Note 93 — PART I

This trade was anciently confined to a single ship annually, the famous Galleon. She was fitted out, manned and armed, at the king’s expense, and commanded by a king’s officer. This was reimbursed by a duty of 33⅓ per cent. on the registered cargo, the merchants contributing to her provisionment, and to the payment of 20,000 dollars as a bounty to her commander. She was calculated to carry 3,000 bales of a certain size, and the privilege of shipping these was confined to the holders of 1,000 tickets called “boletas,” which were divided amongst different public bodies, charitable and religious institutions, the widows of the officers, &c., these tickets being saleable to others:93 and of the enormous profit on this trade, some idea may be formed, when it is known, that with the very heavy expenses attendant on every stage of it, 500 dollars have been paid for a ticket entitling the holder to ship three bales!