Roy Palmer, in the liner notes to The Valiant Sailor, writes

Mutinies were by no means uncommon in the old navy, the revolt against Bligh on the “Bounty” was only one of the more spectacular. In April 1797, the seventeen ships of the Channel Fleet refused Admiral Bridport's order to sail from Spithead, an anchorage near Portsmouth, and sent delegates to a meeting abord the flagship, “Queen Charlotte”. The men's grievances were lack of shore leave, low pay (it had been frozen at 19 shillings a month gross, for about 150 years) and poor victualling. The seamen forcibly put a number of tyrannical officers on the beach. Admiral Lord Howe, wo was well-liked by the lower deck, negotiated a free pardon for all the mutineers and an increase in pay to a shilling a day. To this extentthe mutiny was successful, and therefore unique. Apart from Bridport and Howe, the people mentioned in the song are Pitt, the Prime Minister, and Dundas, Treasurer of the Navy.