The search for precious metals determined the direction of Spanish exploration and expansion into South America. New routes to the East and new source of gold and silver were also sought, after it became apparent that mining in the Caribbean was slow.

Such explorers as Cortez and Pizarro also contributed to the increase in Spanish wealth.

Figure 4. Cortez conquered the fabulously rich Aztec Empire.

Figure 5. Pizarro found the Incas and discovered what became the richest silver mines in the New World.

EMPIRES GET RICHER

Between 1525 and 1575, the riches of the Americas poured into Lisbon and the Spanish port of Seville. For all their new wealth, however, these cities did not become the important trading centers. It was Antwerp that developed into the great port for overseas bullion and spices.

FYI: Antwerp served as the commercial and financial capital of the entire European world, since it was located on the intersection of many trading routes. For example, the city’s harbor could dock as many as 2500 vessels at once!”

“From the early 16^th century, the Spanish monarchy acted on mercantilist principle that colonies existed for the financial benefit of the mother country. The crown claimed one-fifth of all precious metals mined in the Americas. In return, Spain shipped manufactured goods to the New World and discouraged the development of native industries. Portugal, and later Netherlands and Britain, worked pretty much the same way.”

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