 Between 1700 and 1728 only five vessels set sail from Spain to Venezuela.The establishment of the Company resulted from negotiations engaged with the Basque governments in the aftermath of the bloody military campaign ordered by Philip V of Spain over the western Basque districts.The government of Gipuzkoa in particular came up with a proposal for the re-establishment of commerce with Venezuela that would suit the Basque interests and those of the Spanish king alike.