principal characteristics deserve some description.

[Chinese part in galleon trade.] In the days of Morga, towards the
close of the sixteenth century, from thirty to forty Chinese junks
were in the habit of annually visiting Manila (generally in March);
towards the end of June a galleon used to sail for Acapulco. The trade
with the latter place, the active operations of which were limited to
the three central months of the year, was so lucrative, easy, and safe,
that the Spaniards scarcely cared to engage in any other undertakings.

[Favoritism in allotment of cargo space.] As the carrying power of
the annual galleon was by no means proportioned to the demand for
cargo room, the governor divided it as he deemed best; the favorites,
however, to whom he assigned shares in the hold, seldom traded
themselves, but parted with their concessions to the merchants.

[Division of space and character of cargo.] According to De Guignes,
[27] the hold of the vessel was divided into 1,500 parts, of which
the majority were allotted to the priests, and the rest to favored
persons. As a matter of fact, the value of the cargo, which was
officially limited to $600,000, was considerably higher. It chiefly
consisted of Indian and Chinese cottons and silk stuffs (amongst
others fifty thousand pairs of silk stockings from China), and gold
ornaments. The value of the return freight amounted to between two
and three millions of dollars.

[Profit in trade.] Everything in this trade was settled beforehand;
the number, shape, size, and value of the bales, and even their selling
price. As this was usually double the original cost, the permission
to ship goods to a certain amount was equivalent, under ordinary