exchequer, which stood in the way of the mother country's exploiting
her American colonies, and which let the silver of His Majesty's
dominions pass into the hands of the heathen. Since the foundation of
the colony they had continually thrown impediments in its path. [22]
Their demands, however, were vain in face of the ambition of the
throne and the influence of the clergy; rather, responding to the
views of that time the merchants of Peru and New Spain were forced,
in the interests of the mother country, to obtain merchandise from
China, either directly, or through Manila. The inhabitants of the
Philippines were alone permitted to send Chinese goods to America,
but only to the yearly value of $250,000. The return trade was limited
to $500,000. [23]

[Prohibition of China trading.] The first amount was afterwards
increased to $300,000, with a proportionate augmentation of the
return freight; but the Spanish were forbidden to visit China, so
that they were obliged to await the arrival of the junks. Finally,
in 1720, Chinese goods were strictly prohibited throughout the
whole of the Spanish possessions in both hemispheres. A decree of
1734 (amplified in 1769) once more permitted trade with China, and
increased the maximum value of the annual freightage to Acapulco to
$500,000 (silver) and that of the return trade to twice the amount.

[Higher limit on suspension of galleon voyages.] After the galleons to
Acapulco, which had been maintained at the expense of the government
treasury, had stopped their voyages, commerce with America was
handled by merchants who were permitted in 1820, to export goods
up to $750,000 annually from the Philippines and to visit San Blas,
Guayaquil and Callao, besides Acapulco.