On September 16, 1790, Ingraham set sail from Boston as captain of the brig . The owners and investors of the ship and venture were Thomas Handasyd Perkins, Russell Sturgis, James and Thomas Lamb, and James Magee. These investors also owned the "Margaret", which, under Captain James Magee, frequently sailed in company with the "Hope". Ingraham's intention was to return to the northwest coast to partake in the fur trade. Ingraham and his ship sailed around Cape Horn on January 26, 1791.