[128] The China trade was shared at this time between the Portuguese of Macao and the Spaniards of the Philippines. On the Spanish trade, and the profits of it, some light is thrown by extracts from letters found on board Spanish prizes taken by the English, which Hackluyt translated and published in his fourth volume. Thus Hieronymo de Nabores writes from Panama (August 24, 1590), where he was waiting for the ship for the Philippines: “My meaning is to carry my commodities thither, for it is constantly reported that for every one hundred ducats a man shall get six hundred ducats clearly.” This, however, was only the talk at Panama; but Sebastian Biscanio had made the voyage, and he writes to his father from Acapulco (June 20, 1590): “In this harbor here are four great ships of Mexico, of six hundred or eight hundred tons apiece, which only serve to carry our commodities to China, and so to return back again. The order is thus. From hence to China is about two thousand leagues further than from hence to Spain; and from hence the two first ships depart together to China, and are thirteen or fourteen months returning back again. And when these ships are returned, then the other twain, two months after, depart from hence. They go now from hence very strong with soldiers. I can certify you of one thing: that two hundred ducats in Spanish commodities, and some Flemish woods which I carried with me thither, I made worth fourteen hundred ducats there in that country. So I make account that with those silks and other commodities with me from thence to Mexico, I got twenty-five hundred ducats by the voyage; and had gotten more, if one pack of fine silks had not been spoiled with salt water. So, as I said, there is great gain to be gotten, if that a man return in safety. But the year 1588, I had great mischance coming in a ship from China to New Spain; which, being laden with rich commodities, was taken by an Englishman [this was Cavendish, then on his voyage round the world], which robbed us and afterwards burnt our ship, wherein I lost a great deal of treasure and commodities.”