The Company's activity was not without its difficulties. In addition to the war of 1739, which hampered regular traffic to America, it had to endure the rebellion of 1748-9. Once the Company's activity was reestablished two years later, in 1752 its main headquarters moved to Madrid, leaving a secondary management in San Sebastián, dependent on its decisions. The company's organizational structure changed, and more importantly, the annual shareholders' meeting was held in the Villa y Corte, and the decisions of the private board, which met regularly, were influenced by its members. Originally a company in which the majority of its shareholders resided in Guipúzcoa, their presence at the company's annual meetings in San Sebastián was assured. From 1752 onwards, the attendance of numerous Gipuzkoan shareholders had to be delegated to people residing in Madrid. The original private board, for its part, had been composed of the management, all of them experts in commercial matters, as well as the secretary and treasurer. After the change of headquarters, its members would still number eight, some of whom were not involved in the direct management of a commercial company of that nature, and who represented interests sometimes more closely linked to the Royal Treasury.