Under the terms of a secret convention Spain had to pay 72 million francs annually to France, until it declared war on Britain. The British had learned of the treaty, and knew it was likely that Spain would declare war soon after the arrival of the treasure ships. Since the British also knew that by law the fleet could only land at Cádiz, as well as its place and approximate time of departure from South America, it was not difficult to position a squadron to intercept it.