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The Philippine Islands, 1493-1803 — Volume 01 of 55: 1493-1529; Explorations by Early Navigators, Descriptions of the Islands and Their Peoples, Their History and Records of the Catholic Missions, as Related in Contemporaneous Books and Manuscripts, Showing the Political, Economic, Commercial and Religious Conditions of Those Islands from Their Earliest Relations with European Nations to the Beginning of the Nineteenth Century — John Shaqi

History

The Philippine Islands, 1493-1803 — Volume 01 of 55: 1493-1529; Explorations by Early Navigators, Descriptions of the Islands and Their Peoples, Their History and Records of the Catholic Missions, as Related in Contemporaneous Books and Manuscripts, Showing the Political, Economic, Commercial and Religious Conditions of Those Islands from Their Earliest Relations with European Nations to the Beginning of the Nineteenth Century

Demarcation line of Alexander VI; Missions -- Philippines; Philippines -- Discovery and exploration; Philippines -- History -- Sources

All Chinese goods shipped to New Spain must be consumed there and
the shipping of Chinese cloths to Peru in any amount whatever even
for a gift, charitable endowment, or for use in divine worship was
absolutely prohibited. [93] As these regulations were evaded, in
1636 all commerce was interdicted between New Spain and Peru. [94]
A commerce naturally so lucrative as that between the Philippines and
New Spain when confined within such narrow limits yielded monopoly
profits. It was like a lottery in which every ticket drew a prize. In
these great profits every Spaniard was entitled to share in proportion
to his capital or standing in the community. [95] The assurance
of this largess, from the beginnings of the system, discouraged
individual industry and enterprise, and retarded the growth of Spanish
population. [96] Le Gentil and Zúñiga give detailed descriptions of the
method of conducting this state enterprise [97] after the limits had
been raised to $500,000 and $1,000,000 respectively for the outgoing
and return voyage. The capacity of the vessel was measured taking as
a unit a bale about two and one-half feet long, sixteen inches broad
and two feet high. If then the vessel could carry four thousand of
these bales, each bale might be packed with goods up to a value of
one hundred and twenty-five dollars. The right to ship was known as a
_boleta_ or ticket. The distribution of these tickets was determined
at the town hall by a board made up of the governor, attorney-general,
the dean of the _audiencia_, one _alcalde_, one _regidor_ and eight
citizens. [98]

To facilitate the allotment and the sale of tickets they were divided
into sixths. Tickets were ordinarily worth in the later eighteenth
century in times of peace eighty dollars to one hundred dollars,
and in war time they rose to upwards of three hundred dollars. [99]
Le Gentil tells us that in 1766 they sold for two hundred dollars
and more, and that the galleon that year went loaded beyond the
limit. [100] Each official as the perquisite of his office had
tickets. The regidores and alcaldes had eight.

Public-domain text, read in full here on John Shaqi.

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