The Philippine Islands, 1493-1803; explorations by early navigators, descriptions of the islands and their peoples, their history and records of the Catholic missions, as related in contemporaneous books and manuscripts, showing the political, economic, commericial and religious conditions of those islands from their earliest relations with European nations to the beginning of the nineteenth century; [Vol. 1, no. 44]

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THE PHILIPPINE ISLANDS

[Vol. 44

plain of the abuses in the Filipinas trade, and of the
showy and cheap imitations of Spanish goods which
the Chinese send by this agency to Acapulco, which
have driven out the genuine articles and thus have
ruined both the traders and the manufacturers of
Spain. Moreover, the wealth of Nueva Espafa is
being drained into the heathen land of China. Accordingly, the Sevillans urge that severe restrictions
be placed on the Manila-Acapulco trade, and that
the Spanish trading fleets be sent regularly and often.
As a result of this protest and of the proceedings in
the Council, the king decrees (I718) that the trade
in Chinese silken goods be henceforth prohibited.
In I719, Viceroy Valero remonstrates ("Period" vi)
against this prohibition, in behalf of not only Filipinas but his own subjects in Nueva Espafia, most of
whom are too poor to purchase Spanish goods for
their garments and depend on the cheap goods from
China; he also declares that the Filipinas trade is
necessary for enabling the Mexican treasury to meet
its obligations. This memorial being submitted to
the fiscal at Madrid, he advises that the prohibition
of trade in Chinese goods be removed. After much
discussion and consultation, the matter is decided
thus, a royal decree (dated October 27, 1720) being
issued accordingly: the Filipinas commerce with
Nueva Espana must be restricted to 300,000 pesos,
and to certain products and manufactured articles,
from which are strictly excluded all silken fabrics;
the amount of money sent in return is limited to
600,000 pesos; citizens of Nueva Espafia are strictly
forbidden to send their own money to Filipinas: and
various precautions, restrictions, and penalties are
provided.