Enormous profits obtained from the triangular trade …

Years: 1684 - 1827

Enormous profits obtained from the triangular trade of African slaves for Venezuelan cocoa, which is then shipped across the Caribbean and sold in Veracruz for consumption in New Spain (Mexico), make the Venezuelan coast a regular port of call for Dutch and British merchants.

In an effort to eliminate this illegal intercolonial trade and capture these profits for itself, the Spanish crown in 1728 grants exclusive trading rights in Venezuela to a Basque corporation called the Real Compama Guipuzcoana de Caracas, or simply the Caracas Company.

The Caracas Company proves quite successful, initially at least, in achieving the crown's goal of ending the contraband trade.

Venezuela's cocoa growers, however, become increasingly dissatisfied.

The Basque monopoly not only pays them significantly lower prices but also receives favored treatment from the province's Basque governors.

This discontent is evidenced in the growing number of disputes between the company and the growers and other Venezuelans of more humble status.

In 1749 the discontent erupts into a first insurrectionary effort, a rebellion led by a poor immigrant cocoa grower from the Canary Islands named Juan Francisco de León.

The rebellion is openly joined by the Venezuelan lower classes and quietly encouraged by the elite in Caracas.

Troops from Santo Domingo and from Spain quickly crush the revolt, and its leadership is severely repressed by forces headed by Brigadier General Felipe Ricardos, who is named governor of Caracas in 1751.

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