Note 8 — Its Early History
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The Peace of Utrecht, signed in 1713, settled the succession of Philip, the French Dauphin, to the Spanish throne, whilst among the concessions which England gained for herself under this treaty was a convention with Spain, known as the Asiento contract. This gave the British the right to send one shipload of merchandise yearly to the Spanish colonies of America. Nevertheless, many ships went instead of one. An armed contest ensued (1739–42), and although the Spaniards lost several galleons in naval combats undertaken by Admiral Vernon and Commodore Anson, the British losses were not inconsiderable.
So prejudicial to the vital interests of Spain was the abuse of the ceded right held to be that the earliest efforts of the first new Cabinet under Ferdinand VI. were engaged in a revision of the commercial differences between that country and England. England was persuaded to relinquish the Asiento contract in exchange for advantages of greater consideration in another direction.
About a century ago England took over from Spain Nootka Sound, a station on the Pacific coast, where a nourishing fur trade was carried on by British settlers. The cession was accorded under a solemn promise not to trade thence with the Spanish colonies of South America.