Simplify the following text for a Grade 9 native English-speaking person.
Original: When Governor Richard Bourke and Captain William Lonsdale visited the emergent settlement at Port Phillip in 1837 , they both felt the main site of settlement would emerge at the estuary and they renamed it William 's Town after King William IV , then the English monarch .
Simplified: Governor Richard Bourke and Captain William Lonsdale visited the new settlement at Port Phillip Bay in 1837 .