larzabal

Updated: May 8, 2025

If, therefore, as appears from the official reports of the treasurer-general, Larzabal, in my possession, the receipts at the treasury, in 1780, amounted only to $700,000 including the situado, or annual allowance for the expenses of government sent from New Spain, and after the ordinary charges of administration had been paid, a surplus of $170,000 remained in the hands of the treasurer; at present we have the satisfaction to find that the revenue is equal to $2,625,176.50 and the expenses do not exceed $2,179,731.87 by which means an annual surplus of $445,444.62 is left, applicable to the payment of the debt contracted during the extraordinary period above mentioned, now reduced to about $900,000 and afterwards transferable to the general funds belonging to the crown.

Tomás de Comyn - The Former Philippines thru Foreign Eyes