The Philippine Islands, 1493-1898…
“ The inhabitants of Manila no longer make large profits in their trade with Nueva España; nor are the expenses of that trade such a burden as formerly on the royal treasury. The same results are really obtained from the tax levied on the Chinese goods that are carried to Manila, and this additional tax is too heavy a burden on the people. The royal duties alone amount to twenty-seven per cent on their investments of capital, and the costs and expenses to even a greater sum. Too much pressure of this sort will cause the people of Manila to abandon entirely a profitless trade ”
