Thread by @indiohistorian

#TodayinHistory in 1834, by royal decree of the King of Spain, the Real Compañia de Filipinas was abolished, forcing the Spanish administration to open its farthest colony, the Philippines, to world trade. (THREAD) #PH #history

With the lucrative Manila-Acapulco Galleon trade for almost 250 years, much of the agricultural & industrial potential of #PH was neglected, as Spain focused on profit thru the galleons. This also bred smuggling & corruption among the merchant class. tmblr.co/ZtGCUx1y_8NMK

The Spanish aversion to agricultural/mechanical work was an opportunity taken on by immigrant Chinese. This neglect came w/ unintended positive consequence: it saved Filipinos from the exploitation of colonial plantation system & slavery rampant in other Spanish colonies.

During the Galleon trade's waning years, the Real Compañia de Filipinas, a state company founded in 1785, had sole monopoly on trade in #PH & directed exploitation of #PH natural resources, promising economic efficiency in connecting Spain directly to its farthest colony.

In early 19th century, fierce competition in European commerce, the aftereffects of Napoleonic wars, the chaos in the Spanish cortes, and the independence of South American republics from Spain put the Real Compañia in peril, garnering increasing losses. It proved unsustainable.

As such, a royal decree was issued abolishing the Real Compañia in 1834 in favor of opening #Manila to world trade. Soon after, provincial ports would also be opened in 1855, attracting new players in #PH economy, new business ventures, & new ideas like equality & reform.

Photos:

- A deed released for Maria Ygnacia Albarez de Toledo, 15 July 1785 (src unknown)
- "Junta de Filipinas" (1815) by F. Goya, depicted the sudden attendance of Ferdinand VII in the co. shareholders' meeting. His return to the throne marked a restoration of autocracy in 🇪🇸

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