The great principle first formulated by the illustrious Dutch historian and statesman Hugo Grotius was touched upon in the treaty of Utrecht in the passage saying,--"Free ships shall also give a freedom to goods." The meaning of contraband was strictly defined; the right of a nation to blockade another's ports was rigorously restricted. As to the rights of sailors, they were protected by the flag under which they sailed. But whatever credit belongs to England for her upholding of this principle was obscured by her exploitation of a monopoly, created by a special agreement of the same treaty. The "assiento," which established that most ignominious traffic in negro slaves, was to have disastrous effects, political, economic and racial, upon the American colonies, whether British, French or Spanish. The agreement had been specially demanded by the British representatives and had been approved by Louis XIV, who saw in its acceptance not only an advantage for England, but justly hoped his own colonies on the Gulf of Mexico to profit by it. It was worded simply as follows: "Her Britannic Majesty did offer and undertake by persons whom she shall appoint, to bring into the West Indies of America belonging to his Catholic Majesty, in the space of thirty years, one hundred and forty-four thousand negroes, at the rate of four thousand eight hundred in each of the said thirty years." The duty on four thousand of these negroes was to be thirty-three and a third pesos. But the assientists were entitled to introduce besides that number as many more as they needed at the minor rate of sixteen and two third pesos a head. However, no Frenchman or Spaniard or any individual of another nation could import a negro slave into Spanish America. This trade in human flesh was duly organized and carried on by a stock company which promised enormous profits. King Philip V., sorely in need of money with which to execute all his plans for the reconstruction of his kingdom, anticipated great gains from such an investment and bought one quarter of the stock. Queen Anne was the owner of another quarter and the remainder was sold among her loyal subjects. Thus the sovereigns of these two kingdoms became the leading slave-merchants in the world and by the provisions of the agreement "her Britannic Majesty" enjoyed the somewhat dubious distinction of being for the Spanish colonies in the Gulf of Mexico, on the Atlantic and along the Pacific coasts, the exclusive slave-trader.