Note (return) — Chapter I

Then began the famous fair of Porto Bello.19 The town, whose permanent population was very small and composed mostly of negroes and mulattos, was suddenly called upon to accommodate an enormous crowd of merchants, soldiers and seamen. Food and shelter were to be had only at extraordinary prices. When Thomas Gage was in Porto Bello in 1637 he was compelled to pay 120 crowns for a very small, meanly-furnished room for a fortnight. Merchants gave as much as 1000 crowns for a moderate-sized shop in which to sell their commodities. Owing to overcrowding, bad sanitation, and an extremely unhealthy climate, the place became an open grave, ready to swallow all who resorted there. In 1637, during the fifteen days that the galleons remained at Porto Bello, 500 men died of sickness. Meanwhile, day by day, the mule-trains from Panama were winding their way into the town. Gage in one day counted 200 mules laden with wedges of silver, which were unloaded in the market-place and permitted to lie about like heaps of stones in the streets, without causing any fear or suspicion of being lost.20 While the treasure of the King of Spain was being transferred to the galleons in the harbour, the merchants were making their trade. There was little liberty, however, in commercial transactions, for the prices were fixed and published beforehand, and when negotiations began exchange was purely mechanical. The fair, which was supposed to be open for forty days, was, in later times, generally completed in ten or twelve. At the beginning of the eighteenth century the volume of business transacted was estimated to amount to thirty or forty million pounds sterling.21