Spain, it is true, was no longer the Spain of Pavia and Lepanto.

But, even in her decay, she possessed in Europe resources which exceeded thirty fold those of Scotland; and in America, where the struggle must take place, the disproportion was still greater.

The Spanish fleets and arsenals were doubtless in wretched condition.

But there were Spanish fleets; there were Spanish arsenals.

The galleons, which sailed every year from Seville to the neighbourhood of Darien and from the neighbourhood of Darien back to Seville, were in tolerable condition, and formed, by themselves, a considerable armament.