The last line is interesting. "And for our reward we'll boldly go, Boys, to our gracious queen." The implication is that any property recovered would have been droits of the Admiralty, rather than of the Crown, so there would have been no share out of prize money and head money. There would have had to have been a declared state of war with the pirates. Otherwise the recovery would have devolved upon the Admiralty and, presumably, the insurors of the vessels and cargos.

Also, when was the potential of prize money removed from the Royal Navy?