"I can calculate the movement of the stars, but not the madness of men". Newton himself owned nearly £22,000 in South Sea stock in 1722, but it is not known how much he lost, if anything. There are, however, numerous sources stating he lost up to £20,000 (equivalent to £ in ). A trading company The South Sea Company was created in 1711 to reduce the size of public debts, but was granted the commercial privilege of exclusive rights of trade to the Spanish Indies, based on the treaty of commerce signed by Britain and the Archduke Charles, candidate to the Spanish throne during the War of the Spanish Succession. After Philip V became the King of Spain, Britain obtained at the 1713 Treaty of Utrecht the rights to the slave trade to the Spanish Indies (or Asiento de Negros) for 30 years. Those rights were previously held by the Compagnie de Guinée et de l'Assiente du Royaume de la France. The South Sea Company board opposed taking on the slave trade, which had showed little profitability when chartered companies had engaged in it, but it was the only legal type of commerce with the Spanish Colonies as they were a closed market. To increase the profitability, the Asiento contract included the right to send one yearly 500-ton ship to the fairs at Portobello and Veracruz loaded with duty-free merchandises, called the Navío de Permiso. The Crown of England and the King of Spain were each entitled to 25% of the profits, according to the terms of the contract, that was a copy of the French Asiento contract, but Queen Anne soon renounced her share. The King of Spain did not receive any payments due to him, and this was one of the sources of contention between the Spanish Crown and the South Sea Company. As was the case for previous holders of the Asiento, the Portuguese and the French, the profit was not in the slave trade but in the illegal contraband goods smuggled in the slave ships and in the annual ship. Those goods were sold at the Spanish colonies at a handsome price as they were in high demand and constituted unfair competition with taxed goods, proving a large drain on the Spanish Crown trade income. The relationship between the South Sea Company and the Government of Spain was always bad, and worsened with time. The Company