Note 20 — III. Trade and Commerce at the Time of Discovery and Conquest

“For thirty years after the conquest the commerce of the islands was unrestricted and their prosperity advanced with great rapidity.” (Historical Introduction, E. G. Bourne.—Bl. and Rb., Vol. 1, p. 61.)

“As for the second point, the amount of the commerce, this was formerly without any limitation; and during the time (which was short) while that condition lasted the islands acquired what strength and wealth and grandeur they now possess.” (Juan Grau y Monfalcón in Extracto Historial by Antonio Alvarez de Abreu; Madrid, 1736.—Bl. and Rb., Vol. 30, p. 50.)

This is the point of view taken by Azcarraga in his La Libertad de Comercio en Filipinas.