Note 17 — IV. Trade and Commerce: the Period of Restrictions

Further petition from Manila resulted in the decreeing in 1702 that in the Philippine Islands two ships should be built, each of 500 toneladas burden, which should transport the goods permitted to that trade; that the citizens should be authorized to convey in these to Nueva España the amount of 300,000 pesos in their products and other commodities, and on the return to the Philippines to carry 600,000 pesos in silver, allowing 100 per cent gain minus the duties and expenses.17 It was further provided in the decree that in the enumeration of the traders should be included the Spaniards in the country, and the military men stationed in the port of Cavite, excluding, however, ecclessiatical ministers, whether secular or regular, and foreigners.18 And he who had no goods to lade was not allowed to give up his right in favor of a third person, but a new distribution was made.19