The period after the 1713 Peace of Utrecht was one of constant re-alignment among the European Powers as they attempted to solve issues without war. France in particular needed peace to rebuild its exhausted economy after the War of the Spanish Succession, which resulted in the 1716 Anglo-French Alliance. Although both sides were suspicious of each other, the succession of George I in 1714 and his concern for Hanover made the alliance more important to Britain than was previously the case. Utrecht confirmed Philip V as the first Bourbonking of Spain but left Britain in possession of the Spanish ports of Gibraltar and Mahón, Menorca, captured during the war. Regaining these was a priority for the new regime. Spain also ceded their Italian possessions of Naples, Sicily, Milan and Sardinia. These became a focus for Spanish foreign policy largely due to Elisabeth Farnese, Philip's second wife. When they married in 1714, he already had two sons and she wanted to create an Italian inheritance for her own children. Commercial issues included the Austrian-owned Ostend Company, which competed for the East Indies trade with British, French and Dutch merchants, as well as Spanish concerns over British incursions in New Spain. As the 1730s began, Emperor Charles VI of Austria needed support for the 1713 Pragmatic Sanction and ensure the succession of his daughter Maria Theresa. The result was an almost continuous series of conferences and agreements, among them the 1725 Peace of Vienna between Austria and Spain. This alignment was short-lived, Charles VI deciding Austria's interests were better served by an alliance with Britain and the Dutch Republic.
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In the 1720 Treaty of The Hague, Britain, France, the Dutch Republic and Austria recognised Charles of Spain, third son of Philip V, as Duke of Parma and Tuscany. Although reconfirmed by Britain and France in the 1729 Treaty of Seville, Austria refused to comply and occupied the Duchy when Antonio Farnese died in January 1731. The Treaty agreed to withdraw these and Charles of Spain was installed as Duke. The Austrian-backed Ostend East India Company was also closed; established in 1722, this had become a major competitor to the British and Dutch East India companies. Emperor Charles VI revoked the Company's charter in 1727 to ensure acceptance of the Pragmatic Sanction but Britain made its permanent closure a condition of signing the Treaty.
