For example, 1 oz of gold bought 11 oz of silver in Amsterdam while the same silver in China could be re-exchanged for 2 oz of gold. Silver was much more valuable in East Asia than it was elsewhere in the 16th century. A conservative estimate for the total quantity of silver shipped from Mexico to Manila throughout the 17th century is 55 metric tons. Theodore Scott (CC BY) The Return to ManilaĪfter maintenance and repair works were carried out, a galleon was ready for the return journey back to the Philippines, typically carrying up to 3 million silver pesos to buy goods to fill up the hold again. Ming porcelain was already highly collectible and much sought-after by Europe's aristocracy, so much so, Chinese potters began to produce designs which were most popular in that market. Such was the demand, manufacturers in Asia adapted their output. There they might be sold or, in the case of Chinese porcelain, silk, and cottons, transported in the annual treasure fleet that sailed to Havana and then Spain. Goods not sold at the Acapulco trade fairs were transported by land to Veracruz on the Atlantic coast which had been founded by Hernán Cortés in 1519. Officers might also make a handsome profit above their salaries by selling goods they had brought across in their personal luggage allowance. The Spanish Crown received a cut of the trade, as did the factors who brokered the deals in port. A roll of silk, for example, was worth 10 times more in the Americas than in Manila. Merchants made anywhere from 150 to 200% profit on their investment. Officially, the goods could only be sold in Mexico, but traders did re-export what they could get away with. The cargoes were unloaded into the Acapulco storehouses. The cargo was stored below decks in galleons that could weigh in at up to 2,000 tons, although most were around 1,000. There was always a quantity of gemstones, uncut precious stones, and Chinese gold bullion (which was worth much more in the Americas and Europe), and often a number of slaves, too. There were exotic spices like cinnamon, clove, mace, and pepper, and perfumes like musk. The Manila galleons carried cargo like rolls of silk, Chinese porcelain, Persian carpets, jewellery, medicines, and rolls of Indian cotton cloth. From 1565, galleon ships were used to transport trade goods, gold, and silver accumulated at Manila from across Asia to the Americas and then to Spain.Ī roll of silk was worth 10 times more in the Americas than in Manila. The Zaragoça treaty confirmed Portugal's claim over the Spice Islands while Spain was given the Philippines. The 1529 treaty of Zaragoça (Saragosa) between Portugal and Spain extended the astonishing division of the world these two nations had previously established in the Treaty of Tordesillas of 1494. In the 16th century, two European powers were colonising the globe. Manila galleons going in either direction were a floating Aladdin's cave of treasures and so they tempted many a pirate and privateer but, such was their armament, only four were ever captured at sea. The Manila galleons, meanwhile, returned to the Philippines each year loaded with silver to buy more goods for the next trip. The Atlantic treasure fleets then shipped some of these goods – along with silver, gold, and other precious materials extracted from the Americas – on to Spain. The Manila galleons were Spanish treasure ships which transported precious goods like silk, spices, and porcelain from Manila in the Philippines to Acapulco, Mexico, between 15.
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