The Galeones to Tierra Firme, 1720–1726

At the time of the publication of the Real proyecto in 1720 twelve years had gone by since the celebration of the last fair at Portobello — and twelve more years had separated that last fair of 1708 from the previous one held in 1696. Thus in nearly 25 years — a whole generation — the merchants of Lima had only traded once with galeones at Portobello. Throughout the entire period, naturally, the commercial affairs of the viceroyalty of Peru had been conducted internally with little direct reference to Cadiz or even to Madrid. Meanwhile the country was kept well supplied with goods from three sources: first, the contraband activities of foreign interlopers, principally the French in the Pacific, but later too the English via the agents of the South Sea Company at Buenos Aires and on the Tierra Firme coasts; second, the illegal trade between New Spain and Peru consisting mainly of merchandise from the Manila galleon; and third, the occasional register ships from Spain which reached Tierra Firme or Buenos Aires.1 Economic necessity had sometimes forced the colonial authorities into semi-acceptance of illegal merchandise on Peruvian markets. Often enough they had confiscated contraband goods, either directly from the foreign smuggler or from the purchasing merchant, and sold them publicly for the profit of the royal treasury.