I like it, but some little suggestions:
- the larger spanish ships were better, these look smaller than those little aztec ships.
- yellow names arent good too... Maybe you could add some coloured signals, instead of put the names in that colour.
- the shovels could be more visible.
- I believe that residentail area could have one less border, possibly Urban Sprawl.
- you could change some names... tax collector for example. That big country for the tax collector? Exchange with the cloth merchant, or another one.
- Palace names have some minor problems, as in letters "y" and "z".
- some borders are visible under the canals, like between spear maker and states. You also could do the canals more connected to the lake.