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264, 324), Phelan (1959, pp. 93–94), and Legarda (1955, p. 371). 4 We focus only on Crown profitability in the sixteenth and seventeenth centuries. The eighteenth and nineteenth centuries deserve independent analysis. g. ). 5 See Flynn and Giráldez (1995b) for citations of the literature in this field. 5 percent. 7 For discussion of massive silver smuggling via America’s “Back Door” to the Atlantic, however, see Moutoukias (1991). 8 Also see Chaun (1975:114), Zaide (1979:514), Legarda (1955:352), Borah (1954:122), Boxer (1963:170), and Jara (1979:67).
The Philippines never provided Spain with the fabulous riches which it received from the gold and silver mines in America. 4 Instead, we contend that the Spanish state enjoyed substantial net financial benefits from the Philippines. We estimate the Spanish Crown’s net Philippine profit at some 218,415 pesos per year throughout the seventeenth century. 2 percent) in Philippine profit was collected inside of America prior to the loading of silver onto Manila galleons in Acapulco. ” The methodology used to generate estimated yearly profits is explained below.
New York: Harper & Row. N. (1978) The Trading World of Asia and the English East India Company, 1660–1760. Cambridge: Cambridge University Press. Chaunu, Pierre (1960) Les Philippines et le Pacifique des Iberiques (XVI, XVII,XVIII siécles). N. Chuan, Hang-Sheng (1969) “The Inflow of American Silver into China from the Late Ming to the Mid-Ch’ing Period,” The Journal of the Institute of Chinese Studies of the Chinese University of Hong Kong, vol. 2, pp. 61–75. ), Studia Asiatica Essays in Asian Studies in Felicitation of the Seventyfifth Anniversary of Professor Ch’en Shou-yi.