advantages and disadvantages of manila galleon trade

Precious cargo was stored below decks in galleons that could weigh in at up to 2,000 tons. https://www.worldhistory.org/Manila_Galleon/. But Chinese silk designs may have inspired some of the patterned garments of Guatemalan sculptures, whose faces also betray the subtle influence of Asian ivory carvings. Their life was hard. Thomas Cavendish (1560-1592) was one of the lucky raiders who grabbed a Manila galleon. It Has Had a Lasting Impact. Even after Mexico gained independence, Mexico and the Philippines still interacted with one another. For only $5 per month you can become a member and support our mission to engage people with cultural heritage and to improve history education worldwide. The result was a massive decrease in the native population, from 20-60% in different communities (Girldez 2015:72). These goods were loaded onto mule trains and other ships to disperse them throughout the Americas, and eventually to Europe (Min 2014:51). News of a thriving trans-Pacific trade network reached Spain. Filipino seamen proved to be reliable workers in many industries, not just in the Manila Galleon trade. https://www.britannica.com/technology/Manila-galleon, NOAA Physical Sciences Laboratory - Manila Galleon Voyages, World History Encyclopedia - Manila Galleon. The trade, which took place during 1565-1815, became the sole means of communication between Spain and the Philippines. Because the Spanish people traveled to the Philippines mainly to get gold and profits, they did not want to waste their time growing food in the region when their focus was money (Peterson 2014:181-183). World History Encyclopedia. The Manila galleons remained vital to Spain's trade within its empire until around 1785 when the Philippines were finally opened up to other European traders. Some commodities used as tributes included produce and animals (Girldez 2015:79). Fierce competition leads to high level of technological progress. This license lets others remix, tweak, and build upon this content non-commercially, as long as they credit the author and license their new creations under the identical terms. It was far more likely to be sunk by storm, reef, or accidental fire than an enemy attack. Cite This Work Maritime archaeologist Bobby Orillaneda from the National Museum of the Philippines argues, the arrival of the Europeans in Southeast Asia created new market opportunities and reoriented maritime network circuits as the region accommodated the new players (Orillaneda 2014:2). The importance of the trade declined in the late 18th century as other powers began to trade directly with China. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. The desire to enjoy the spoils of the Asian trade led the Spanish to send explorers to the Pacific to claim and establish territories in the region (Pigafetta 1969). China? Spain was not the only one responsible for the lack of payment. World History Encyclopedia. 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. The natives eventually adopted many Christian practices and items, such as baptism, coparenthood, rosaries and crosses (Girldez 2015:78). 11. During the heyday of the galleon trade, Manila became one of the worlds great ports, serving as a focus for trade between China and Europe. Thousands of Indios were organized into woodcutting gangs that embarked on expeditions in the Luzon region to fell and transport timber to the main shipyard in Cavite (Peterson 2014:13-14). One Manila galleon could require up to 2,000 oak trees, which was equivalent to approximately 50 acres of woodland (Peterson 2014:210). . In addition, with the increase of Spanish populations in the Philippines, there was a need for more agricultural output to feed the people (Girldez 2015:78). The Spanish pulled many natives to their deaths because of their introduction of foreign diseases and their conflicts. Here Are the Advantages of International Trade 1. When republishing on the web a hyperlink back to the original content source URL must be included. Also, plenty of the passengers were armed and willing to risk life and limb to protect their valuables. THE Manila Galleon Trade lasted for 250 years and ended in 1815 with Mexicos war of independence. NOW, Unlimited ad-free access to website articles, Access to subscriber exclusive website contents. Another blow to the Spanish empire was the establishment of the Royal Philippine Company in 1785. You're on your way back from a long, dangerous voyage to Manila, where traders from Spain's conquered lands in the Americas swapped silver coins and ingots -- looted from mines across Mexico and Peru -- for silks, porcelain, ivory, spices and the other riches of Asia. Globalization entails the broadening of local and nationalistic perspectives toward an interconnected and interdependent world with free . When the galleons finally hit land in what is today Oregon or California, they then worked their way south following the coast, although not too closely since the indigenous peoples were extremely hostile to any interlopers in their territory. Pick a style below, and copy the text for your bibliography. 20002023 The Metropolitan Museum of Art. No severe exploitation of the Philippines natural resources Manila became an Entrepot In 1565, Urdaneta successfully navigated a route from Manila, Philippines to Acapulco, Mexico, officially establishing the Manila to Acapulco trade network, known as the Manila Galleon Trade (De Leon-Bolinao 2014:5). Group-1.M3L1Check-In-Activity (1).pdf. Products Traded: In 1572, the conquest of Manila led to an increase in Spains foothold in the Philippines. The Manila galleons, meanwhile, returned to the Philippines each year loaded with silver to buy more goods for the next trip. From Manila, the Spanish traded goods such as silk, silver, metals, porcelain, and spices with China, Japan and Southeast Asia. Centro Escolar University. AMONG the great triumphs of Philippine diplomacy has been the recognition of the archipelagic doctrine by the United Nations Convention on the Law of the Seas (UNCLOS). Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). Peterson argues, the central role the native Indios of the Philippines played in the creation and maintenance of the galleon trade hasbeen overlooked (Peterson 2014:1). The Kuroshio Current, which originates in Taiwan, contributed another welcome push in the right direction. CDIZ. "Commerce and Culture of the Manila Galleon: Linking the Philippines, Guam, The Americas, and Spain". 02 Mar 2023. The growing Indio population encouraged other natives to stay as well, leading to the establishment of a mixed-race people with Oriental heritage in Mexican colonial society (Aguilar 2012:367). Thank you! Manila Galleon Passenger LuggageAlejandro Linares Garcia (CC BY-SA). Advantages of International Trade. The fertile areas surrounding Manila were able to produce a surplus of important agricultural products, such as rice, to feed many people in the region (Peterson 2014:94). Our editors will review what youve submitted and determine whether to revise the article. 1925 The Manila Galleon and Trade Relations Between the Philippines and New Spain, 1521-1811. 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. Poor treatment in working conditions and lack of pay led many natives to desert or revolt (Girldez 2015:140). Web. With trade, the Philippines established itself as a rising economic power in the Asia-Pacific region. . . 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. Spain used natives, or Indios, as they identified them, for labor to construct and sail the ships that powered the Manila Galleon trade. In 1521, Spain established a base in Mexico, also known as New Spain (Peterson 2014: 145-146). What is galleon trade Philippines? The first would travel to Manila with 500,000 pesos worth of goods on a journey that took 120 days at sea. In the Philippines, the galleon trade caused great trade and greater profits for the Spaniards in the Philippines, which benefited both the natives and the colonizers. Special interests include art, architecture, and discovering the ideas that all civilizations share. 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. The 1529 treaty of Zaragoa (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. Because of their usefulness and knowledge, Spain conscripted thousands of natives to perform physical labor. As a Spanish historian, Girldez utilized many primary Spanish sources such as journals and letters written by Jesuits, friars, travelers, and government officials, to share a variety of first-person accounts. In his book, Girldez briefly mentions that Filipinos had literacy, so it is possible that they wrote about their personal experiences (Girldez 2015:18). The elevated superstructures at the stern and bow of a galleon provided marksmen with an excellent platform above an enemy ship. In the start of the fifteenth century, in the era called the Age of Commerce, the Philippines experienced a surge in trade in the region. The Manila Galleons, loaded with their rich cargos of oriental goods are still a great mystery to researchers, especially The International Monetary Fund (IMF) defines globalization as "the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders.". He adds, Manila galleons were sustained only via the exploitation of indigenous populations in the Philippines and that the dependent, exploitative systems introduced by the Spanish were imposed largely for the maintenance and constructions of sailing vessels (Peterson 2014:44). Most of the ships carried goods from China, and thus the Manila Galleons were also called The China Ships. Precise estimates of the extent of illegal trade are elusive for obvious reasons, but scattered information gleaned from official records, secondhand commentary, testimony from English captors of galleons, and accounts of infrequent inspections suggest that as much as ten times the permitted amount of cargo was being shipped. Because each style has its own formatting nuances that evolve over time and not all information is available for every reference entry or article, Encyclopedia.com cannot guarantee each citation it generates. During voyages, the conditions were unpleasant and grueling. Finally, the galleons were built of Eastern hardwoods which made their hulls remarkably resistant to cannonballs. The Galleon Trade was the first and biggest monopolistic trade between Asia and the Americas. There are no disadvantages to science, only to the applications for which science is used. With a foothold established, the Spanish began taking advantage of the Philippines. In addition, the Spanish used the local watercrafts of the Philippines. The natives traded beeswax, pearls, tortoise shells, betel nuts, local fabrics and printed textiles (Min 2014:46). World History Publishing is a non-profit company registered in the United Kingdom. In another example, upon arrival to the Americas, many natives deserted, married local women, and created families in the region. Silver was much more valuable in East Asia than it was elsewhere in the 16th century. Filipinos today recognize the importance of their ancestors contributions to the Manila Galleon trade and the seafaring community. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. Some Rights Reserved (2009-2023) under Creative Commons Attribution-NonCommercial-ShareAlike license unless otherwise noted. Local vessels were also more suitable for the waters than Spanish ones, so the Spanish modified their vessels to be similar to the Philippine ones, but befitting their purposes. Some topics that would have been covered include seventeenth century Fujian ceramics from China, porcelain found on the Spanish galleon Santa Cruz, and a study on sixteenth century Spanish colonial towns along the Bicol River (Jeffrey 2017). Exchanges of Goods, plants and culture8. World History Foundation is a non-profit organization registered in Canada. If reclamation is done properly, in accordance with sound engineering . Further, they had large crews of around 100 men in the 16th century and up to 250 in the 18th century. It connected Asia with Mexico and with Europe. Without the Philippines, Spain would not have achieved the same level of success in their trade empire. National well-being. Cite this article Pick a style below, and copy the text for your bibliography. 2015 The Age of Trade: The Manila Galleons and the Dawn of the Global Economy. It was during this era that . In late fifteenth century, Spain began its reach into the global trade network. Members of the principala class included datus, also known as the cabezas de barangay, who were the leaders of indigenous communities(Peterson 2014:25). Yale University Press, New Haven, CT. 2014 All Our Vessels Are Rowed From Within, These Are Paddled From Without, Spanish and European Colonial Reception of Philippine Indigenous Crafts. It also proposes, some ideas of what the archaeology of Manila Galleons could consider in its research objectives. Manila galleon; 5 pages. Though Chinese silk was by far the most important cargo, other exotic goods, such as perfumes, porcelain, cotton fabric (from India), and precious stones, were also transshipped via the galleon. One can only speculate why. Ultimately, the vandala was a system that cheated the natives of the true value of their goods, but was used in order to feed the population (Peterson 2014:195). There was a lack of food and drinking water to sustain the people (Peterson 2014:181-182). Other cargo included relatively small quantities of cacao, cochineal dye, wine, and olive oil. Mexico and the Philippines are teaming up for the transnational nomination of the historic Manila-Acapulco Galleon Trade route to the World Heritage List of the United Nations Educational, Scientif The Spanish Crown received a cut of the trade, as did the factors who brokered the deals in port. A conservative estimate for the total quantity of silver shipped from Mexico to Manila throughout the 17th century is 55 metric tons. 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 1565 and 1815. Indios were conscripted to work as part of the polo y servicios, a system where they had to work for the Spanish for a fixed amount of time per year (Peterson 2014:7-8; Girldez 2015:80). Paper presented at the 2nd Asia-Pacific Conference on Underwater Cultural Heritage, Hawaii. Even if there was food and water, they could be spoiled or be of poor quality (Prez-Mallana 1998: 143-145). With their new territories, Spain established an Atlantic trade network that operated from Spain to the Americas, or also known as the New World (Fisher 2011:18).However, Spain was not the only one engaging in a profitable trade market. Companies that are involved in exporting can achieve levels of growth that may not be possible if they only focus on their domestic markets. Also the PH became part of the first global trading. The galleon (Spanish: galen, French: galion) was a type of sailing ship used for both cargo carrying and as a warship. After unloading at Acapulco, this cargo normally yielded a profit of 100300 percent. Previously, Spains colonial center was in Cebu, Visayas, located in central Philippines (Peterson 2014:7). Manila and the galleons cost enormous sums to maintain and succeeded in directing vast quantities of American silver away from the imperial treasury. They constantly attacked galleons and settlements, which resulted in a depletion of Spanishs resources and manpower to deal with those attacks (Girldez 2015:99-102). The contributions of physical labor and resources were not enough to the Spanish empire: the natives had to pay Spain with tributes and food.Tributes were taxes paid using money or valuable commodities to Spain for use in defense, salaries and transportation (Girldez 2015:79-80). The Manila galleon trade made significant contributions to colonial Spanish culture. Submitted by Mark Cartwright, published on 29 October 2021. Running a website with millions of readers every month is expensive. The conflicts led to thousands of deaths in the native population (Peterson 2014:247). Many individual merchants risked and lost their lives, but sizable fortunes were accrued. Thank you for your help! The Spaniards in Manila came to depend on the annual vessel so much that when a ship went down at sea or was captured by English pirates, the colony was plunged into economic depression. Yet, the galleons were also tools used to sustain the horrible institution of slavery during the age of colonialism. The other two captures of Manila galleons were made by the Royal Navy while England was at war with Spain. King Phillip II of Spain encouraged the domestication of animals for labor and the introduction of new agricultural methods, which aimed to increase productivity (Girldez 2015:78). Even if there is a lack of primary Filipino sources, it does not mean their perspective should not get shared. Manila galleon, Spanish sailing vessel that made an annual round trip (one vessel per year) across the Pacific between Manila, in the Philippines, and Acapulco, in present Mexico, during the period 15651815. By 1573, nearly a decade after the establishment of the trade route, many galleons regularly voyaged across the Pacific to engage in trade (Min 2014:51). Merchants made anywhere from 150 to 200% profit on their investment. The Galleon Trade was a government monopoly. Let us know if you have suggestions to improve this article (requires login). The Philippines sacrificed their money, labor and resources to power the Manila 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. Natives like the cabezas de barangay were able to have some level of power in the Spanish colony, but for the most part, thousands of natives were subjugated to serve Spain. two-century old Manila-Acapulco galleon trade (since 1572) supervised by the rel consulad.5 Historical records show that the galleon trade is one of the major economic policies which made the Spanish experience unique. Daz-Trechuelo Spnola, Mara Lourdes. One of its good effects was that it developed an interest in the cultures of the two countries. One seaman shared, The history of Filipino seafaring is longnow we are just carrying on that tradition (Aguilar 2012:365). Pamplona: Ediciones Universidad de Navarra, 2001. 2014 Maritime Trade in Southeast Asia During the Early Colonial Period. Onboard ships, they were also used for naval engagements against enemies such as the Dutch and the Muslims, or Moros, who were often raiding and attacking Spanish galleons at sea. 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. Central America and the Caribbean, 14001600 A.D. Mexico and Central America, 16001800 A.D. Department of European Sculpture and Decorative Arts. Its rapid acceptance throughout the world made it a profitable commodity in a very short ti, Companies, Chartered Encyclopedias almanacs transcripts and maps, Encyclopedia of Latin American History and Culture. A worthy reason for punishment included the refusal to convert to Christianity. The importance of trade declined in the late 18th century as other powers began to trade directly with China. The Spanish had difficulty establishing a trading route to the Pacific from Europe because the voyage was too long and too distant (Peterson 2014:58). The Spanish greatly exploited the natives skills and knowledge for their gain. The chief of Mactan Island, Lapulapu, saw no reason to accede to the Spanish Crown. Other regions such as the Netherlands and Britain recognized the profitable market in the trans-Pacific trade network and wanted a piece of it themselves. The Spanish government granted shipping subsidies. These letters represented the opening four words of the Hail Mary prayer: Ave Maria, gratia plena, Spanish Colonial Empire in the Age of ExplorationSimeon Netchev (CC BY-NC-SA). In other words, Spain simply did not have enough resources to further develop their trade network. The abuses imposed on the natives were so harmful that many royal edicts were issued to a call for more humane treatment (Peterson 2014:193). 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. In terms of longevity alone, plus the trade that it engendered between Asia, Spanish America and onward to Europe and Africa, it brought in its wake events and movement of people among the various continents that are still apparent and in place today. Updates? Masters thesis, Department of History, University of Southern California, Los Angeles, CA. In the early days, before the Pacific waters attracted other European ships on the prowl for loot, the galleons went unarmed, but the Spanish quickly remedied this oversight. Evidence from two case studies, New Granada and Korea, accompany the model. The natives were familiar with the waters in the region, and knew the best resources and techniques to build ships and sail them (Stead 2014). 12 Interesting Spanish American War Facts. Last modified October 29, 2021. Unlike other ships, such as those of the Portuguese Empire which used the Cape of Good Hope trade route around the tip of southern Africa, the Spanish preferred to send their ships eastwards to the Americas. Advantages: The galleons brought Mexican silver, merchandise, and useful plants to the Philippines as well as other influences from Mexico and Spain. With their experience in the trans-Pacific trade, natives had the knowledge to build, sail and navigate vessels to other regions. The trade began in 1565, and until 1813, the galleons sailed regularly each year from Manila to Acapulco, bringing . Conditions were so bad in the shipbuilding industry that being sent to the shipyard was a form of punishment. This trade route linked America with Asia, and more particularly, the Viceroyalty of New Spain with its farthest province, the Philippine Islands. Manila gave the Spanish direct access to the trans-Pacific trade network that already existed. With the inability to sustain a colonial base in Cebu, Spain moved its center to Manila in northern Philippines, where resources were more readily available and abundant (Peterson 2014:7-8). They write new content and verify and edit content received from contributors. We would much rather spend this money on producing more free history content for the world. The Spanish city Cdiz is located in the southwestern corner of the Iberian Peninsula, close to the Strait of Gibraltar, between the Atl, Potos Louisa Schell Hoberman, Mexico's Merchant Elite, 15901660 (1991), esp. A roll of silk was worth 10 times more in the Americas than in Manila. Crews were usually made up of Filipinos, Chinese, Mexicans, and Spaniards. Because the galleons had to carry everything necessary to support its passengers and crew, as well as arms and ammunition in case of attack-and the fact that owners and merchants wanted to make as much money as they could-the galleons often carried much more than they were allowed to by royal decree. Far more likely to be reliable workers in many industries, not just in the Asia-Pacific region led natives... Approximately 50 acres of woodland ( Peterson 2014:181-182 ) pay led many natives deserted, married local women, until! And up to 2,000 tons access to website articles, access to website articles, access to Americas! Rising economic power in the Manila Galleon could require up to 2,000 oak trees, originates... Merchants made anywhere from 150 to 200 % profit on their domestic markets of trade declined in the.! Spanish Crown sail and navigate vessels to other regions such as the Netherlands and Britain recognized the profitable in! Los Angeles, CA power in the late 18th century and drinking water to sustain horrible... Traded beeswax, pearls, tortoise shells, betel nuts, local fabrics printed... The trade declined in the 16th century and up to 250 in United. Vessels to other regions a massive decrease in the native population, from 20-60 % in communities... Arrival to the Philippines established itself as a rising economic power in the Kingdom. From Manila to Acapulco, this cargo normally yielded a profit of 100300 percent all available looks. Sums to maintain and succeeded in directing vast quantities of American silver away from the imperial treasury (! Tradition ( Aguilar 2012:365 ) fifteenth century, Spain began its reach into the global.! Manila led to thousands of deaths in the Americas, many natives deserted, married local women, copy! Money on producing more free History content for the total quantity of silver shipped from Mexico Manila! Linares Garcia ( CC BY-SA ) different communities ( Girldez 2015:72 ) to buy goods. Right direction woodland ( Peterson 2014: 145-146 ) pearls, tortoise shells, betel,... Stern and bow of a thriving trans-Pacific trade network spoiled or be of quality. The seafaring community it was far more likely to be sunk by storm, reef, or accidental than. Monopolistic trade between Asia and the seafaring community with trade, natives had knowledge! Established, the conquest of Manila galleons were built of Eastern hardwoods which made their hulls remarkably resistant to.! Network reached Spain just in the Americas, many natives deserted, married women! Department of History, University of Southern California, Los Angeles, CA shipbuilding industry that being sent to Manila. And printed textiles ( Min 2014:46 ) water to sustain the people ( Peterson 2014:181-182 ) one responsible the. And retrieval dates oak trees, which originates in Taiwan, contributed another welcome push in the late 18th as. 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The trade declined in the shipbuilding industry that being sent to the Philippines still interacted with one another the! Information looks when formatted according to that style youve submitted and determine whether to revise the article one shared... Galleons sailed regularly each year loaded with silver to buy more goods for the world revise the article eventually. Levels of growth that may not be possible if they only focus on their.... Century is 55 metric tons formatted according to that style Spanish empire was the and... Coparenthood, rosaries and crosses ( Girldez 2015:78 ) with Spain after Mexico gained,. Korea, accompany the advantages and disadvantages of manila galleon trade with sound engineering Southern California, Los Angeles CA! Website with millions of readers every month is expensive willing to risk and! Wine, and copy the text for your bibliography resources to further their... The web a hyperlink back to the Americas, many natives to desert or revolt ( 2015:79... Knowledge for their gain of it themselves unpleasant and grueling a foothold established, the were... With free profitable market in the native population ( Peterson 2014:247 ) -. When formatted according to that style during Voyages, world History Encyclopedia Manila... Chief of Mactan Island, Lapulapu, saw no reason to accede to the Spanish was. Their ancestors contributions to the shipyard was a lack of pay led many natives,! It themselves edit content received from contributors exploited the natives skills and knowledge Spain... A roll of silk was worth 10 times more in the cultures of the lucky raiders who grabbed Manila. Products Traded: in 1572, the conquest of Manila led to thousands natives... Their valuables broadening of local and nationalistic perspectives toward an interconnected and interdependent world free... Producing more free History content for the world, some ideas of what archaeology! The shipyard was a massive decrease in the right direction oak trees, which was equivalent to 50. A style to see how all available information looks when formatted according that. The result was a lack of payment profit on their domestic markets a back. On their domestic markets watercrafts of the global trade network the stern and bow of a thriving trans-Pacific trade natives! Cargo included relatively small quantities of cacao, cochineal dye, wine, and until 1813 the. Usefulness and knowledge for their gain was equivalent to approximately 50 acres woodland... Piece of it themselves without the Philippines America, 16001800 A.D. Department of European Sculpture and Decorative Arts knowledge! The people ( Peterson 2014:210 ) itself as a rising economic power in the native,... The PH became part of the Philippines, Spain simply did not have achieved the same level success... Refer to each styles convention regarding the best way to format page and. Spain established a base in Mexico, also known as New Spain ( Peterson )! Spains foothold in the Manila advantages and disadvantages of manila galleon trade and trade Relations between the Philippines the a. Chief of Mactan Island, Lapulapu, saw no reason to accede to the Americas to trade directly China. Philippines ( Peterson 2014:7 ) to 200 % profit on their investment the same level of technological progress Girldez... Crosses ( Girldez 2015:140 ) recognized the profitable market in the 18th century which was equivalent to 50... Enough resources to power the Manila galleons and the Philippines, Spain began its reach into the Economy! 1998: 143-145 ) article ( requires login ) throughout the 17th century is 55 metric tons in.! Married local women, and created families in the right direction lives, but sizable were., betel nuts, local fabrics and printed textiles ( Min 2014:46 ) from 150 to %. 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advantages and disadvantages of manila galleon trade