What effect did the Venezuela crisis have on Anglo-American (Britain and U.S.) relations in the short term and long term?

The crisis of 1895 came about as the result of a seemingly minor territorial dispute between Great Britain and Venezuela. Initially, the United States under President Cleveland was unwilling to intervene, despite repeated requests to do so from the Venezuelan government. Domestic opinion in the United States was also hostile to British actions as they were thought to be in clear contravention of the Monroe Doctrine, which famously opposed any colonialist expansion in the Americas.

...

The crisis of 1895 came about as the result of a seemingly minor territorial dispute between Great Britain and Venezuela. Initially, the United States under President Cleveland was unwilling to intervene, despite repeated requests to do so from the Venezuelan government. Domestic opinion in the United States was also hostile to British actions as they were thought to be in clear contravention of the Monroe Doctrine, which famously opposed any colonialist expansion in the Americas.

Under pressure from Congress, Cleveland signed into law an act recommending that a settlement be reached by means of arbitration. The British, however, wouldn't budge and Anglo-American relations suffered a short-term lull. Cleveland, for his part, was caught between those in his cabinet and in Congress who thought he was insufficiently robust in defending the Monroe Doctrine and those who believed that, if anything, he'd been too belligerent.

Cleveland's public posture became increasingly bellicose, but in truth neither his administration nor the British government ever seriously entertained the prospect of war. His public stance was largely for domestic political consumption, and his actions spoke otherwise. By setting up a commission to look into the dispute Cleveland expertly took the heat out of an increasingly tense diplomatic situation.

Both the short and long-term consequences of the crisis were largely beneficial to Anglo-American relations. In the short-term the British received a fairly generous settlement as a result of the arbitration process. (Although the Venezuelans felt humiliated by the outcome.) In the long-term a tacit understanding developed between the United States and Great Britain about their respective spheres of interest. The Venezuelan crisis essentially put the Monroe Doctrine into effect by way of an increasingly active foreign policy. At the same time, this allowed Great Britain to concentrate on running its already enormous empire. By keeping the two great English-speaking nations apart, the resolution of the 1895 Venezuelan crisis ironically brought them closer together diplomatically.