Note 24 — IV. Trade and Commerce: the Period of Restrictions

Before, however, going into the next period let us see who were entitled to participate in the galleon trade. The right to ship was known as boleta or ticket, and there were as many boletas as divisions in the ship. On the average there were 1,500 such divisions, each worth from 200 to 225 pesos, a good portion of which were given to the governor-general, the religious corporations, the regidores, the favorites and privileged, and the widows of retired Spaniards. Those who had no capital to invest in merchandise sold their boletas to the merchants, and in spite of prohibition, this practice continued with impunity. The cargo consisted chiefly of Chinese and Indian silk and cotton cloths, and gold ornaments, and were sold at one hundred per cent profit in New Spain.24 Almost all the merchants secured loans from the “Obras Pias,”25 which were funds donated for pious purposes, and two-thirds of which loaned at the following rate of interest: for Acapulco, fifty per cent; for China, twenty-five per cent; for India, thirty-five per cent; the rest of the funds formed the reserve. Besides the merchandise and silver the galleons transported the official correspondence, arms, troops, missionaries, and public officials. The officers of the galleon were highly paid. The commander, who had the title of general, made 40,000 pesos per voyage, the pilot about 20,000,26 and the mates, 9,000 each. Most of the crew were natives.27