Note 2 — II
Reading edition
Antiquated restrictions on trade.The reason of this peculiarity laid partly in the feeble development of agriculture, in spite of the unexampled fertility of the soil, but chiefly in the antiquated and artificially limited conditions of trade. The customs duties were in themselves not very high. They were generally about seven per cent. upon merchandise conveyed under the Spanish flag, and about twice as much for that carried in foreign bottoms. When the cargo was of Spanish production, the duty was three per cent. if carried in national vessels, eight per cent. if in foreign ships. The latter were only allowed, as a rule, to enter the port in ballast.2