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Rh of the Manila merchants a modification of the law was finally effected, and in 1702 merchandise to the value of 300,000 pesos, conveyed in two ships of 500 tons burden, was permitted to enter the port of Acapulco annually.

The abuses which followed the establishment of these new regulations were extravagant. Residents of both Manila and Mexico contravened the law, and Asiatic goods were landed at Acapulco in such quantities that the return freight amounted to 2,000,000 pesos annually, instead of 600,000. Even the merchants of New Spain were discomfited, and addressed a memorial to the king petitioning for a discontinuance of the annual Manila fleet—for instead of two vessels as permitted by law many were now engaged in this trade. To remedy the evil the king, on the 8th of January 1718, prohibited the importation of silk goods from the Philippines, and issued a final decree on the 20th of June of the same year, extending the prohibition to all Asiatic manufactures, limiting the imports to raw materials.

A new franchise with increased privileges having been granted in 1734, the Philippine trade flourished till near the close of the century, the imports into