33S INTERCOLONIAL COMMERCE. European race to reach Eastern Asia, and vvlthout it, that portion of the world might be considered safe, [at least in this direction, from European in- vasion. It is the nursery of the race of men that is to conquer and civilize Asia. A few words arc necessary on the subject of the intej^cow^se between the Fliirqjplnes and America, although I have nothing new to communicate. The Indian commerce of Spain, if Spain can be said to have any Indian commerce, is like that of other nations of Europe, conducted by an exclusive company, in which the king is a stock-holder ; but the trade between Manilla and i^capulco is con- ducted distinct from this, and still in the manner in which it has been carried on for many ages, by a single annual ship or galleon of 1200 or 1500 tons. This is also a monopoly, the cargos to Acapulco being by law limited to half a million of Spanish dollars, or L. 112,500, and amounting by connivance to no more than a million and a half, or two millions, L. 337,500, or L. 450,000 Sterling. The Ecclesiastical Corporations of Ma- nilla have a large share in the investments, either adventuring themselves directly, or lending their capital to the merchants on bottomry. The gal- leon sails from Manilla in the middle of June, or beginning of August, when the westerly monsoon is at its height. The voyage formerly lasted from five to six montlis, but at present does not, even in
