The favours and exemptions thus solicited were of a very mischievous character; for the political mind of Spain was not yet shrewd enough to grasp the fact that where all competition is removed, quality cannot but decline. The products of the Company were freed from paying taxes for ten, or in the case of stuffs whose price amounted to six _reales_ per yard, for twenty years. Similarly, all of its merchandise exported to America "in _flotas_, _galeones_, _registros_, or other craft of those that are permitted," was freed from all except the royal dues on loading, although if shipped to other parts it was to pay a tax of fifty _maravedis_ for each Castilian pound of sixteen ounces. All the materials and ingredients required by the Company in the preparation of its fabrics were exempted from customs and other dues. The Company enjoyed a preferential right to purchase silk throughout the kingdom of Granada, and such as it abstained from purchasing was to be sold by public auction in the Alcaicerías of Granada and Málaga, that of Almería being henceforth suppressed. The Company was also empowered to introduce silk from Murcia and Valencia, and the determination to crush all private enterprise is clearly expressed by the twenty-second heading of this document, which says; "All manufacturers and traders who do not associate themselves with this body shall pay the full tariff of dues at present established." The Company was further empowered to compel the inhabitants of this locality to plant new lots of mulberry-trees, "in view of the notorious fact that not the one-hundredth part remains of all that were delivered by the Royal Census to the occupants of the kingdom of Granada at the time of the reconquest." The Company might further open shops and erect warehouses wherever it chose. Its assets were to enjoy perpetual immunity from seizure by the city council, whether as a loan or otherwise, and none of its servants might be called upon to serve the Crown in the event of war. Very shortly after its foundation, this Company united (each bringing half the capital) with another powerful association titled the Commercial Company of Estremadura, with a view to securing a conjoint Crown monopoly or "exclusive privilege" for Portugal, "to the effect that only these two companies may traffic there in silk, and none other of my vassals or the inhabitants of my dominions may do business, whether in pure silk, or silk mixed with silver or with gold, in the kingdom of Portugal aforesaid." The privilege was granted in these terms, and bears the royal signature, attached at Aranjuez, June 17th, 1747. Its provisions were to last for ten years, and, in return for their concession, the two Companies engaged for a like term of ten years to set up fifty silk-looms annually at Toledo, "over and above the looms at present working in that city."