Note 29 — IV. Trade and Commerce: the Period of Restrictions

“This trade and commerce is so great and profitable, and easy to control—for it only lasts three months in the year, from the time of the arrival of the ships with their merchandise, until those vessels that go to Nueva España take that merchandise—that the Spaniards do not apply themselves to, or engage in, any other industry. Consequently, there is no husbandry or field-labor worthy of consideration. Neither do the Spaniards work the gold mines or placers, which are numerous. They do not engage in many other industries that they could turn to with great profit, if the Chinese trade should fail them. That trade has been very hurtful and prejudicial in this respect, as well as for the occupations and farm industries in which the natives used to engage. Now the latter are abandoning and forgetting those labors. Besides, there is the great harm and loss resulting from the immense amount of silver that passes annually by this way (of the trade), into the possession of infidels, which can never, by any way, return into the possession of the Spaniards.” (Morga’s Sucesos.—Bl. and Rb. Vol. 16, p. 187).

“When, without risking any capital of his own, the merchant might thus share the enormous profits of this trade, with no more exertion than signing the invoices and letters (they were written by Indian clerks), and receiving the treasure on the return of the vessel, it is not surprising that for nearly two centuries they neglected all the other commercial advantages which surrounded them, or that such a commerce produced such merchants; the history of it and of them for that period may be confined to a few words:—they were agents of the merchants of Madras and Bengal, receiving and shipping their goods, and returning their proceeds, while their profits were confined to a large commission on them.” (Remarks on the Philippine Islands and on their capital Manila, 1819–1822, by an Englishman.—Bl. and Rb., Vol. 51, p. 150.)