Tomás de Mercado

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Tomás de Mercado was a Spanish scholar who wrote a book called Manual of Deals and Contracts in 1571. He stated that:

"High prices ruined Spain as the prices attracted Asian commodities and the silver currency flowed out to pay for them. The streets of Manila in the Spanish territories of the Philippines could be paved with granite cobblestone brought from China as ballast in Chinese ships coming to get silver for China".