“ Import duties were to be paid for the slaves and goods. This privilege was conveyed by the British government to the South Sea Company, formed to work it. The privilege, to which an exaggerated value was attached, formed the solid basis of the notorious fit of speculative fever called the South Sea Bubble. Until 1739 the trade in blacks went on without interruption, but amid increasingly angry disputes between the Spanish and the British governments. ”

“ The right to send a single trading ship to the fairs of Porto Bello or La Vera Cruz was abused. Under pretence of renewing her provisions she was followed by tenders which in fact carried goods. Thus there arose what was in fact a vast contraband trade. ”