Guard 1: This dock is off-limits to civilians.
Jack: I'm terribly sorry, I didn't know. If I see one, I shall inform you immediately. Apparently, there's some sort of high-toned and fancy to-do up at the fort, eh? How could it be that two upstanding gentleman, such as yourselves, did not merit an invitation?
Guard 1: Someone has to make sure this dock stays off-limits to civilians.
Jack: It's a fine goal, to be sure, but it seems to me that a ... a ship like that makes this one here a bit superfluous really.
Guard 1: Oh, 'The Dauntless' is the power in these waters, true enough, but there's no ship as can match 'The Interceptor' for speed.
Jack: I've heard of one. Supposed to be very fast, nigh uncatchable...'The Black Pearl'.
Guard 2: (laughs) Huh, oh! Well, there's no real ship as can match 'The Interceptor'.
Guard 1: 'The Black Pearl' is a real ship.
Guard 2: No, it's not.
Guard 1: Yes, it is. I've seen it.
Guard 2: You've seen it?
Guard 1: Yes.
Guard 2: You haven't seen it.
Guard 1: Yes, I have!
Guard 2: You've seen a ship with black sails, that's crewed by the damned, and captained by a man so evil that Hell itself spat him back out?
Guard 1: No.
Guard 2: No.
Guard 1: But I have seen a ship with black sails.
Guard 2: Ohhh. And no ship that's not crewed by the damned, and captained by a man so evil that Hell itself spat him back out could possibly have black sails?! Therefore, couldn't possibly be any other ship then 'The Black Pearl'?! Is that what you're saying?
Guard 1: No.
Guard 2: Like I said, there's no real ship as can match 'The Interceptor'... Ay!! You!! Get away from there!! You don't have permission to be aboard there, mate.
Jack: I'm sorry, it's just, it's such a pretty boat ... ship.
Guard 1: What's your name?
Jack: Smith! Or Smithy if you like.
Guard 2: What's your purpose in Port Royal, Mr. Smith?
Guard 1: Yeah, and no lies.
Jack: Alright then, I confess. It is my intention to commandeer one of these ships, pick up a crew in Tortuga, raid, pillage, plunder, and otherwise pilfer my weasly black guts out.
Guard 1: I said no lies!
Guard 2: I think he's telling the truth.
Guard 1: If he were telling the truth he wouldn't have told us.
Jack: Unless of course he knew you wouldn't believe the truth even if him told it to you.
Captain: May I have a moment? Er, you look lovey, Elizabeth.
Well, I worked on the transcript, too, but Delaney got there before me! :)
For the record:
The military drill commands being given at the start of the clip are:
Two paces, march!
Right about face!
Present Arms!
The two Royal Marines standing guard are named Murtogg and Mullroy,
And the officer complimenting Elizabeth at the end "You look lovely, Elizabeth," is the newly promoted Commodore Norrington.