ng enjoyed the
privilege of sending two annual ships to Acapulco called Galleons,
Navios, or Register-Ships, with the produce of the Philippines, of
China, and other parts of Asia; in return for which, they receive
various articles of the production of South America; the principal
of which are cochineal, merchandise of different descriptions of
European origin, and silver in Spanish dollars and ingots, which
compose the principal part of the value of their return cargoes,
amounting annually to about three million five hundred thousand
Spanish dollars. A large proportion of this property belongs to the
convents in Manila, whose great revenues not only enable them to
engage in extensive mercantile operations, but to lend considerable
sums to the merchants on bottomry. For the indulgence in this trade,
the proprietors pay a large sum of money to the crown.

These ships were of the burden of from twelve to fifteen hundred
tons, and were numerously manned and well appointed for defense; but
of late years, since the revolt of the Spanish colonies, which has
rendered the navigation of the intermediate seas dangerous to these
enterprises, the trade has been greatly interrupted, and instead
of risking it in large bodies, private ships of smaller burden have
been hired for the purpose of dividing the risk; some of these have
been put under foreign colors, though formerly the galleons wore,
by instruction, the royal flag, their officers were commissioned
and uniformed like the officers of the navy, and the ships were
under the same regulations and discipline. The object, however, of
the trade in smaller ships has not been obtained; for so great are
the fears of the owners and agents of their being captured, and so
many restrictions laid upon the commanders that they lie in port the
principal part of the time; so that in September, 1819, the ships of
the preceding year had not arrived at Manila; neither had any been
dispatched from the latter place for Acapulco during that time. These
interruptions, and in fact, the virtual suspension of this commerce,
will undoubtedly, if a liberal and enlightened policy is pursued,
result greatly to the advantage of these islands and the mother
country. Already since the establishment of the cortes, permitting
foreigners to settle permanently at Manila, great improvements have
been made in the productions of the island, and important additions
to the revenue. The failure of the annual remittance