Elizabeth I sided with the hawkish faction of her Privy Council over the cautious, appeasement-minded faction, secretly keeping Drake's plundered treasure and rewarding him rather than returning the loot to Spain.
Facing pressure to appease Spain over Drake's haul, Elizabeth secretly kept the £400,000 treasure, siphoned off £10,000 for Drake plus another £14,000 for his men, took £100,000 herself, and later knighted him on the Golden Hind.
transcript
Tom Holland: So, what she does, she tells Drake officially, 'Rgister the treasure that you've taken and have it sent to the tower.' But unofficially, she tells him, 'Look, siphon off £10,000 of this £400,000.' And just to put it, you know, that is more than her entire annual income. So £10,000 is a colossal fortune.
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