Why did the galleon trade decline?

The galleon trade had a negative effect on economic development in the Philippines, since virtually all Spanish capital was devoted to speculation in Chinese goods. The importance of the trade declined in the late 18th century as other powers began to trade directly with China.

Why was the galleon trade stopped?

In 1815, galleon trade was phased out after the Spanish king issued an imperial edict to abolish galleon trade due to the impact of independent movements in Latin America and free trade in Britain and America.

What happened galleon trade?

The so-called Manila Galleon (“Nao de China” or “Nao de Acapulco”) brought porcelain, silk, ivory, spices, and myriad other exotic goods from China to Mexico in exchange for New World silver. (It is estimated that as much as one-third of the silver mined in New Spain and Peru went to the Far East.)

When did galleon trade finally ended?

Galleons stopped in Monterey prior to California’s settlement by the Spanish in 1769; however visits become regular between 1777 and 1794 because the Crown ordered the galleon to stop in Monterey.

What were the major stops along the Manila galleon trade?

It was not until the latter part of the 18th century when the coast of California was becoming more colonized that the galleons would stop at San Francisco, Monterey, and Santa Barbara. Other times, a galleon would not touch land at all since leaving the Philippines until arrival at the port of Acapulco.

What was the effect of the galleon trade in the Philippines Why did it decline despite its prosperous start?

The galleon trade had a negative effect on economic development in the Philippines, since virtually all Spanish capital was devoted to speculation in Chinese goods. The importance of the trade declined in the late 18th century as other powers began to trade directly with China.

Why was the galleon trade important?

The Manila galleon trade made significant contributions to colonial Spanish culture. It helped to fashion the very society of the Philippines, which relied upon its income, its merchandise, and the services of Chinese, Malay, and other participants.