Bilbao the 26th. Novr. 1777.
[Extract] Arthur Lee Esqr. Honour'd Sir
. . .We observe the directions you are pleased to give us in case any arm'd vessell in the service of the United States should send in here, or the adjacent Ports any prize,1 which depend will Endeavour to follow with the stricktest punctuality, butt as there is positive orders2 loadg'd here, not to permitt the disposall of any prizes or prize goods, you can hardly Imagine the dificultys arizing from those dispositions, as such have now been ordered to Reship Two fish cargoes of the Kind landed for sale & see of cource no probability of Success
We are offered allmost weekely here any sums of money at the moderate Ratte of 3 ⅌Ct. ⅌ anum, which have never admmitted as thank God our Capitall is at present more than sufficient to carry on the commerciall Branches we are Engag'd in, however, should the Sum you Intend to deposit have the destination of being Invested in Articles to be shipt off from this port we would advance as farr as 4½ ⅌Ct. asuring you that this commerce is at present so limmitted, that it would be out of our power to draw out any proffitt on any other terms or yet suficient to pay the Interest thereof—. . .We are [&c.]
J: G. &ca.
L, MH-H, Arthur Lee Papers, bMS AM 811.2 (87). By permission of the Houghton Library, Harvard University.
1. See Arthur Lee to Gardoqui and Sons, 15 Nov. 1777, above.
2. The orders came from the Spanish crown. See Conde de Floridablanca to Lord Grantham, 18 Nov. 1777, above.