James Madison Carpenter collected the following set of words in Gloucestershire in 1934, and called it "(Captain Ward and) the Rainbow." However, it seems to be an entirely different song. What is it? Answers, please.

Tradsinger

1. As we were sailing down by the Spanish shore,
The drums they did beat and the cannons they did roar.
It was of a lofty admiral come sailing down the main,
Which caused us to hoist up our topsails again.

2. Now, me lads, be ready. Now, me lads, be true.
Before the French army will immediately pursue
So if we overtake them, out on the ocean wide,
Without a great protection, we will give them a broadside.
Broadside to broadside then at it we went.
To sink each other's vessels it was our full intent.

3. The very next broadside our captain got slain.
Up stepped his damsel in his place to remain.
'O quarters! O quarters!' the French dogs they cried.
'No quarters! No quarters!' this young damsel replied.

4. 'These are the best of quarters that we can afford.
You must fight, sink or swim, me boys, or jump overboard.'
The battle it lasted three hours or more.
Till we scarcely had a man that our gallant ship could steer.
We scarcely had a man that could fire off a gun
Till the blood through our scupper hole like water did run.

5. Now, the battle over, we will take a glass of win.
You may drink to your true love, and I will drink to mine.
So it's health to the damsel that fought along the main
In that gallant ship royal they call 'Rainbow' by name.