’To give you some understanding how I have proceeded with Mr. Drake:  I have at no time entered into the account to know more of the value of the treasure than he made me acquainted with; and to say truth I persuaded him to impart to me no more than need, for so I saw him commanded in her Majesty’s behalf that he should reveal the certainty to no man living.  I have only taken notice of so much as he has revealed, and the same I have seen to be weighed, registered, and packed.  And to observe her Majesty’s commands for the ten thousand pounds, we agreed he should take it out of the portion that was landed secretly, and to remove the same out of the place before my son Henry and I should come to the weighing and registering of what was left; and so it was done, and no creature living by me made privy to it but himself; and myself no privier to it than as you may perceive by this.

’I see nothing to charge Mr. Drake further than he is inclined to charge himself, and withal I must say he is inclined to advance the value to be delivered to her Majesty, and seeking in general to recompense all men that have been in the case dealers with him.  As I dare take an oath, he will rather diminish his own portion than leave any of them unsatisfied.  And for his mariners and followers I have seen here as eye-witness, and have heard with my ears, such certain signs of goodwill as I cannot yet see that any of them will leave his company.  The whole course of his voyage hath showed him to be of great valour; but my hap has been to see some particulars, and namely in this discharge of his company, as doth assure me that he is a man of great government, and that by the rules of God and his book, so as proceeding on such foundation his doings cannot but prosper.’

The result of it all was that deductions were made from the capture equivalent to the property which Drake and Hawkins held themselves to have been treacherously plundered of at San Juan de Ulloa, with perhaps other liberal allowances for the cost of recovery.  An account on part of what remained was then given to Mendoza.  It was not returned to him or to Philip, but was laid up in the Tower till the final settlement of Philip’s and the Queen’s claims on each other—­the cost, for one thing, of the rebellion in Ireland.  Commissioners met and argued and sat on ineffectually till the Armada came and the discussion ended, and the talk of restitution was over.  Meanwhile, opinion varied about Drake’s own doings as it has varied since.  Elizabeth listened spellbound to his adventures, sent for him to London again, and walked with him publicly about the parks and gardens.  She gave him a second ten thousand pounds.  The Pelican was sent round to Deptford; a royal banquet was held on board, Elizabeth attended and Drake was knighted.  Mendoza clamoured for the treasure in the Tower to be given up to him; Walsingham wished to give it to the Prince of Orange; Leicester and his party in the Council, who had helped to fit Drake out, thought it ought to be divided among themselves, and unless Mendoza lies they offered to share it with him if he would agree to a private arrangement.  Mendoza says he answered that he would give twice as much to chastise such a bandit as Drake.  Elizabeth thought it should be kept as a captured pawn in the game, and so in fact it remained after the deductions which we have seen had been made.