He did not succeed, however, in fishing up gold and silver enough to pay the expenses of his voyage.
But, before he returned, he was told of another Spanish ship, or galleon, which had been east away near Porto de la Plata.

She had now lain as much as fifty years beneath the waves.

This old ship had been laden with immense wealth; and, hitherto, nobody had thought of the possibility of recovering any part of it from the deep sea which was rolling and tossing it about.

But though it was now an old story, and the most aged people had almost forgotten that such a vessel had been wrecked, William Phips resolved that the sunken treasure should again be brought to light.
He went to London and obtained admittance to King James, who had not yet been driven from his throne.

He told the king of the vast wealth that was lying at the bottom of the sea.