The Philippine IslandsA political, Geographical, ethnographical, social and commercial history of the Philippine Archipelago and its political dependencies, embracing the whole period of Spanish rule . to time, fixed.^ The Philippine Colony was therefore nominally self-supporting,and the Situado was only a guaranteed income, to be covered, as far asit could be, by shipments of foreign bartered manufactures and localproduce to Mexico. But, as a matter of fact, the Mexican subsidyseldom, if ever, was so covered. By Royal Decree of 6th of June, 1665, the Mexican subsidy to thePhilippines was fixe
The Philippine IslandsA political, Geographical, ethnographical, social and commercial history of the Philippine Archipelago and its political dependencies, embracing the whole period of Spanish rule . to time, fixed.^ The Philippine Colony was therefore nominally self-supporting,and the Situado was only a guaranteed income, to be covered, as far asit could be, by shipments of foreign bartered manufactures and localproduce to Mexico. But, as a matter of fact, the Mexican subsidyseldom, if ever, was so covered. By Royal Decree of 6th of June, 1665, the Mexican subsidy to thePhilippines was fixed at $2,500,000, of which $2,000,000 was remitted incoin and $500,000 in merchandise for the Royal Stores. Against thiswas remitted value in goods (Philippine taxes and tribute) $176, that the net Subsidy, or donation, from Mexico was - 73, $250, ^ According to Zuniga (Hist, de Pliil.), the ancient inhabitants of LuzonIsland had a kind of shell-money—the Siguey shell. This statement needsconfirmation, as Siguey shells are so very plentiful that, at the present day, theyare used by children to play at Sunca. 2 Situado is not literally Subsidy, but it was tantamount to THE MEXICAN SUBSIDY.—THE GALLEONS. 273 Hence, in the course of time, coin—Mexican dollars—found theirway in large quantities to the Philippines, and thence to China. The yearly value of the merchants shipments was first limited to$250,000, whilst the return trade could not exceed $500,000 in coinor stores, and this was on the supposition that 100 per cent, profitwould be realized on the sales in Mexico. The allotment of surplus freight room in the galleon was regulatedby the issue of holetas—documents which, during a long period, servedas paper money in fact, for the holders were entitled to use them forshipping goods, or they could transfer them to others who wished todo so. The demand for freight was far greater than the carrying poAverprovided. Shipping warrants were delivere
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Keywords: ., bo, bookcentury1800, bookdecade1890, bookpublishernewyorkscribner
