Cole Island is a small island located just offshore in Esquimalt Harbour. According to BCGNIS, Cole Island was named by Lieutenant Commander Wood of the HMS Pandora after Commander Edmund Picoti Cole, master of the HMS Fisgard.1
According to this despatch, and the attached documents, Moody, with Douglas's permission, chose Cole Island as the site for the Naval base's munitions store,
or magazine, at Esquimalt Harbour, and according to Scott, the island is still referred to as Magazine Island.2
1. Cole Island,BC Geographical Names Information System.
2. Andrew Scott, The Encyclopedia of Raincoast Place Names (Madeira Park, BC: Harbour Publishing, 2009), 127.