In response , King Philip V of Spain annulled the asiento and had all British ships in Spanish harbours confiscated .
Spain asked for financial compensation , and in turn the British demanded annulment of the Visitation Right .
In response , King Philip V of Spain annulled the asiento and had all British ships in Spain harbours confiscated .
Spain asked for financial compensation , and in turn the British demanded annulment of the Visitation Right .