Note 19 — Chapter VIII · The Philippines Three Hundred Years Ago.

Trade with Mexico and Spain Restricted.—The commerce between the Philippines, and Mexico and Spain, though it was of vast importance, was limited by action of the crown. It was a commerce which apparently admitted of infinite expansion, but the shortsighted merchants and manufacturers of the Peninsula clamored against its development, and it was subjected to the severest limitations. Four galleons were at first maintained for this trade, which were dispatched two at a time in successive years from Manila to the port of Acapulco, Mexico. The letter on the Philippine trade, already quoted, states that these galleons were great ships of six hundred and eight hundred tons apiece.19 They went “very strong with soldiers,” and they carried the annual mail, reinforcements, and supplies of Mexican silver for trade with China, which has remained the commercial currency of the East to the present day. Later the number of galleons was reduced to one.