During the year 1691, great fleets, richly laden for Spanish, Italian and Turkish markets, had been gathering in the Thames and the Texel.

In February 1693, near four hundred ships were ready to start.

The value of the cargoes was estimated at several millions sterling.

Those galleons which had long been the wonder and envy of the world had never conveyed so precious a freight from the West Indies to Seville.

The English government undertook, in concert with the Dutch government, to escort the vessels which were laden with this great mass of wealth.