Note 11 — III. Trade and Commerce at the Time of Discovery and Conquest

Resultados del Desarrollo Económico de Filipinas; in “Revista Económica,” November, 1912:

“In imposing a tax payable in articles of food or dress, the foundations of the Philippine industry were unwittingly laid. It is natural for a person manufacturing a piece of cloth for the purpose of paying tribute with it to have an interest in making another like piece to sell or to exchange for some other needed object. At the same time, as the encomendero and alcaldes mayores engaged in trade sold the articles received as tribute, a market for industrial products was in this wise created which provoked a demand for such merchandise.”