he mail galleon usually sailed in the month of July in each year, and
the voyage occupied about five months. Very strict regulations were
laid down regarding the course to be steered, but many calamities
befell the ships, which were not unfrequently lost through the
incapacity of the officers who had procured their appointments
by favour. For a century and a half there was practically no
competition. All was arranged beforehand as to shape, quantity, size,
etc., of each bale. There was, however, a deal of trickery practised
respecting the declared values, and the _boletas_ were often quoted
at high prices. Even the selling-price of the goods sent to Mexico
was a preconcerted matter.

The day of the departure of the galleon or its arrival with a couple
of millions of pesos or more, [114] and new faces, was naturally one
of rejoicing--it was almost the event of the year. A _Te Deum_ was
chanted in the churches, the bells tolled, and musicians perambulated
the streets, which were illuminated and draped with bunting.

So far as commercial affairs were concerned, the Philippine merchants
passed very easy lives in those palmy days. One, sometimes two, days
in the week were set down in the calendar as Saint-days to be strictly
observed; hence an active business life would have been incompatible
with the exactions of religion. The only misadventure they had to fear
was the loss of the galleon. Market fluctuations were unknown. During
the absence of the galleon, there was nothing for the merchants to do
but to await the arrival of the Chinese junks in the months of March,
April, and May, and prepare their bales. For a century and a half this
sort of trading was lucrative; it required no smartness, no spirit of
enterprise or special tact. Shippers were busy for only three months
in the year, and during the remaining nine months they could enjoy
life as they thought fit--cut off from the rest of the world.

Some there were who, without means of their own, speculated with the
_Obras Pias_funds, lent at interest. [115]

The Philippine merchants often lost the value of their shipments in the
State galleons by shipwreck or seizure by enemies. Mexico frequently
lost the Philippine remittances to her, and the specie she sent to
the Philippines. The State galleon made only one voyage a year there
and back, if all went well; but if it were lost, the shipment had to
be renewed, and it often happened that several galleons were seized
in