Spanish East Indies not materialize.) In a similar vein, to promote innovation and education among the residents of the islands, Governor-General José Basco y Vargas established the Economic Society of the Friends of the Country. For over 256 years, the Spanish East Indies were governed by a governor-captain general, and an audiencia. All economic matters of the Philippines were managed by the Viceroyalty of New Spain, located in Mexico. Because the eastward route was more widely used for military purposes, in addition to commerce that included the Manila-Acapulco galleon trade, most government correspondence went through Mexico, rather than directly to Spain (with the
Netherlands Indies gulden power in the East, but the unfamiliar coins were rejected in favour of the well-known 8 Real coins produced by Spain and its possessions, which were accepted all over the world. The Spanish coins remained the preferred large silver (trade) coin in the Indies until the 19th century. In 1602, the United East India Company (VOC) was formed from six trading companies in the Netherlands, and granted a trade monopoly over the Indies. In 1619 the Company established its capital at Jacatra, which it called Batavia. It gradually spread its influence over Java, and established control over Sumatra in 1667