Before the Opium War, the financial evolution of the Portuguese in Macau underwent three stages, namely, the pre-council stage (1557-1582), council-led stage (1583-1783), and council-declining stage (1784- 1840). Neither did the pre-council period form the governmental system, nor the financial system led by government. During the council-led period, the public finance was exercised autonomously in the charge of the council representing the interests of the Portuguese in Macau. The main income was from merchandise trade taxes, which could still make the ends meet or slight surplus. The public finance, in the council-declining period, was led by the Macau governor-general on behalf of the interests of Portuguese authorities, the council was thus landed to the regional financial organ under the centralization of the Portuguese power. The major income, at that time, was from the taxes of opium when suffered from long-term deficit.