veral founders of the fund. Up to the close
of Spanish rule, money was lent out of this fund on mortgages in and
near Manila, at six per cent. interest per annum.

[116] It happened at this date that the dues, etc., equalled 17 per
cent. on the anticipated 1,000,000 pesos, but they were not computed
by percentage. The Royal Dues were a fixed sum since about the year
1625, so that when the legal value of the shipments was much less,
the dues and other expenses represented a much higher percentage. The
charges were as follows, viz.:--

Royal Dues. P160,000
Port Dues at Acapulco. 2,000
Disbursements paid in Manila on the ship's departure. 7,500
Port and Anchorage Dues on arrival in Philippines. 500

P170,000

[117] "La Libertad del comercio de Filipinas," by Manuel Azcarraga.

[118] Mr. John B. Butler, who was born in 1800, resided many years
in Manila, and married a native wife. He died on October 4, 1855, in
London, whence his mortal remains were brought to Manila in 1860, at
the instance of his widow, and interred in Saint Augustine's Church,
near an altar on the left side of the nave. The site is marked by a
marble inscribed slab.

[119] The Peace of Utrecht, signed in 1713, settled the succession of
Philip, the French Dauphin, to the Spanish throne, whilst among the
concessions which England gained for herself under this treaty was a
convention with Spain, known as the _Asiento_ contract. This gave the
British the right to send one shipload of merchandise yearly to the
Spanish colonies of America. Nevertheless, many ships went instead of
one. An armed contest ensued (1739-42), and although the Spaniards
lost several galleons in naval combats undertaken by Admiral Vernon
and Commodore Anson, the British losses were not inconsiderable.

So prejudicial to the vital interests of Spain was the abuse of
the ceded right held to be that the earliest efforts of the first
new Cabinet under Ferdinand VI. were engaged in a revision of the
commercial differences between that country and England. England
was persuaded to relinquish the _Asiento_ contract in exchange for
advantages of greater consideration in another direction.

About a century ago England took over from Spain Nootka Sound,
a station on the Pacific coast, where a nourishing fur trade was
carried on b