Note 1 — IV. Trade and Commerce: the Period of Restrictions

Towards the close of the eighteenth century there were events which indicated the coming of greater liberty. Direct communication was established in 1765 between Manila and Spain by means of a warship which was to sail annually from Cadiz, with European goods, and to come back loaded, not only with the products of the Philippines, but also with Oriental merchandise, including goods from China and Japan. However, the innovation was not well received in Manila, due perhaps to the monopolistic habit of the merchants, and, in 1783, these annual voyages were discontinued.1