The abortive attempt to annex the British Isles to the Spanish Crown in 1588 brought about the collapse of Spain's naval supremacy, enabling English mariners to play havoc with her galleons from America. The Philippine Islands, as a colony, had at that date only just come into existence, but during the series of Anglo-Spanish wars which preceded the "Family Compact" (_vide_ p. 87), Philippine-Mexican galleons laden with treasure became the prey of British commanders, notably Admiral Anson. The coasts were beset by Anson's squadron. He was the terror of the Philippines from the year 1743. His exploits gave rise to consternation, and numerous councils were held to decide what to do to get rid of him. The captured galleon _Pilar_ gave one-and-a-half million pesos to the enemy--the _Covadonga_ was an immense prize. All over the Islands the Spaniards were on the alert for the dreaded foe; every provincial Governor sent look-outs to high promontories with orders to signal by beacons if the daring Britisher's ships were seen hovering about, whilst, in Manila, the citizens were forewarned that, at any moment, they might be called upon to repel the enemy. Not only in fleets of gold-laden vessels did Spain and her dependencies lose immense wealth through her hostile ambition, for in view of the restrictions on Philippine trade, and the enormous profits accruing to the Spanish merchants on their shipments, British, Dutch, French, and Danish traders competed with them. Shippers of these nationalities bought goods in Canton, where they established their own factories, or collecting-stores. In 1731 over three millions of Mexican dollars (pesos) were taken there for making purchases, and these foreign ships landed the stuffs, etc., in contraband at the American ports, where Spaniards themselves co-operated in the trade which their absolute King declared illicit, whilst the traders considered it a natural right.