
fire sale prices
D. incurred by an FI when its investments in technology do not result in cost savings or
revenue growth
E. risk that an FI may not have enough capital to offset a sudden decline in the value of its
assets
26. Depository institutions (DIs) play an important role in the transmission of monetary policy
from the Federal Reserve to the rest of the economy because
A. loans to corporations are part of the money supply
B. bank and thrift loans are tightly regulated
C. U.S. DIs compete with foreign financial institutions
D. DI deposits are a major portion of the money supply
E. thrifts provide a large amount of credit to finance residential real estate
27. Liquidity risk at a financial intermediary (FI) is the risk
fire sale prices
revenue growth
assets

1-9
28. Money markets trade securities that
I. Mature in one year or less
II. Have little chance of loss of principal
III. Must be guaranteed by the federal government
A. I only
B. II only
C. I and II only
D. I and III only
E. I, II, and III

1-10
29. Which of the following is/are capital market instruments?
A. 10-year corporate bonds
B. 30-year mortgages
C. 20-year Treasury bonds
D. 15-year U.S. government agency bonds
E. All of the above
30. Commercial paper is
A. a time draft payable to a seller of goods, with payment guaranteed by a bank
B. a loan to an individual or business to purchase a home, land, or other real property
C. short-term funds transferred between financial institutions usually for no more than one
day
D. a marketable bank issued time deposit that specifies the interest rate earned and a fixed
maturity date
E. a short-term unsecured promissory note issued by a company to raise funds for a short time
period
31. A negotiable CD is
C. a short-term fund transferred between financial institutions usually for no more than one
day
maturity date
period
Short Answer Questions
32. Discuss how secondary markets benefit funds issuers.

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1-11
33. How can brokers and dealers make money? Which activity is riskier? Why?
34. What does an asset transformer do? Why is asset transformation a risky activity?
35. How can using indirect finance rather than direct finance reduce agency costs associated
with monitoring funds' demanders?
36. What have been the major factors contributing to growth in the foreign financial markets?

1-12
37. You are a corporate treasurer seeking to raise funds for your firm. What are some
advantages of raising funds via a financial intermediary (FI) rather than by selling securities
to the public?
38. How can a depository intermediary afford to purchase long-term risky direct claims from
fund's demanders and finance these purchases with safe, liquid, short-term, low denomination
deposits? What can go wrong in this process?
39. Discuss the benefits to funds' suppliers of using a financial intermediary asset transformer
in place of directly purchasing claims such as stocks or bonds. What is the major
disadvantage?
40. Discuss the major macro benefits of financial intermediaries. What role does the
government have in the credit allocation process?

1-13
41. What determines the price of financial instruments? Which are riskier, capital market
instruments or money market instruments? Why?
42. Explain how the credit crunch originating in the mortgage markets hurt financial
intermediaries' attempts to use diversification and monitoring to limit the riskiness of their
loans and investments while offering more liquid claims to savers.

1-14
Chapter 01 Introduction Answer Key
True / False Questions
1. Primary markets are markets where users of funds raise cash by selling securities to funds'
suppliers.
TRUE
AACSB: Reflective Thinking
Blooms: Remember
Difficulty: 1 Easy
Learning Goal: 01-01 Differentiate between primary and secondary markets.
Topic: Overview of Financial Markets
2. Secondary markets are markets used by corporations to raise cash by issuing securities for a
short time period.
FALSE
Blooms: Remember
Difficulty: 1 Easy
3. In a private placement, the issuer typically sells the entire issue to one, or only a few,
institutional buyers.
TRUE
Blooms: Remember
Difficulty: 1 Easy

1-15
4. The NYSE is an example of a secondary market.
TRUE
Blooms: Understand
Difficulty: 1 Easy
5. Privately placed securities are usually sold to one or more investment bankers and then
resold to the general public.
FALSE
Blooms: Remember
Difficulty: 1 Easy
6. Money markets are the markets for securities with an original maturity of 1 year or less.
TRUE
Blooms: Remember
Difficulty: 1 Easy
Learning Goal: 01-02 Differentiate between money and capital markets.
7. Financial intermediaries such as banks typically have assets that are riskier than their
liabilities.
TRUE
Blooms: Remember
Difficulty: 1 Easy
Learning Goal: 01-06 Know the services financial institutions perform.
Topic: Overview of Financial Institutions

1-16
8. There are three types of major financial markets today: primary, secondary, and derivatives
markets. The NYSE and NASDAQ are both examples of derivatives markets.
FALSE
Blooms: Understand
Difficulty: 1 Easy
Learning Goal: 01-04 Understand what derivative security markets are.
Multiple Choice Questions
9. What factors are encouraging financial institutions to offer overlapping financial services
such as banking, investment banking, brokerage, etc.?
I. Regulatory changes allowing institutions to offer more services
II. Technological improvements reducing the cost of providing financial services
III. Increasing competition from full service global financial institutions
IV. Reduction in the need to manage risk at financial institutions
A. I only
B. II and III only
C. I, II, and III only
D. I, II, and IV only
E. I, II, III, and IV
AACSB: Analytic
Blooms: Evaluate
Difficulty: 1 Easy
Learning Goal: 01-08 Appreciate why financial institutions are regulated.
Figure 1-1
IBM creates and sells additional stock to the investment banker, Morgan Stanley. Morgan
Stanley then resells the issue to the U.S. public.

1-17
10. This transaction is an example of a(n)
A. primary market transaction
B. asset transformation by Morgan Stanley
C. money market transaction
D. foreign exchange transaction
E. forward transaction
AACSB: Analytic
Blooms: Analyze
Difficulty: 1 Easy
11. Morgan Stanley is acting as a(n)
A. asset transformer
B. asset broker
C. government regulator
D. foreign service representative
AACSB: Analytic
Blooms: Analyze
Difficulty: 2 Medium
12. A corporation seeking to sell new equity securities to the public for the first time in order
to raise cash for capital investment would most likely
A. conduct an IPO with the assistance of an investment banker
B. engage in a secondary market sale of equity
C. conduct a private placement to a large number of potential buyers
D. place an ad in the Wall Street Journal soliciting retail suppliers of funds
E. none of the above
Blooms: Evaluate

1-18
13. The largest capital market security outstanding in 2010 measured by market value was
A. securitized mortgages
B. corporate bonds
C. municipal bonds
D. Treasury bonds
E. corporate stocks
Blooms: Remember
Difficulty: 1 Easy
14. The diagram below is a diagram of the
A. secondary markets
B. primary markets
C. money markets
D. derivatives markets
E. commodities markets
AACSB: Analytic
Blooms: Understand
Difficulty: 1 Easy

1-19
15. _________ and __________ allow a financial intermediary to offer safe, liquid liabilities
such as deposits while investing the depositors' money in riskier, illiquid assets.
A. Diversification; high equity returns
B. Price risk; collateral
C. Free riders; regulations
D. Monitoring; diversification
E. Primary markets; foreign exchange markets
Blooms: Remember
Learning Goal: 01-07 Know the risks financial institutions face.
16. Depository institutions include:
A. banks
B. thrifts
C. finance companies
D. all of the above
E. A and B only
Blooms: Understand
Learning Goal: 01-05 Distinguish between the different types of financial institutions.

1-20
17. Match the intermediary with the characteristic that best describes its function.
I. Provide protection from adverse events
II. Pool funds of small savers and invest in either money or capital markets
III. Provide consumer loans and real estate loans funded by deposits
IV. Accumulate and transfer wealth from work period to retirement period
V. Underwrite and trade securities and provide brokerage services
1. Thrifts
2. Insurers
3. Pension funds
4. Securities firms and investment banks
5. Mutual funds
A. 1, 3, 2, 5, 4
B. 4, 2, 3, 5, 1
C. 2, 5, 1, 3, 4
D. 2, 4, 5, 3, 1
E. 5, 1, 3, 2, 4
AACSB: Analytic
Blooms: Analyze
Blooms: Understand

1-21
18. Secondary markets help support primary markets because secondary markets
I. Offer primary market purchasers liquidity for their holdings
II. Update the price or value of the primary market claims
III. Reduce the cost of trading the primary market claims
A. I only
B. II only
C. I and II only
D. II and III only
E. I, II, and III
AACSB: Analytic
Blooms: Analyze
Blooms: Understand
19. Financial intermediaries (FIs) can offer savers a safer, more liquid investment than a
capital market security, even though the intermediary invests in risky illiquid instruments
because
A. FIs can diversify away some of their risk
B. FIs closely monitor the riskiness of their assets
C. the federal government requires them to do so
D. both a and b
E. both a and c
Blooms: Evaluate
Difficulty: 1 Easy

1-22
20. Households are increasingly likely to both directly purchase securities (perhaps via a
broker) and also place some money with a bank or thrift to meet different needs. Match up the
given investor's desire with the appropriate intermediary or direct security.
I. Money likely to be needed within 6 months
II. Money to be set aside for college in 10 years
III. Money to provide supplemental retirement income
IV. Money to be used to provide for children in the event of death
1. Depository institutions
2. Insurer
3. Pension fund
4. Stocks or bonds
A. 2, 3, 4, 1
B. 1, 4, 2, 3
C. 3, 2, 1, 4
D. 1, 4, 3, 2
E. 4, 2, 1, 3
AACSB: Analytic
Blooms: Analyze
Blooms: Evaluate
21. As of 2010, which one of the following derivatives instruments had the greatest amount of
notional principle outstanding?
A. Futures
B. Swaps
C. Options
D. Bonds
E. Forwards
Blooms: Remember
Difficulty: 1 Easy
Learning Goal: 01-04 Understand what derivative security markets are.

1-23
22. Which of the following is/are money market instrument(s)?
A. Negotiable CDs
B. Common stock
C. T-bonds
D. 4-year maturity corporate bond
E. A, B, and C are money market instruments
Blooms: Understand
Difficulty: 1 Easy
23. The Securities Exchange Commission (SEC) does not
A. decide whether a public issue is fairly priced
B. decide whether a firm making a public issue has provided enough information for investors
to decide whether the issue is fairly priced
C. require exchanges to monitor trading to prevent insider trading
D. attempt to reduce excessive price fluctuations
E. monitor the major securities exchanges
AACSB: Analytic
Blooms: Understand
Learning Goal: 01-08 Appreciate why financial institutions are regulated.
24. The most diversified type of depository institutions are
A. credit unions
B. savings associations
C. commercial banks
D. finance companies
E. mutual funds
AACSB: Analytic
Blooms: Remember

1-24
25. Insolvency risk at a financial intermediary (FI) is the risk
fire sale prices
revenue growth
assets
Blooms: Understand
Learning Goal: 01-07 Know the risks financial institutions face.
26. Depository institutions (DIs) play an important role in the transmission of monetary policy
from the Federal Reserve to the rest of the economy because
A. loans to corporations are part of the money supply
B. bank and thrift loans are tightly regulated
C. U.S. DIs compete with foreign financial institutions
D. DI deposits are a major portion of the money supply
E. thrifts provide a large amount of credit to finance residential real estate
Blooms: Understand
Difficulty: 3 Difficult

1-25
27. Liquidity risk at a financial intermediary (FI) is the risk
fire sale prices
revenue growth
assets
Blooms: Remember
28. Money markets trade securities that
I. Mature in one year or less
II. Have little chance of loss of principal
III. Must be guaranteed by the federal government
A. I only
B. II only
C. I and II only
D. I and III only
E. I, II, and III
Blooms: Remember

1-26
29. Which of the following is/are capital market instruments?
A. 10-year corporate bonds
B. 30-year mortgages
C. 20-year Treasury bonds
D. 15-year U.S. government agency bonds
E. All of the above
Blooms: Remember
Difficulty: 1 Easy
30. Commercial paper is
C. short-term funds transferred between financial institutions usually for no more than one
day
maturity date
period
Blooms: Remember
Difficulty: 1 Easy

1-27
31. A negotiable CD is
C. a short-term fund transferred between financial institutions usually for no more than one
day
maturity date
period
Blooms: Remember
Difficulty: 1 Easy

1-28
Short Answer Questions
32. Discuss how secondary markets benefit funds issuers.
The secondary markets provide liquidity to investors after their initial purchase of the
security. This liquidity encourages them to purchase the security at the initial offer. The
current market price also reflects current prospects for the firm and the competitiveness of the
issue relative to similar securities. Corporate treasurers follow their stocks' price closely
because the stock price reflects how well their firm and the market are performing. The
current security price also provides information about the cost of obtaining any additional
funds.
Blooms: Understand
33. How can brokers and dealers make money? Which activity is riskier? Why?
An asset broker assists buyers and sellers of securities by providing a mechanism for a buyer
or seller to process their order. If the broker simply assists one party in finding another party,
the broker charges a small fee called a commission. An asset dealer buys (sells) the security
for their own account at the bid (ask) price and then sells (buys) the security at a higher ask
price. The dealer profits by earning the bid-ask spread or the difference between the buy and
sell price. The dealer's function is riskier because the dealer must maintain an inventory of the
asset and honor quotes to buy and sell. If the security is risky the value of the inventory can
fluctuate with market prices. The broker takes less risk because they do not own the security.
Blooms: Evaluate
Blooms: Understand

1-29
34. What does an asset transformer do? Why is asset transformation a risky activity?
An asset transformer buys one security from a customer or makes and creates a separate claim
in order to raise funds. This is normally a risky activity because the asset acquired will be
riskier than the security (or deposit) used to raise funds because the intermediary hopes to
profit on the spread between the rate earned on the asset claim and the rate paid on the
liability claim. In order for this spread to be positive, generally speaking, the asset must be
riskier than the liability.
AACSB: Analytic
Blooms: Analyze
Blooms: Understand
35. How can using indirect finance rather than direct finance reduce agency costs associated
with monitoring funds' demanders?
A large FI has a greater incentive to monitor the behavior of funds' demanders in indirect
financing. The FI supposedly hires and trains experts who know how to collect information
about a fund's demander and evaluate whether the fund's demander is acting appropriately. In
direct finance, a fund's demander sells claims to the public at large. In this case there is little
incentive for an individual claimholder to monitor and attempt to enforce good behavior on
the part of the fund's user. The benefit of monitoring and enforcement is shared among all
claimholders, but the cost would be borne by only the sole individual. This is termed the
"free-rider" problem. If there is improved monitoring of borrower behavior, the problem of
agency costs is likely to be reduced.
Blooms: Understand

1-30
36. What have been the major factors contributing to growth in the foreign financial markets?
1. Increase in the amount of savings available for investment in foreign countries.
2. International investors have looked to the United States for better investment opportunities.
3. The Internet has helped provide additional information on foreign markets and overseas
investment opportunities.
4. Specialized intermediaries such as country specific mutual funds and ADRs have been
developed to facilitate overseas investments.
5. Deregulation of foreign markets has allowed many new investors to participate in
international investing.
Blooms: Understand
Learning Goal: 01-09 Recognize that financial markets are becoming increasingly global.
Topic: Globalization of Financial Markets and Institutions
37. You are a corporate treasurer seeking to raise funds for your firm. What are some
advantages of raising funds via a financial intermediary (FI) rather than by selling securities
to the public?
Advantages include:
* Speed: funds can normally be raised more quickly through FIs.
* Registration process/cost: The registration process can be quite costly and time-consuming
in terms of workers' hours, audit fees, and fees to investment bankers. Raising funds via a FI
can be less expensive, particularly for smaller capital needs or when funds are needed for only
a short time period. (Maturities of 270 days or less do not require registration, nor do private
placements).
* Nonstandard terms can be negotiated with FIs but are difficult to sell to the public. For
example, if a borrower can only begin paying interest after 2 years, they would have a
difficult time selling bonds to the public.
* There is a greater ability to renegotiate terms if necessary. Terms of public issue generally
cannot be changed outside of court.
* Less information is made public.
Blooms: Understand

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“SAILING SHIPS AND THEIR STORY”
&c. &c. &c.
WITH ILLUSTRATIONS IN COLOURS
LONDON
SEELEY, SERVICE & CO. LIMITED
196 Shaftesbury Avenue
MDCCCCXXIX

CONTENTS
CHAP. PAGE
I. The Earliest Pirates 17
II. The North Sea Pirates 29
III. Piracy in the Early Tudor Times 37
IV. The Corsairs of the South 48
V. The Wasps at Work 60
VI. Galleys and Gallantry 70
VII. Piracy in Elizabethan Times 79
VIII. Elizabethan Seamen and Turkish Pirates 89
IX. The Stuart Navy goes forth against the “Pyrats” 101
X. The Good Ship Exchange of Bristol 114
XI. A Wonderful Achievement 126
XII. The Great Sir Henry Morgan 136
XIII. “Black Beard” Teach 151
XIV. The Story of Captain Kidd 162
XV. The Exploits of Captain Avery 172
XVI. A “Gentleman” of Fortune 183
XVII. Paul Jones, Pirate and Privateer 196
XVIII. A Notorious American Pirate 210
XIX. The Last of the Algerine Corsairs 217
XX. Pirates of the Persian Gulf 224
XXI. The Story of Aaron Smith 235

LIST OF ILLUSTRATIONS
A Fierce Duel Frontispiece
FACING PAGE
A Daring Attack 54
Galley Slaves 76
Gallantry against Odds 90
Blighted Hopes 104
Bombardment of Algiers 220
Attacking a Pirate Stronghold 232

NOTE
The contents of this book have been taken from Lieutenant Keble
Chatterton’s larger and more expensive volume entitled The
Romance of Piracy.
THE ROMANCE OF PIRACY

CHAPTER I
THE EARLIEST PIRATES
I suppose there are few words in use which at once suggest so
much romantic adventure as the words pirate and piracy. You
instantly conjure up in your mind a wealth of excitement, a clashing
of lawless wills, and there pass before your eyes a number of
desperate dare-devils whose life and occupation are inseparably
connected with the sea.
The very meaning of the word, as you will find on referring to a
Greek dictionary, indicates one who attempts to rob. In classical
times there was a species of Mediterranean craft which was a light,
swift vessel called a myoparo because it was chiefly used by pirates.
Since the Greek verb peirao means literally “to attempt,” so it had
the secondary meaning of “to try one’s fortune in thieving on sea.”
Hence a peirates (in Greek) and pirata (in Latin) signified afloat the
counterpart of a brigand or highwayman on land. To many minds
piracy conjures up visions that go back no further than the
seventeenth century: but though it is true that during that period
piracy attained unheard-of heights in certain seas, yet the avocation
of sea-robbery dates back very much further.
Robbery by sea is certainly one of the oldest professions in the
world. I use the word profession advisedly, for the reason that in the
earliest days to be a pirate was not the equivalent of being a pariah
and an outcast. It was deemed just as honourable then to belong to
a company of pirates as it is to-day to belong to the navy of any
recognised power. It is an amusing fact that if in those days two
strange ships met on the high seas, and one of them, hailing the
other, inquired if she were a pirate or a trader, the inquiry was
neither intended nor accepted as an insult, but a correct answer
would follow. It is a little difficult in these modern days of regular

steamship routes and powerful liners which have little to fear beyond
fog and exceptionally heavy weather, to realise that every merchant
ship sailed the seas with fear and trepidation. When she set forth
from her port of lading there was little certainty that even if the ship
herself reached the port of destination, her cargo would ever be
delivered to the rightful receivers. The ship might be jogging along
comfortably, heading well up towards her destined port, when out
from the distance came a much faster and lighter vessel of smaller
displacement and finer lines. In a few hours the latter would have
overhauled the former, the scanty crew of the merchantman would
have been thrown into the sea or pressed into the pirate’s service, or
else taken ashore to the pirate’s haunt and sold as slaves. The rich
cargo of merchandise could be sold or bartered when the land was
reached, and the merchant ship sunk or left to wallow in the
Mediterranean swell.
It is obvious that because the freight ship had to be big-bellied to
carry the maximum cargo she was in most instances unable to run
away from the swift-moving pirate except in heavy weather. But in
order to possess some means of defence it was not unusual for
these peaceful craft to be provided with turrets of great height, from
which heavy missiles could be dropped on to the attacking pirate. In
the bows, in the stern and amidships these erections could easily be
placed and as quickly removed. And as a further aid oars would be
got out in an endeavour to accelerate the ship’s speed. For whilst
the pirate relied primarily on oars, the trader relied principally on sail
power. Therefore in fine settled weather, with a smooth sea, the low-
lying piratical craft was at its best. It could be manœuvred quickly, it
could dart in and out of little bays, it could shelter close in to the
shore under the lee of a friendly reef, and it was, because of its low
freeboard, not easy to discern at any great distance, unless the sea
was literally smooth. But all through history this type of vessel has
been shown to be at a disadvantage as soon as it comes on to blow
and the unruffled surface gives way to high crest and deep furrows.
It is as impossible to explain the growth of piracy as it is to define
precisely the call of the sea. A man is born with a bias in favour of

the sea or he is not: there is no possibility of putting that instinct
into him if already he has not been endowed with that attitude. So
also we know from our own personal experience, every one of us,
that whilst some of our own friends fret and waste in sedentary
pursuits, yet from the time they take to the sea or become explorers
or colonisers they find their true métier. The call of the sea is the call
of adventure in a specialised form. It has been said, with no little
truth, that many of the yachtsmen of to-day, if they had been living
in other ages, would have gone afloat as pirates or privateers. And
so, if we want to find an explanation for the amazing historical fact
that for century after century, in spite of all the efforts which many a
nation made to suppress piracy, it revived and prospered, we can
only answer that, quite apart from the lust of wealth, there was at
the back of it all that love of adventure, that desire for exciting
incident, that hatred of monotonous security which one finds in so
many natures. A distinguished British admiral remarked the other
day that it was his experience that the best naval officers were
usually those who as boys were most frequently getting into
disfavour for their adventurous escapades. It is, at any rate, still true
that unless the man or boy has in him the real spirit of adventure,
the sea, whether as a sport or profession, can have but little
fascination for him.
International law and the growth of navies have practically put an
end to the profession of piracy, though privateering would doubtless
reassert itself in the next great naval war. But if you look through
history you will find that, certainly up to the nineteenth century,
wherever there was a seafaring nation there too had flourished a
band of pirates. Piracy went on for decade after decade in the
Mediterranean till at length it became unbearable, and Rome had to
take the most serious steps and use the most drastic measures to
stamp out the nests of hornets. A little later you find another
generation of sea-robbers growing up and acting precisely as their
forefathers. Still further on in history you find the Barbarian corsairs
and their descendants being an irrepressible menace to
Mediterranean shipping. For four or five hundred years galleys

waylaid ships of the great European nations, attacked them,
murdered their crews and plundered the Levantine cargoes. Time
after time were these corsairs punished: time after time they rose
again. In vain did the fleets of southern Christian Europe or the ships
of Elizabeth or the Jacobean navy go forth to quell them. Algiers and
Tunis were veritable plague-spots in regard to piracy. Right on
through time the northern coast of Africa was the hotbed of pirates.
Not till Admiral Lord Exmouth, in the year 1816, was sent to quell
Algiers did Mediterranean piracy receive its death-blow, though it
lingered on for some little time later.
But piracy is not confined to any particular nation nor to any
particular sea, any more than the spirit of adventure is the exclusive
endowment of any particular race. There have been notorious
pirates in the North Sea as in the Mediterranean, there have been
European pirates in the Orient just as there have been Moorish
pirates in the English Channel. There have been British pirates on
the waters of the West Indies as there have been of Madagascar.
There have flourished pirates in the North, in the South, in the East
and the West—in China, Japan, off the coast of Malabar, Borneo,
America and so on. The species of ships are often different, the
racial characteristics of the sea-rovers are equally distinct, yet there
is still the same determined clashing of wills, the same desperate
nature of the contests, the same exciting adventure; and in the
following pages it will be manifest that in spite of differences of time
and place the romance of piratical incident lives on for the reason
that human nature, at its basis, is very much alike the whole world
over.
But we must make a distinction between isolated and collected
pirates. There is a great dissimilarity, for instance, between a
pickpocket and a band of brigands. The latter work on a grander,
bolder system. So it has always been with the robbers of the sea.
Some have been brigands, some have been mere pickpockets. The
“grand” pirates set to work on a big scale. It was not enough to lie
in wait for single merchant ships: they swooped down on to seaside
towns and villages, carried off by sheer force the inhabitants and

sold them into slavery. Whatever else of value might attract their
fancy they also took away. If any important force were sent against
them, the contest resolved itself not so much into a punitive
expedition as a piratical war. There was nothing petty in piracy on
these lines. It had its proper rules, its own grades of officers and
drill. Lestarches was the Greek name for the captain of a band of
pirates, and it was their splendid organisation, their consummate
skill as fighters, that made them so difficult to quell.
I have said that piracy was regarded as an honourable profession.
In the earliest times this is true. The occupation of a pirate was
deemed no less worthy than a man who gained his living by fishing
on the sea or hunting on land. Just as in the Elizabethan age we find
the sons of some of the best English families going to sea on a
roving expedition to capture Spanish treasure ships, so in classical
times the Mediterranean pirates attracted to their ships adventurous
spirits from all classes of society, from the most patrician to the most
plebeian: the summons of the sea was as irresistible then as later
on. But there were definite arrangements made for the purpose of
sharing in any piratical success, so there was an incentive other than
that of mere adventure which prompted men to become pirates.
To-day, if the navies of the great nations were to be withdrawn,
and the policing of the seas to cease, it is pretty certain that those
so disposed would presently revive piracy. Nothing is so inimical to
piracy as settled peace and good government. But nothing is so
encouraging to piracy as prolonged unsettlement in international
affairs and weak administration. So it was that the incessant
Mediterranean wars acted as a keen incentive to piracy. War breeds
war, and the spirit of unrest on sea affected the pirate no less than
the regular fighting man. Sea-brigandage was rampant. These
daring robbers went roving over the sea wherever they wished, they
waxed strong, they defied opposition.
And there were special territories which these pirates preferred to
others. The Liparian Isles—from about 580 b.c. to the time of the
Roman Conquest—were practically a republic of Greek corsairs.

Similarly the Ionians and the Lycians were notorious for piratical
activities. After the period of Thucydides, Corinth endeavoured to
put down piracy, but in vain. The irregularity went on until the
conquest of Asia by the Romans, in spite of all the precautions that
were taken. The Ægean Sea, the Pontus, the Adriatic were the
happy cruising-grounds for the corsairs. The pirate-admiral or, as he
was designated, archipeirates, with his organised fleet of assorted
craft, was a deadly foe to encounter. Under his command were the
myoparones, already mentioned—light and swift they darted across
the sea; then there were, too, the hemiolia, which were so called
because they were rowed with one and a half banks of oars; next
came the two-banked biremes and the three-banked triremes, and
with these four classes of ships the admiral was ready for any craft
that might cross his wake. Merchantmen fled before him, warships
by him were sent to the bottom: wherever he coasted there spread
panic through the sea-girt towns. Even Athens itself felt the thrill of
fear.
Notorious, too, were the Cretan pirates, and for a long time the
Etruscan corsairs were a great worry to the Greeks of Sicily. The
inhabitants of the Balearic Islands were especially famous for their
piratical depredations and for their skilful methods of fighting.
Wherever a fleet was sent to attack them they were able to inflict
great slaughter by hurling vast quantities of stones with their slings.
It was only when they came to close quarters with their aggressors
the Romans, and the latter’s sharp javelins began to take effect, that
these islanders met their match and were compelled to flee in haste
to the shelter of their coves. At the period which preceded the
subversion of the Roman commonwealth by Julius Cæsar, there was
an exceedingly strong community of pirates at the extreme eastern
end of the Mediterranean. They hailed from that territory which is
just in the bend of Asia Minor and designated Cilicia. Here lived—
when ashore—one of the most dangerous body of sea-rovers
recorded in the pages of history. It is amazing to find how powerful
these Cilicians became, and as they prospered in piracy so their
numbers were increased by fellow-corsairs from their neighbours the

Syrians and Pamphylians, as well as by many who came down from
the shores of the Black Sea and from Cyprus. So powerful indeed
became these rovers that they controlled practically the whole of the
Mediterranean from east to west. They made it impossible for
peaceful trading craft to venture forth, and they even defeated
several Roman officers who had been sent with ships against them.
And so it went on until Rome realised that piracy had long since
ceased to be anything else but a most serious evil that needed firm
and instant suppression. It was the ruin of overseas trade and a
terrible menace to her own territory. But the matter was at last
taken in hand. M. Antonius, proprætor, was sent with a powerful
fleet against these Cilician pirates; they were crushed thoroughly,
and the importance of this may be gathered from the fact that on his
return to Rome the conqueror was given an ovation.
In the wars between Rome and Mithradates the Cilician pirates
rendered the latter excellent service. The long continuance of these
wars and the civil war between Marius and Sylla afforded the
Cilicians a fine opportunity to increase both in numbers and
strength. To give some idea of their power it is only necessary to
state that not only did they take and rob all the Roman ships which
they encountered, but they also voyaged among the islands and
maritime provinces and plundered no fewer than 400 cities. They
carried their depredations even to the mouth of the Tiber and
actually took away from thence several vessels laden with corn. Bear
in mind, too, that the Cilician piratical fleet was no scratch squadron
of a few antique ships. It consisted of a thousand vessels, which
were of great speed and very light. They were well manned by most
able seamen, and fought by trained soldiers, and commanded by
expert officers. They carried an abundance of arms, and neither men
nor officers were lacking in daring and prowess. When again it
became expedient that these Cilicians should be dealt with, it took
no less a person than Pompey, assisted by fifteen admirals, to tackle
them; but finally, after a few months, he was able to have the sea
once more cleared of these rovers.

We can well sympathise with the merchant seamen of those days.
The perils of wind and wave were as nothing compared with the fear
of falling into the hands of powerful desperadoes, who not merely
were all-powerful afloat but in their strong fortresses on shore were
most difficult to deal with. With the Balearic Islanders in the west,
the Cilicians in the east, the Carthaginians in the south, the Illyrians
along the Adriatic in their low, handy liburnian galleys, there were
pirates ready to encircle the whole of the Mediterranean Sea. It is
worth noting—for he who reads naval history must often be struck
with the fact that an existing navy prevents war, but the absence of
a navy brings war about—that as long as Rome maintained a strong
navy piracy died down: but so soon as she neglected her sea-service
piracy grew up again, commerce was interrupted both east and
west, numerous illustrious Romans were captured and either
ransomed or put to death, though some others were pressed into
the service of the pirates themselves. By means of prisoners to work
at the oars, by the addition of piratical neighbours and by
mercenaries as well, a huge piratical community with a strong
military and political organisation continued to prevent the
development of overseas trade. This piracy was only thwarted by
keeping permanent Roman squadrons always ready.
Of course there were pirates in these early times in waters other
than the Mediterranean. On the west coast of Gaul the Veneti had
become very powerful pirates, and you will recollect how severely
they tried Cæsar, giving him more trouble than all the rest of Gaul
put together. They owned such stalwart ships and were such able
seamen that they proved most able enemies. During the time of the
Roman Empire piracy continued also on the Black Sea and North
Sea, though the Mediterranean was now for the most part safe for
merchant ships. But when the power of Rome declined, so
proportionately did the pirates reappear in their new strength. There
was no fearful navy to oppose them, and so once more they were
able to do pretty much as they liked. But we must not forget that
long before this they had ceased to be regarded as the equivalent of
hunters and fishermen. They were, by common agreement, what

Cicero had designated “enemies of the human race”: and so they
continued till the nineteenth century, with only temporary intervals
of inactivity.
The thousand ships which the Cilician pirates employed were
disposed in separate squadrons. In different places they had their
own naval magazines located, and during that period already
mentioned, when they were driven off the sea, they resisted capture
by retreating ashore to their mountain fastnesses until such time as
it was safe for them to renew their ventures afloat. When Pompey
defeated them he had under him a fleet of 270 ships. As the
inscription, carried in the celebration of his triumph on his return to
Rome, narrated, he cleared the maritime coasts of pirates and
restored the dominion of the sea to the Roman people. But the
pirates could always boast of having captured two Roman prætors,
and Julius Cæsar, when a youth on his way to Rhodes to pursue his
studies, also fell into their hands. However, he was more lucky than
many another Roman who, when captured, was hung up to the
yard-arm, and the pirate ship went proudly on her way.
In the declining years of the Roman Empire the Goths came down
from the north to the Mediterranean, where they got together fleets,
became very powerful and crossed to Africa, made piratical raids on
the coast and carried on long wars with the Romans. Presently the
Saxons in the northern waters of Europe made piratical descents on
to the coasts of France, Flanders and Britain. Meanwhile, in the
south, the Saracens descended upon Cyprus and Rhodes, which they
took, seized many islands in the Archipelago, and thence proceeded
to Sicily to capture Syracuse, and finally overran the whole of
Barbary from Egypt in the east to the Straits of Gibraltar in the west.
From there they crossed to Spain and reduced the greater part
thereof, until under Ferdinand and Isabella these Moors were driven
out of Spain and compelled to settle once more on the north coast
of Africa. They established themselves notably at Algiers, took to the
sea, built themselves galleys and, after living a civilised life in Spain
for seven hundred years, became for the next three centuries a
scourge of the Mediterranean, a terror to ships and men, inflicted all

the cruelties which the fanaticism of the Moslem race is capable of,
and cast thousands of Christians into the bonds of slavery. In many
ways these terrifying Moorish pirates—of which to this day some still
go afloat in their craft off the north coast of Africa—became the
successors of those Cilician and other corsairs of the classical age. In
due course we shall return to note the kind of piratical warfare which
these expatriated Moors waged for most of three hundred years. But
before we come to that period let us examine into an epoch that
preceded this.

CHAPTER II
THE NORTH SEA PIRATES
I am anxious to emphasise the fact that piracy is nearly as old as
the ship herself. It is extremely improbable that the Egyptians were
ever pirates, for the reason that, excepting the expedition to Punt,
they confined their navigation practically to the Nile only. But as
soon as men built sea-going vessels, then the instinct to rob and
pillage on sea became as irresistible as on land. Might was right, and
the weakest went to the bottom.
Bearing this in mind, and remembering that there was always a
good deal of trade from the Continent up the Thames to London,
especially in corn, and that there was considerable traffic between
Gaul and Britain across the English Channel, it was but natural that
the sea-rovers of the north should exist no less than in the south.
After Rome had occupied Britain she established a navy which she
called the “Classis Britannica,” and it cannot have failed to be
effective in policing the narrow seas and protecting commerce from
wandering corsairs. We know very well that after Rome had
evacuated Britain, and there was no navy to protect our shores,
came the Angles and Saxons and Jutes. We may permissibly regard
these Northmen, who pillaged and plundered till the time of William
the Conqueror and after, as pirates. In the sense that a pirate is one
who not merely commits robbery on the high seas but also makes
descents on the coast for the purpose of pillage, we may call the
Viking seamen pirates. But, strictly speaking, they were a great deal
more than this, and the object of this book is concerned rather with
the incidents of the sea than the incursions into the land. Although
the Vikings did certainly commit piracy both in their own waters and
off the coasts of Britain, yet their depredations in this respect, even
if we could obtain adequate information thereof, would sink into

insignificance before their greater conquests. For a race of men who
first swoop down on to a strange coast, vanquish the inhabitants
and then settle down to live among them, are rather different from a
body of men who lie in wait to capture ships as they proceed on
their voyages.
The growth of piracy in English waters certainly owed much to the
Cinque Ports. In these havens dwelt a privileged class of seamen,
who certainly for centuries were a very much favoured community. It
was their privilege to do that which in the Mediterranean Cicero had
regarded with so much disfavour. These men of the Cinque Ports,
according to Matthew of Paris, were commissioned to plunder as
they pleased all the merchant ships as they passed up and down the
English Channel. This was to be without any regard to nationality,
with the exception that English ships were not to be molested. But
French, Genoese, Venetian, Spanish or any others could be attacked
at the will of the Cinque Port seamen. Some persons might call this
sort of thing by the title of privateering, yet it was really piracy and
nothing else. You can readily imagine that with this impetus thus
given to a class of men who were not particularly prone to
lawfulness, the practice of piracy on the waters that wash Great
Britain grew at a great rate. Thus in the thirteenth century the
French, the Scotch, Irish and Welsh fitted out ships, hung about the
narrow seas till they were able to capture a well-laden merchantman
as their fat reward. So, before long, the English Channel was
swarming with pirates, and during the reign of Henry iii. their
numbers grew to an alarming extent. The net result was that it was
a grave risk for commodities to be brought across the Channel, and
so, therefore, the price of these goods rose. The only means of
remedy was to increase the English fleet, and this at length was
done in order to cope with the evil.
But matters were scarcely better in the North Sea, and English
merchant ships sailed in perpetual fear of capture. During the Middle
Ages pirates were always hovering about for any likely ship, and the
wool trade especially was interfered with. Matters became somewhat
complicated when, as happened in the reign of Edward ii., peaceable

English ships were arrested by Norway for having been suspected—
erroneously—of slaughtering a Norwegian knight, whereas the latter
had been actually put to death by pirates. “We marvell not a little,”
wrote Edward ii. in complaint to Haquinus, King of Norway, “and are
much disquieted in our cogitations, considering the greevances and
oppressions, which (as wee have beene informed by pitifull
complaints) are at this present, more than in times past, without any
reasonable cause inflicted upon our subjects, which doe usually
resort unto your kingdome for traffiques sake.” For the fact was that
one nation was as bad as the other, but that whenever the one had
suffered then the other would lay violent hands on a ship that was
merely suspected of having acted piratically. Angered at the loss to
their own countrymen they were prompted by revenge on alien
seamen found in their own waters and even lying quietly in their
own havens with their cargoes of herrings.
As an attempt to make the North Sea more possible for the
innocent trading ships, the kings of England at different dates came
to treaties with those in authority on the other side. Richard ii., for
example, made an agreement with the King of Prussia. In 1403 “full
restitution and recompense” were demanded by the Chancellor of
England from the Master-General of Prussia for the “sundry piracies
and molestations offered of late upon the sea.” Henry iv., writing to
the Prussian Master-General, admitted that “as well our as your
marchants ... have, by occasion of pirates, roving up and downe the
sea” sustained grievous loss. Finally it was agreed that all English
merchant ships should be allowed liberty to enter Prussian ports
without molestation. But it was further decided that if in the future
any Prussian cargoes should be captured on the North Sea by
English pirates, and this merchandise taken into an English port,
then the harbour-master or “governour” was, if he suspected piracy,
to have these goods promptly taken out of the English ship and
placed in safe keeping. Between Henry iv. and the Hanseatic towns a
similar agreement was also made which bound the cities of Lubec,
Bremen, Hamburg, Sund and Gripeswold “that convenient, just and
reasonable satisfaction and recompense” might be made “unto the

injured and endamaged parties” “for all injuries, damages,
grievances, and drownings or manslaughters done and committed”
by the pirates in the narrow seas.
It would be futile to weary the reader with a complete list of all
these piratical attacks, but a few of them may here be instanced.
About Easter-time in the year 1394 a Hanseatic ship was hovering
about the North Sea when she fell in with an English merchantman
from Newcastle-on-Tyne. The latter’s name was the Godezere and
belonged to a quartette of owners. She was, for those days, quite a
big craft, having a burden of 200 tons. Her value, together with that
of her sails and tackle, amounted to the sum of £400. She was
loaded with a cargo of woollen cloth and red wine, being bound for
Prussia. The value of this cargo, plus some gold and certain sums of
money found aboard, aggregated 200 marks. The Hanseatic ship
was able to overpower the Godezere, slew two of her crew, captured
ship and contents and imprisoned the rest of the crew for the space
of three whole years.
A Hull craft belonging to one Richard Horuse, and named the
Shipper Berline of Prussia, was in the same year also attacked and
robbed by Hanseatic pirates, goods to the value of 160 nobles being
taken away. The following year a ship named the John Tutteburie
was attacked by Hanseatics when off the coast of Norway, and
goods consisting of wax and other commodities to the value of 476
nobles were captured. A year later and pirates of the same
federation captured a ship belonging to William Terry of Hull called
the Cogge, with thirty woollen broad cloths and a thousand narrow
cloths, to the value of £200. In 1398 the Trinity of Hull, laden with
wax, oil and other goods, was captured by the same class of men off
Norway. Dutch ships, merchant craft from the port of London, fishing
vessels, Prussian traders, Zealand, Yarmouth and other ships were
constantly being attacked, pillaged and captured.
In the month of September, of the year 1398, a number of
Hanseatic pirates waylaid a Prussian ship whose skipper was named
Rorebek. She carried a valuable cargo of woollen cloth which was

the property of various merchants in Colchester. This the pirates took
away with them, together with five Englishmen, whom they found
on board. The latter they thrust into prison as soon as they got them
ashore, and of these two were ransomed subsequently for the sum
of 20 English nobles, while another became blind owing to the
rigours of his imprisonment. In 1394 another Prussian ship,
containing a number of merchants from Yarmouth and Norwich, was
also captured off the Norwegian coast with a cargo of woollen goods
and taken off by the Hanseatic pirates. The merchants were cast
into prison and not allowed their liberty until the sum of 100 marks
had been paid for their ransom. Another vessel, laden with the hides
of oxen and sheep, with butter, masts and spars and other
commodities to the value of 100 marks, was taken in Longsound,
Norway.
In June 1395 another English ship, laden with salt fish, was taken
off the coast of Denmark, the value of her hull, inventory and cargo
amounting to £170. The crew consisted of a master and twenty-five
mariners, whom the pirates slew. There was also a lad found on
board, and him they carried into Wismar with them. The most
notorious of these Hanseatic pirates were two men, named
respectively Godekins and Stertebeker, whose efforts were as
untiring as they were successful. There is scarcely an instance of
North Sea piracy at this time in which these two men or their
accomplices do not figure. And it was these same men who attacked
a ship named the Dogger. The latter was skippered by a man named
Gervase Cat, and she was lying at anchor while her crew were
engaged fishing. The Hanseatic pirates, however, swept down on
them, took away with them a valuable cargo of fish, beat and
wounded the master and crew of the Dogger and caused the latter
to lose their fishing for that year, “being endamaged thereby to the
summe of 200 nobles.”
In the year 1402 other Hanseatic corsairs, while cruising about
near Plymouth, captured a Yarmouth barge named the Michael, the
master of which was one Robert Rigweys. She had a cargo of salt
and a thousand canvas cloths. The ship and goods being captured,

the owner, a man named Hugh ap Fen, complained that he was the
loser to the extent of 800 nobles: and the master and mariners
assessed the loss of wages, canvas and “armour” at 200 nobles. But
there was no end to the daring of these corsairs of the North. In the
spring of 1394 they proceeded with a large fleet of ships to the town
of Norbern in Norway, and having taken the place by assault, they
captured all the merchants therein, together with their “goods and
cattels,” burnt their houses and put their persons up to ransom.
Twenty-one houses, to the value of 440 nobles, were destroyed, and
goods to the value of £1815 were taken from the merchants. With
all this lawlessness on the sea and the consequent injury to overseas
commerce, it was none too soon that Henry iv. took steps to put
down a most serious evil.
We cannot but feel sorry for the long-suffering North Sea
fishermen, who, in addition to having to ride out bad weather in
clumsy leaky craft, and having to work very hard for their living,
were liable at any time to see a pirate ship approaching them over
the top of the waves. You remember the famous Dogger Bank
incident a few years ago when one night the North Sea trawlers
found themselves being shelled by the Russian Baltic fleet. Well, in
much the same way were the mediæval ancestors of these hardy
fishermen surprised by pirates when least expecting them and when
most busily occupied in pursuing their legitimate calling. The
fisherman was like a magnet to the pirates, because his catch of fish
had only to be taken to the nearest port and sold. That was the
reason why, in 1295, Edward had been induced to send three ships
of Yarmouth across the North Sea to protect the herring-ships of
Holland and Zealand.
The following incident well illustrates the statement that, in spite
of all the efforts which were made to repress piracy, yet it was
almost impossible to attain such an object. The month is July, and
the year 1327, the scene being the English Channel. Picture to your
mind a beamy, big-bellied, clumsy ship with one mast and one great
square sail. She has come from Waterford in Ireland, where she has
taken on board a rich cargo, consisting of wool, hides and general

merchandise. She has safely crossed the turbulent Irish Sea, she has
wallowed her way through the Atlantic swell round Land’s End and
found herself making good headway up the English Channel in the
summer breeze. Her port of destination is Bruges, but she will never
get there. For from the eastward have come the famous pirates of
the Cinque Ports, and off the Isle of Wight they fall in with the
merchant ship. The rovers soon sight her, come up alongside, board
her and relieve her of forty-two sacks of wool, twelve dickers of
hides, three pipes of salmon, two pipes of cheese, one bale of cloth,
to say nothing of such valuable articles as silver plate, mazer cups,
jewels, sparrow-hawks and other goods of the total value of £600.
Presently the pirates bring their spoil into the Downs below
Sandwich and dispose of it as they prefer.

CHAPTER III
PIRACY IN THE EARLY TUDOR TIMES
The kind of man who devotes his life to robbery at sea is not the
species of humanity who readily subjects himself to laws and
ordinances. You may threaten him with terrible punishments, but it
is not by these means that you will break his spirit. He is like the
gipsy or the vagrant: he has in him an overwhelming longing for
wandering and adventure. It is not so much the greed for gain which
prompts the pirate, any more than the land tramp finds his long
marches inspired by wealth. But some impelling blind force is at
work within, and so not all the treaties and agreements, not all the
menaces of death could avail to keep these men from pursuing the
occupation which their fathers and grandfathers had for many years
been employed in.
Therefore piracy was quite as bad in the sixteenth century as it
had been in the Middle Ages. The dwellers on either side of the
English Channel were ever ready to pillage each other’s ships and
property. About the first and second decade of the sixteenth century
the Scots rose to some importance in the art of sea-robbery, and
some were promptly taken and executed. In vain did Henry viii.
write to Francis i. saying that complaints had been made by English
merchants that their ships had been pirated by Frenchmen
pretending to be Scots, for which redress could not be obtained in
France. In 1531 matters had become so bad, and piracy was so
prevalent, that commissioners were appointed to make inquisitions
concerning this illegal warfare round our coasts. Viscount Lisle, Vice-
Admiral of England, and others were appointed to see to the
problem. So cunning had these rovers become that it was no easy
affair to capture them. But in this same year a notorious pirate
named Kellwanton was taken in the Isle of Man; while another, De

Melton by name, who was one of his accomplices, fled with the rest
of the crew in the ship to Grimsby.
Sometimes the very ships which had been sent by the king against
the pirates actually engaged in pillage themselves. There was at
least one instance about this time of some royal ships being unable
to resist the temptation to plunder the richly laden Flemish ships.
But after complaint was made the royal reply came that the
Flemings should be compensated and the plunderers punished. It
was all very well to set a thief to catch a thief, but there were few
English seamen of any experience who had not done some piracy at
some time of their career, and when they at last formed the crews of
preventive ships and got wearied of waiting for pirate craft to come
along, it was too much to expect them to remain idle on the seas
when a rich merchantman went sailing past.
Sometimes the pirates would waylay a whole merchant fleet, and
if the latter were sailing light, would relieve the fleet of their victuals,
their clothes, their anchors and cables and sails. But it was not
merely to the North Sea nor to the English Channel that the English
pirates confined themselves. In October 1533 they captured a
Biscayan ship off the coast of Ireland. And during the reign of Henry
viii. there was an interesting incident connected with a ship named
the Santa Maria Desaie. This craft belonged to one Peter Alves, a
Portingale, who hired a mariner, William Phelipp, to pilot his ship
from Tenby to Bastabill Haven. But whilst off the Welsh coast a
piratical bark named the Furtuskewys, containing thirty-five
desperate corsairs, attacked the Santa Maria and completely
overpowered her. Alves they promptly got rid of by putting him
ashore somewhere on the Welsh coast, and they then proceeded to
sail the ship to Cork, where they sold her to the mayor and others,
the value of the captured craft and goods being 1524 crowns. Alves
did not take this assault with any resignation, but naturally used his
best endeavours to have the matter set right. From the King’s
Council he obtained a command to the Mayor of Cork for restitution,
but such was the lawlessness of the time that this was of no avail.
The mayor, whose name was Richard Gowllys, protested that the

pirates told him they had captured the ship from the Scots and not
from the Portingale, and he added that he would spend £100 rather
than make restitution.
But stricter vigilance caused the arrest of some of these pirates.
Six of them were sentenced to death in the Admiralty Court at
Boulogne, eleven others were condemned to death in the Guildhall,
London: and in 1537 a ship was lying at Winchelsea “in gage to Bell
the mayor” for £35 for the piracies committed in her, for she had
been captured after having robbed a Gascon merchantman of a
cargo of wines.
The finest of the French sailors for many a century until even the
present day have ever been the Bretons. And just as in the
eighteenth century the most expert sailormen on our coasts were
the greatest smugglers, so in Tudor times the pick of all seamen
were sea-rovers. About the time of Lent, 1537, a couple of Breton
pirate ships caused a great deal of anxiety to our west-country men.
One of the two had robbed an English ship off the Cornish coast and
pillaged his cargo of wine. From Easter-time till August these rovers
hung about the Welsh coast, sometimes coming ashore for
provisions and most probably also to sell their ill-gotten cargoes, but
for the most part remaining at sea. It would seem from the historical
records that originally there had been only one Breton ship that had
sailed from St. Malo; but having the good fortune to capture a
fishing craft belonging to Milford Haven, the crew had been split up
into two. Presently the numbers of these French pirates increased till
there was quite a fleet of them cruising about the Welsh coast. A
merchant ship that had loaded a fine cargo at Bristol, bound across
the Bay of Biscay, had been boarded before the voyage had been
little more than begun. For week after week these men robbed every
ship that came past them. But especially were they biding their time
waiting for the English, Irish and Welsh ships who were wont about
this period of the year to come to St. James’s Fair at Bristol.
However, in the meanwhile, the men of the west were becoming
much more alert, and were ready for any chance that might occur.

And a Bristol man named Bowen, after fourteen Breton pirates had
come ashore near Tenby to obtain victuals, acted with such
smartness that he was able to have the whole lot captured and put
into prison. And John Wynter, another Bristolian, knowing that the
pirates were hovering about for those ships bound for the fair,
promptly manned a ship, embarked fifty soldiers, as well as the able
seamen, and cruised about ready to swoop down on the first pirate
ship which showed up on the horizon. The full details of these men
and what they did would make interesting reading if they were
obtainable; but we know that of the above-mentioned fourteen, one,
John du Laerquerac, was captain of the Breton craft. On being
arrested he stoutly denied that he had ever “spoiled” English ships.
That was most certainly a bare-faced lie, and presently Peter
Dromyowe, one of his own mariners, confessed that he himself had
robbed one Englishman; whereupon Laerquerac made a confession
that, as a matter of fact, he had taken ships’ ropes, sailors’ wearing
apparel, five pieces of wine, a quantity of fish, a gold crown in
money and eleven silver halfpence or pence, as well as four daggers
and a “couverture”!
It was because the English merchants complained that they lost so
much of their imports and exports by depredations from the ships of
war belonging to Biscay, Spain, the Low Countries, Normandy,
Brittany and elsewhere, that Henry viii. had been prevailed upon to
send Sir John Dudley, his Vice-Admiral, to sea with a small fleet of
good ships. Dudley’s orders were to cruise between the Downs on
the east and St. Michael’s Mount on the west—in other words, the
whole length of the English Channel—according as the wind should
serve. In addition, he was to stand off and on between Ushant and
Scilly and so guard the entrance to the Channel. Furthermore, he
was to look in at the Isle of Lundy in the Bristol Channel—for both
Lundy and the Scillies were famous pirate haunts—and after having
so done he was to return and keep the narrow seas. Dudley was
especially admonished to be on the look out to succour any English
merchant ships, and should he meet with any foreign merchant craft
which, under the pretence of trading, were actually robbing the

King’s subjects, he was to have these foreigners treated as absolute
pirates and punished accordingly.
For the state of piracy had become so bad that the King “can no
longer suffer it.” So also Sir Thomas Dudley, as well as Sir John, was
busily employed in the same preventive work. On the 10th of August
of that same year, 1537, he wrote to Cromwell that he had at
Harwich arrested a couple of Frenchmen who two years previously
had robbed a poor English skipper’s craft off the coast of Normandy,
and this Englishman had in vain sued in France for a remedy, since
the pirates could never be captured. But there were so many of
these corsairs being now taken that it was a grave problem as to
how they should be dealt with. “If they were all committed to ward,”
wrote Sir Thomas, “as your letters direct, they would fill the gaol.”
Then he adds: “They would fain go and leave the ship behind them,
which only contains ordnance, and no goods or victuals to find
themselves with. If they go to gaol, they are like to perish of hunger,
for Englishmen will do no charity to them. They are as proud naves
as I have talked with.”
Eleven days later came the report from Sir John Dudley of his
experiences in the Channel. He stated that while on his way home
he encountered a couple of Breton ships in the vicinity of St. Helen’s,
Isle of Wight, where he believed they were lying in wait for two
Cornish ships “that were within Porchemouthe haven, laden with tin
to the value of £3000.” Portsmouth is, of course, just opposite St.
Helen’s, and on more than one occasion in naval history was the
latter found a convenient anchorage by hostile ships waiting for
English craft to issue forth from the mainland. But when these
Breton pirates espied Dudley’s ships coming along under sail, they
“made in with Porchemouthe,” where Dudley’s men promptly
boarded them and placed them under arrest, with the intention of
bringing them presently to the Thames. Dudley had no doubt
whatever that these were pirates, but at a later date the French
ambassador endeavoured to show that there was no foundation for
such a suspicion. These two French crafts, he sought to persuade,
were genuine merchantmen who had discharged their cargo at “St.

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