[2] The heavy taxes imposed on all goods officially imported into Spanish America created a large and profitable black market for smugglers, many of whom were British.

[4] However, the Spaniards tended to arrest any vessels caught with illegal goods, regardless of whether they were technically chartered by the South Sea Company, while other traders smuggled slaves, undermining the monopoly granted by the Asiento.

British goods were imported for re-sale locally or re-exported to the colonies, Spanish dye and wool going the other way; one City of London merchant called the trade "the best flower in our garden.

"[6] Lord Sandwich, lead British negotiator at Aix-la-Chapelle, failed to include the Utrecht terms in the list of Anglo-Spanish agreements renewed in the Preliminaries to the treaty.

The asiento was cancelled and all claims settled in exchange for a payment of £100,000 to the South Sea Company, the Cadiz merchants were allowed to resume operations, and Britain received favorable terms for trading with Spanish America.