Following on last week's Bert Jansch post, this modest little track is probably my favorite of Pentangle's work. I love the little electric guitar break.
While looking for information on the song, I ran across a review which said that John Renbourn, the other guitarist in the group, is the singer. I thought it was Jansch, but they have somewhat similar voices. I always supposed that the song, also known as Lady Franklin's Lament, had some historical basis, but assumed it to be vague. That was just my ignorance. I learned yesterday that it actually refers to very specific and well-known people and events. In this version it could be taken as mixing the laments of Lady Franklin and a former crew member. Obviously the former would not speak of "we poor sailors." But the reference to ten thousand pounds in the last verse could either be the sailor's way of expressing his own impossible wish, or the writer's view of the sort of money actually available to the actual Lady Franklin.
Dylan borrowed the tune for "Bob Dylan's Dream," one of his less impressive songs in my opinion. I think he claimed credit for the tune, which is rather shabby. He apparently had a habit of doing that: "Masters of War" is "Nottamun Town." Etc.
If you play guitar and want to know how the accompaniment is done, here is a video of Renbourn demonstrating and explaining it.