Note 62 — Chapter II · THE ESTABLISHMENT OF THE AUDIENCIA OF MANILA (1583–1598).
Reading edition
Pancada, the wholesale purchase of the goods brought to Manila by the Chinese. These goods were bought by a committee of two or three persons, acting for the governor and ayuntamiento, then sold or apportioned among the merchants of the city in proportion to the amount of money which they were able to invest. This arrangement was designed to give all the merchants a chance to buy and at the same time to prevent the Chinese from selling at exorbitant prices (Cédula of January 11, 1593, Recopilación, 9–45–34.)