Between three and four thousand officers and men, including Admiral Hosier himself, died there.
Walpole's aim, however, was reached; though Spain made a foolish attack by land upon Gibraltar, the presence of the English fleet assured its supplies and provisions and averted the formal outbreak of war.

The emperor withdrew from the alliance, and under English pressure also revoked the charter of an East India company which he had authorized in the Austrian Netherlands, and which took its name from the port of Ostend.

English merchants demanded the removal of this competitor, and also of a similar rival established in Denmark; both which concessions the English ministry, backed by Holland, obtained.

So long as commerce was not seriously disturbed, Walpole's peace policy, accompanied as it naturally was by years of plenty and general content, was easily maintained, even though Spain continued threatening and arrogant in her demands for Gibraltar; but unfortunately she now entered more deeply upon a course of annoyance to English trade.

The concessions of the Asiento, or slave-trade, and of the annual ship to South America have been mentioned; but these privileges were but a part of the English commerce in those regions.
The system of Spain with regard to the trade of her colonies was of the narrowest and most exclusive character; but, while attempting to shut them out from foreign traffic, she neglected to provide for their wants herself.