Note 12 — III. Trade and Commerce at the Time of Discovery and Conquest

The coming of the Spaniards opened a new market to the products of the Orient, and Manila soon became the great distributing center of the East.12 “The merchants and business men form the bulk of the residents of the islands, because of the great amount of merchandise brought there—outside of native products—from China, Japan, Maluco, Malacca, Siam, Cambojia, Borneo, and other districts.”13