ABSTRACT
It is harder to measure the relationship between Indies-related revenues and naval expenditure. The Indias category reported by the Cadiz treasury becomes increasingly meaningless after 1778 because of the proclamation of comercio libre. To a certain degree, however, as Cadiz remained the dominant port in the colonial trade, the combined rentas and Indias funds of the Depositaria de Indias achieve the same effects. Using these figures as a test, it seems that in the wartime period, with its burgeoning naval spending and the predictable problems in bringing treasure horne, Indies-related funds accounted for 56.1 per cent of the fleet's budget. Since the priorities of the Spanish Crown are at issue, the proportion of General Treasury spending commanded by the naval establishment is of greater significance than the actual level of expenditures. An examination of the naval budget can easily lead one to the conclusion that the Bourbon Reforms were counterproductive, impelling the monarchy to efforts disproportionate to the returns obtained.
