Title:
Declining Galleon Commerce (Part 1)
Date Created:
2021-05-29
Description:
More changes as the Conquista was ending in the mid-1700s. Although indios were not allowed to invest in the galleon trade, the business offered profits from supplying provisions: salt, dried beef and fish, wheat and wheat sea biscuit, coconut shell cups and bowls for the crew, coconut wine, rice, mongo for instance. Only registered Manila residents could participate in the galleon trade. In its heyday an investor could earn 300 percent. The number of galleons allowed per year became limited to only one. The ship’s carrying capacity was measured and divided into shares. Since a limit also was set to the total value of trade goods going to New Spain (P500,000) and back (P1,000,000) each share had a corresponding peso value. Costs had to be shared to outfit the galleon, pay port fees and wages of the crew. City officials had allocations. Poor residents including widows found rich parties as partners. “This forms a kind of general assistance not found in Europe and its dominions,” concluded Fr. San Antonio. The colonials became so dependent on galleon income that if a ship did not return the colony’s economy was jeopardised till another galleon could be constructed, stocked and return home. Fr. San Antonio warned of another change confronting Filipinas during the first half of the second colonial century. Philippine commerce was on the decline and ministers needed to protect and grow the colony’s industrial wealth.
Subjects:
Philippines -- Commerce -- Spain Spain -- Commerce -- Philippines Galleons Spain -- Colonies -- Asia -- Social life and customs Spain -- Colonies -- Asia -- Economic conditions
Exhibition:
J San Antonio
Source:
A galleon. Detail from the Philippine Map by Pedro Murillo Velarde with engraving by Nicolas Cruz Bagay. 1744. Public domain.
Type:
Image;Still Image
Format:
image/jpeg
Source
Preferred Citation:
"Declining Galleon Commerce (Part 1)", Philippine Food History, Felice P. Sta. Maria
Reference Link:
felicepstamaria.net/items/coll221.html
Rights
Rights:
Public domain
Standardized Rights:
https://creativecommons.org/publicdomain/mark/1.0/