these things import and export duties are paid to your Majesty, this
trade is undoubtedly the means by which Eastern India is maintained;
for through it are made possible the large expenditures for the
fleets which the viceroys send each year against your Majesty's
enemies. Indeed, without this trade little could be done, because the
[_a word lacking; MS. worn_] customs would yield little.

From Nueva España silver is exported to China, but little more;
they do not carry silver thence to Japon, because there is no lack
of it there. Some other things are taken to Japon, among them silks
brought from China, but little else; for they have nothing in Nueva
España useful to Japon, except these few articles.

From Felipinas they carry to China silver obtained in Nueva España,
but there is nothing else to carry. To Japon they take silks which
they buy in China, or which the Chincheos are accustomed to bring to
Manila, which is unquestionably the metropolis of Felipinas.

From the trade of Nueva España and Felipinas with China and Japon less
in customs duties are paid to your Majesty than from that of Eastern
India with the same countries, because there is nothing upon which
to pay them except the silks. Thus this trade is not so advantageous
as that of Eastern India. Indeed, your Majesty's profits will be much
greater if this trade of Nueva España and Felipinas shall cease. This
will be experienced not only by the crown of Portugal, but even by
that of Castilla.

By the crown of Portugal this will be experienced because, if the
people of Eastern India alone were to sell goods and to buy those
of the Chinese and Japonese, they would obviously gain more and be