In this erudite and comprehensive study Adrian Pearce offers a detailed survey of British trade with Spanish America in the latter half of the eighteenth century drawing together a variety of sources and looking at all aspects of commercial activity. The history and vicissitudes of the freeport system are documented in a much fuller way than heretofore and the interests of competing interest groups are mapped out. Pearce re-examines the share of British export trade provided through Spanish America in one of the most important interventions in the field in recent years.