With the wide acceptance of laissez-faire doctrines in the later part of the 18th century, Spain relaxed its mercantilist policies. The British capture and occupation of Manila in 1762–1764 made Spain realize the impossibility of isolating the colony from world intercourse and commerce. In 1789, foreign vessels were given permission to transport Asian goods to the port of Manila. Even before the 1780s, many foreign ships, including Yankee clipper ships, had visited Manila regardless of anti-foreigner regulations. In 1790, Governor-General Félix Berenguer de Marquina recommended that the King of Spain open Manila to world commerce. Furthermore, the bankruptcy of the "Real Compaña de Filipinas" (Royal Company of the Philippines) catapulted the Spanish king to open Manila to world trade. In a royal decree issued on September 6, 1834, the privileges of the company were revoked and the port of Manila was opened to trade.