There was thus no realistic prospect that trade would take place, and as it turned out, the Company never realised any significant profit from its monopoly. When the company was created, Britain was involved in the War of the Spanish Succession and Spain and Portugal controlled most of South America. To generate income, in 1713 the company was granted a monopoly (the Asiento de Negros) to supply African slaves to the islands in the " South Seas" and South America. The South Sea Company (officially The Governor and Company of the merchants of Great Britain, trading to the South Seas and other parts of America, and for the encouragement of the Fishery) was a British joint-stock company founded in January 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt. Hogarthian image of the 1720 "South Sea Bubble" from the mid-19th century, by Edward Matthew Ward, Tate Gallery
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