. The Philippine Islands . e. These nations sent their ships to Canton,established factories, and bought goods for themselves, cuttingoff tlie Spanish monopoly of the traffic with the East. In 1731foreign ships expended over $3,000,000 of Mexican coin in Chinafor goods. These were smuggled into New Spain, not withouthelp from Spaniards on shore. This proved a serious competi-tion. The old hundred-per-cent. profit was no longer to be was so beset with smugglers, whose merchandise foundits way clandestinely to the city of Mexico, that, at times, buyerscould not be found for the gall
. The Philippine Islands . e. These nations sent their ships to Canton,established factories, and bought goods for themselves, cuttingoff tlie Spanish monopoly of the traffic with the East. In 1731foreign ships expended over $3,000,000 of Mexican coin in Chinafor goods. These were smuggled into New Spain, not withouthelp from Spaniards on shore. This proved a serious competi-tion. The old hundred-per-cent. profit was no longer to be was so beset with smugglers, whose merchandise foundits way clandestinely to the city of Mexico, that, at times, buyerscould not be found for the galleon - goods except at muchreduced rates. FRAUD AND Fraud now stepped in. Goods of inferior quality were sentand offered at old prices. Government inspectors were ap-pointed at Manila to examine goods ; but they tilled their ownpockets at the expense of tlic jniblic service, and the fraudswent on. Contraband goods were taken on the State - galleonitself, concealed in water-jars. The misfortunes that came to the. erf aS O a ?A 14 History of Commerce in the Philippines. 185 Manila merchants fn consequence, were due largely to their ownfault : thev had sown the wind and reaped the whirlwind. There were certain public funds in Manila that offered them-selves to speculative uses. These—known as the Obras Pias—werelegacies left by pious persons whose interest was to be used topay for masses for their souls. Two-thirds were to be lent atinterest to traders, the remainder being held to cover losses. TheCasa Misericordia was another pious fund that was lent at 40per cent., sinking to 20 per cent, as trade grew less profitable. Inthe end, speculative ventures made way with much of this ac-cumulated cash ; sorely, it may be, to the misery of the poor soulsin Purgatory, waiting to be pra>ed into Paradise. THE MERCHAXTS OF A new competition with Philippine commerce came into playat the beginning of the eighteenth century,—that of the merchantsof Cadiz, who had g
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