Spanish naval losses meant a total dependence on the French navy to keep up communications with the Americas. However, the Spanish government felt no financial blow: it owned only two of the three large galleons, and none of the trading vessels. Those who suffered most, not just from the losses of the ships but also from the immense merchandise on board (pepper, cochineal, cocoa, snuff, indigo, hides, etc.) were the private traders. The news that the treasure fleet had got safely to Vigo was initially the cause of celebration for the merchants of Holland but the subsequent reports of the battle were received with mixed feelings in Amsterdam as the wealth captured or destroyed belonged as much to the English and Dutch traders as it did to the Spanish. What the Spanish government did own was the silver, most of which had already been unloaded from the ships before the Allied attack, and was ultimately deposited in the castle of Segovia.