Should we conclude that this was the reason for the decline of the Caracas Company? While it is true that these operations had a negative impact on its business, they were not the only cause. Another reason was undoubtedly the "protectionist" or mercantilist framework within which the Company operated. From its beginning, it was structured on the monopoly principles of the Spanish . Within this framework, it was able to take advantage of "peripheral" trades, which benefited it in relative terms, such as the supply of European flour and goods through contraband.
However, the opening of new ports in the metropolis to enable direct trade with America in 1778 meant that Caraquea had to compete with other private companies, making its operations very difficult. From then on, its activity suffered. Other events also influenced the company's closure and decline. First, the outbreak of war with England in 1779 hampered its regular traffic. Second, the loss of several of the company's ships, which were captured by an English fleet off the Cantabrian coast, barely underway on their route to America, was the decisive blow that forced it to close its business. The company was liquidated in 1785, but not before its shareholders were able to exchange their shares for shares in the Royal Company of the Philippines, considered in part an extension of the Guipuzcoana Company, although with other objectives.