The news was a most bitter pill for His Christian Majesty, Louis XIV of France, and put him and his court "into a mighty consternation." He was quoted as saying that "there was not one-tenth part of the plate and merchandise landed from on board the fleet. This is the most facetious piece of news that could come to the enemies of France and Spain." All the records lay stress on the immense value of the treasure lost, one that "the Spanish galleons were coming from Mexico overladen with riches," another that "vast wealth in gold, silver, and merchandise was lost in that terrible battle of Vigo," a third that "this was the richest flota that ever came into Europe." It is extraordinary that most of this treasure has remained untouched for more than two centuries at the bottom of Vigo Bay. The records of the Spanish government contain almost complete memoranda of every concession granted to searching parties, and of the valuables recovered, which total to date is no more than a million and a half of dollars. Soon after the battle, Spain began to fish for her lost galleons and in that same year of 1702, the official newspaper of Madrid recorded that "we are instructed from Vigo that they are proceeding with success in the raising of the precious burden belonging to the _Capitana_, and _Almiranta_ of the Flota." For some reason or other, the task was shortly abandoned, and the work turned over to private enterprise and companies which were granted special charters, the Crown demanding as much as ninety-five per cent. of all the treasure recovered. During the half century following the loss of the fleet, as many as thirty of these concessions were granted, but most of them accomplished nothing. The first treasure hunter to achieve results worth mention was a Frenchman, Alexandre Goubert, who went to work in 1728, and after prodigious exertion succeeded in dragging almost ashore a hulk which turned put to be no galleon but one of the men-of-war of his own country, at which there was much merriment in "perfidious Albion." This disgusted M. Goubert and he was heard of no more.