resentations of the Manila merchants a modification of the law was finally effected, and in 1702 merchandise to the value of 300,000 pesos, conveyed in two ships of 500 tons burden, was permitted to enter the port of Acapulco annually.[1]
The abuses which followed the establishment of these new regulations were extravagant. Residents of both Manila and Mexico contravened the law, and Asiatic goods were landed at Acapulco in such quantities that the return freight amounted to 2,000,000 pesos annually, instead of 600,000. Even the merchants of New Spain were discomfited, and addressed a memorial to the king petitioning for a discontinuance of the annual Manila fleet—for instead of two vessels as permitted by law many were now engaged in this trade. To remedy the evil the king, on the 8th of January 1718, prohibited the importation of silk goods from the Philippines, and issued a final decree on the 20th of June of the same year, extending the prohibition to all Asiatic manufactures,[2] limiting the imports to raw materials.
A new franchise with increased privileges having been granted in 1734, the Philippine trade flourished till near the close of the century,[3] the imports into
- ↑ The value taken back to Manila was 600,000 pesos in specie, less duties and expenses. The duties amounted to 17 per cent ad valorem. Philipinas, Hist. Com., 29-33. The specie which was sent from Manila to China for the purchase of goods never returned from that country. Descripcion de Amer., MS., 196. The Philippine galleon usually arrived at Acapulco in the months of December and January, and left during the month of March; delay after the 1st of April would make it liable to miss the favorable breezes on leaving port, and expose it to contrary winds on reaching the Mariana Islands. Jaillandier. Extrait d'une Lettre, 1711, MS., 10-11.
- ↑ Linares, Instruc., MS., 63; Philipinas, Hist. Com., 31-7. The importation of silk fabrics was, however, conditionally permitted again by royal decree of Aprils, 1734. Providencias Reales, MS.,.30-41. On the same date permission was granted to import into New Spain merchandise to the amount of 500,000 pesos, and return with 1,000,000 pesos. Reales Cédulas, MS., ii. 127.
- ↑ In 1785 Cárlos III. established a trading company in Spain under the title of Real Compania de Pilipinas with a capital of 8,000,000 pesos sencillos divided into 32,000 shares, open to purchase by any subject of whatever class in the Indies and Philippine Islands, except ecclesiastics. Extensive privileges were granted the company, which was to carry on trade between Spain
the merchants of the Philippines petitioned the king to remit certain duties on the imported goods. Grau y Monfalcon, in Id., 345-64.
