Page:The Philippine Islands, 1493-1803 (Volume 01).djvu/70

 Acapulco in New Spain had little reason for existence, save for the annual fair at the time of the arrival of the Manila ship, and the silver fleet from Peru. That event transformed what might more properly be called "a poor village of fishermen" into "a populous city," for the space of about two weeks.

The commerce between the Philippines and Mexico was conducted in this manner from 1604 to 1718, when the silk manufacturers of Spain secured the prohibition of the importation of Chinese silk goods into New Spain on account of the decline of their industry. A prolonged struggle before the Council of the Indies ensued, and in 1734 the prohibition was revoked and the east and west cargoes fixed at $500,000 and $1,000,000 respectively. The last nao, as the Manila–Acapulco galleon was called, sailed from Manila in 1811, and the final return voyage was made in 1815. After that the commerce fell into private hands, the annual exports were limited to $750,000 and the ports of San Blas (Mexico), Guayaquil (Ecuador), and Callao (Peru) were opened to it.