27 October. Spanish naval losses meant a total dependence on the French navy to keep up communications with the Americas. However, the Spanish government felt no financial blow: it owned only two of the three large galleons, and none of the trading vessels. Those who suffered most, not just from the losses of the ships but also from the immense merchandise on board (pepper, cochineal, cocoa, snuff, indigo, hides, etc.) were the private traders. The news that the treasure fleet had got safely to Vigo was initially the cause of celebration for the merchants of Holland but the subsequent reports of the battle were received with mixed feelings in Amsterdam as the wealth captured or destroyed belonged as much to the English and Dutch traders as it did to the Spanish. What the Spanish government did own was the silver, most of which had already been unloaded from the ships before the Allied attack, and was ultimately deposited in the castle of Segovia. The Allies, therefore, did not capture as much silver for themselves as was often supposed. The Master of the Mint, Isaac Newton, stated in June 1703 that the total metal handed in to him by that date was 4504 lb 2 oz of silver (~2,043 kg), and 7 lb 8 oz and 13 dwt of gold (~3.4 kg), estimated at a value of just £14,000. Coins subsequently struck from these metals bore the word VIGO below Anne's bust, and are rare and valuable. In February 1703, Philip V issued a decree, by way of reprisal, to confiscate all the silver that had come with the treasure fleet belonging to the English and Dutch, totalling four million pesos. In addition, the King decided to borrow two million pesos from what had come for the Spanish traders and the Consulate of Seville. In total, Philip managed to keep nearly seven million pesos, representing over half the silver from the fleet, amounting to the biggest sum in history obtained from the American trade by any Spanish king. The result was an immense financial windfall for Philip V. Methuen Treaties The naval success at Vigo had considerable implications for the Grand Alliance. On the accession of the Bourbon Philip V to the Spanish throne, King Peter II of Portugal, anxious to remain friends with his more powerful neighbour, had signed an alliance with France in June 1701. But it was the