Anyone know the meaning of this saying? (about Spain's imperialism)

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Toro

Sicc OG
Apr 25, 2006
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#1
"Spain held the cow, but Europe drank the milk"

Can't seem to find it with Google. I have a feeling what it means, but I want to know a for sure answer. I'm thinking it means that, when talking about the Spaniards acquisition of Mexican gold and all that, Spain did the dirty work while the rest of Europe sat back and got the benefits.