I suspect that it was based on an episode in Cochrane's career (who else!). According to his account in "The Autobiography of a Seaman", whilst in command of the sloop Speedy, he was chased by a large Spanish frigate ...
"..towards evening we observed a large frigate in chase of us. As she did not answer the private signal, it was evident that the stranger was one of our Spanish friends on the look out. To cope with a vessel of her size and armament would have been folly, so we made all sail away from her, but she gave instant chase, and evidently gained upon us. To add to our emabarrassment, the Speedy sprung her maintopgallant yard and lost ground fishing it.
At daylight the following morning the strange frigate was still in chase, although by crowding all sail during the night we had gained a little on her; but during the day she recovered her advantage, the more so as the breeze freshening, we were compelled to take in our royals, whilst she was carrying on with everything set.
After dark we lowered a tub overboard with a light in it, and altering our course, we evaded her..."
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