The Spanish government determined to try if another system would not bring a larger revenue into the royal treasury. The Guipuzcoa Company was granted an exclusive franchise to buy and sell in the colony, and the operations of this powerful corporation galvanised commerce into a certain activity. In order to stimulate the receipt of hides, and prevent the incursions of wild plains Indians, trading posts were established in the llanos, and soon the prairies south of Valencia and Caracas rivalled the Barcelona country in cattle, and the ranches extended up the Apure, the great western tributary of the Orinoco, to the foot of the Colombian Andes. Meanwhile expeditions penetrated up the Orinoco from its mouth, and in 1764 the city of Angostura was established four hundred miles from the sea. The operations of the Guipuzcoa Company did not aid in establishing a more friendly understanding between the home government and the Venezuelan Creoles. The independent merchants constantly quarrelled with the company's agents; the low prices for which they were compelled to sell their stock outraged the ranch owners; the farmers resented the monopolisation of tobacco and the restrictions on sugar-culture; exorbitant prices were demanded for imported goods. Protests became so loud that special commissioners were sent from Spain to investigate, but they gave no satisfactory relief. Shortly after the foundation of the Guipuzcoa Company, Venezuela had been raised to the dignity of a captaincy-general. The increased efficiency of the administration assisted the monopoly in suppressing clandestine trading, and the feeling grew to such a height that in 1749 a Creole leader, named Leon, menaced Caracas itself at the head of six thousand armed men, demanding the suppression of the company and the expulsion of its factors. The captain-general was forced to yield and the revolutionists dispersed, but his promise was never redeemed. The active measures of the company effectually shut off foreign trading-ships, and the ports were so fortified that the British expeditions retired defeated from the attacks they made in 1739 and 1743 on La Guaira and Puerto Cabello, although in 1797 they captured the island of Trinidad and menaced the entrance to the Orinoco. It was not until 1778, when the Spanish government finally abandoned the monopolistic colonial system and opened all the ports of South America to free commerce with each other and with Spain, that the Guipuzcoa Company retired from business. Six years before this the provinces of Maracaibo, Cumana, and Guiana--as the lower Orinoco region was called,--all of which had heretofore been directly dependent upon the viceroy of Bogota, were placed under the jurisdiction of the captain-general of Caracas, fixing the modern boundaries of Venezuela. CHAPTER II THE REVOLT