Whall calls this "a specimen of a shore manufactured sea song". His English perspective:

The fight it celebrates was not particularly remarkable in itself, but had some importance in being the first engagement in our long wars with France, which continued till 1815-- 37 years. The Arethusa celebrated in the song was a 38-gun frigate of 938 tons, L. 141, B. 38.10, D. 13.9. She carried 280 men. War began thus: King George, misled by his politicians, had lost his American Colonies. The young United States proclaimed independence. France "recognised" the new Republic. This was considered sufficient for a declaration of war, by us, against France.

Keppel was given command of a fleet of twenty-seven sail, three of which were frigates, the Arethusa, Captain Marshall, being one of them. They sailed from St. Helen's on 8th June, 1778. On the 17th, they perceived two French frigates and two tenders watching them. Though war had not been actually declared, Keppel considered it necessary to stop these vessels to prevent them carrying information. He gave chase. The ships proved to be La Licorne and La Belle Poule; the first hauled down her colours after firing a broadside. La Belle Poule sheered off followed by the Arethusa. In the night the ships closed, and an engagement ensued. The Frenchman directed his fire chiefly at his antagonist's rigging and spars. THe Arethusa was disabled, and La Belle Poule made off. The Arethusa was towed back to the fleet with her main mast gone, and otherwise considerably damaged. The French ship lost 40 killed, 47 wounded; the Arethusa, 3 killed, 36 wounded. As to tonnage, guns, and men, the ships were equally matched, the British ship being slightly the stronger.

Through our naval wars sailors were, naturally, the heroes of the stage. In a certain comedy, "Lock and Key," the hero is a naval officer, and sings the song in question beneath the window of his lady-love; not very suitable, one would think, but here it is--"

After providing lyrics, he continues,

There is no picture extant of this first Arethusa. Arethusa number two took the place of the ship celebrated in the song. She was built at Bristol in 1781, and carried 42 guns ; 28 on her gun-deck and 14 on the poop. This fashion of fitting frigates with poops was new, and came from the French. She steered below deck, as was then usual. A reference to an. old print shows a mizen set from a gaff, to the peak of which the mizzen topgallant braces lead. She has no martingale, that spar not coming into use till some ten years later. She has neither royals nor flying jib. though merchantmen of that date carried them.

Eight months after her fight, the Arethusa was wrecked at sea while pursuing an enemy; her crew were saved but made prisoners. The name of this ship has been perpetuated in the Navy. During the Crimean War a woodenA rethusa distinguished herself by bombarding the forts at Odessa.

There was another cruiser of the name, built in 1882, which carried ten 6-inch guns ; and there was still another Arethusa, just newly commissioned, 3600 tons, which led the line of British Destroyers in the raid on the German Warships, on 28th August, 1914, in the Battle of Heligoland Bight. The ship now lying
off Greenhithe, as a training-ship for boys, was formerly a screw frigate of 3832 tons.