First, I said, that, as the Philippine Islands received all their European goods from Acapulco, in America, by the king of Spain's ships, they were obliged to give what price was imposed upon them by the merchants, who brought those goods by so many stages to Acapulco. For example, the European goods, or suppose English goods in particular, with which they were loaden, went first from England to Cadiz, from Cadiz by the galleons to Porto Bello, from Porto Bello, to Panama, from Panama to Acapulco; in all which places the merchants had their several commissions and other profits upon the sale; besides the extravagant charges of so many several ways of carriage, some by water, some by land, and besides the king's customs in all those places; and that, after all this, they were brought by sea from Acapulco to the Philippine Islands, which was a prodigious voyage, and were then generally sold in the Philippine Islands at three hundred per cent. advance. That, in the room of all this, our cargo being well bought and well sorted, would come to the Philippine Islands at once, without any landing or re-landing, and without any of all the additions of charge to the first cost, as those by the way of New Spain had upon them; so that, if we were to sell them at the Philippine Islands a hundred per cent. cheaper than the Spaniards usually sold, yet we should get abundantly more than we could on the coast of Peru, though we had been allowed a free trade there. That there were but two objections to this advantage, and these were, our liberty of trading, and whether the place would consume the quantity of goods we had; and to this I had much to answer. First, that it was well known at the Philippine Isles, that the kings of France and Spain were united firmly together; that the king of Spain had allowed the king of France's subjects a free trade in his American dominions, and consequently, that it would not be denied there; but, on the other hand, that, if it was denied by the governor, yet there would be room to find out a trade with the inhabitants, and especially with the Chinese and Japan merchants, who were always there, which trade the governor could not prevent; and thus we could not fear a market for all our cargo, if it was much greater than it was.