The two options:
''You appear to be mistaken about me.''
''I wish to set you right.''
The excerpt is trying to give say that Sinbad acquired all the wealth and luxuries through much difficulty, danger and hard work, reaching this happy state only after enduring every possible kind of toll and danger.
And that the first few sentences Sinbad is saying is addressing the person not to misunderstand that his wealth and luxuries come easy without danger.