GUIPUZCOANA, COMPAA

English Guipzcoa Company, also called Caracas Company trading concern chartered by the Spanish crown in 1728, with a monopoly on trade between Spain and Venezuela. It was one of a number of companies for colonial trade established under the 18th-century Bourbon kings, and it was the only one that was financially successful. The company was given extensive commercial privileges to promote officially sanctioned trade and thus to prevent smuggling. It also constructed naval vessels for the government. Named for the Basque province where it was headquartered, the company was responsible for the introduction of such crops as tobacco, indigo, cotton, and cacao into Venezuela. During the War of Jenkins' Ear (173948), the company's private army helped to defend the Venezuelan coast from British attacks. The company's sometimes high-handed methods resulted in a revolt among colonists in 1749 that took three years to put down. In 1778 the Compaa Guipuzcoana was abolished by law.