In January, 1739, a convention between Great Britain and Spain was arranged, under which the latter agreed to pay £95,000 on account of these demands, less the value of certain vessels which they agreed to restore. This did not satisfy the West India merchants, and they petitioned against it. The indemnity was to be paid on the 10th of July, but that date having passed without a settlement, Great Britain issued letters of marque and ordered all Spanish vessels in her waters to be seized. Spain commenced reprisals the following month, and war was actually declared by Great Britain on the 19th of October. The declaration stated that for several years past unjust seizures and depredations had been carried on, and great cruelties exercised. The British colours had been ignominiously insulted, against the laws of nations and solemn treaties, and Spain had lately ordered British subjects from her dominions within a shorter period than had been covenanted by express stipulation in those treaties. In July previous a fleet under Admiral Vernon had sailed from Spithead, and after a short cruise off the Spanish coast, went over to the West Indies, arriving at Antigua the 27th of September. Going on to Jamaica, Vernon prepared for a grand raid on the Spanish settlements, leaving for Porto Bello on the 5th of November with six vessels and 2,500 men. They arrived on the 21st, and bombarded the forts, which made a stout resistance; but while this was going on, the British landed and took the town, thus compelling the forts to capitulate. Two warships and several other vessels were captured, as well as specie to the amount of ten thousand dollars, but the town was not pillaged, although the guns were either taken away or rendered useless, and the forts as far as possible demolished. This was virtually the end of that stronghold, as it was afterwards allowed to fall into decay, to be ultimately replaced by Chagres, Grey Town, and Colon. Later, also, the treasure from Peru had much diminished, and the isthmus sunk in importance, especially after the way round Cape Horn and through the Straits of Magellan was adopted more and more. As the dispute with Spain had arisen from her action in the Indies, so retaliation on the part of Great Britain was greatest on the Main. In February, 1740, Vernon again sailed from Jamaica, and on the 6th of March bombarded Santa Martha, but did not capture it. After repairing damages at Porto Bello he went on to Chagres, took a Spanish man-of-war from under the guns of the fort, captured the place, and demolished it. In January, 1741, Sir Chaloner Ogle came out from England with a fleet, and joined him, making a force of 12,000 men in twenty-nine sail-of-the-line besides smaller vessels.