the South Sea, they may do so, notwithstanding the above, or any section or clause of this capitulation. Also, you may discover in any of those parts what has not yet been discovered, so that you do not discover nor do anything in the demarcation and limits of the most serene King of Portugal, my very dear and well-beloved uncle and brother, nor to his prejudice, but only within the limits of our demarcation.” In consideration of their good-will and services, the next paragraph grants the right to levy upon any isles or countries settled by them after the expenses have been paid, a twentieth part, with the title of our Adelantados and Governors of the said countries and isles, “you, and your sons and rightful heirs for ever, so that they remain for us and the kings that may come after us, and your sons and heirs being natives of our realms and married in them; and of this we will send you your formal letter of privileges.” The next paragraph grants the right to invest in goods each year the value of a thousand ducats, cost price, to sell in the islands and countries, and bring back the returns, paying only a twentieth in duty to the king without other payment. This only after the return from the voyage, not during it. Also to grant them greater favour, if more than six islands should be discovered; after six have been set apart for the king, they might mark out two from which they might take the fifteenth part of all the net profits and duties of the king after the expenses had been deducted. Also of all the net profit that there may be for the king on the return of the fleet, after this first voyage, deducting its expense, they may take a fifth part. “In order that you may better carry this out, I will order the equipment of five ships, two of one hundred and thirty tons each, and two others of ninety, and another of sixty tons, provided with men, victuals, and artillery; that is to say, that the said ships shall be supplied for two years, and there shall go in them two hundred and thirty-four persons for their management: amongst masters, mariners, ship-boys, and all other people that are of necessity, according to the memorial, and this we will order to be carried out by our officers in Seville.” Also if either of them died, this agreement was to be kept with, and by the other, as it would have been kept with both if they were alive. The next paragraph says that a factor, a treasurer, an accountant, and clerks of the said ships, shall keep the accounts of all the expenses of the fleet. “All which I promise and plight my faith and royal word that I will order it to be observed to you, in all and for all, according as is contained above, and upon it I have ordered this present to be given, signed with my name. Dated in Valladolid, the twenty-second day of March, of five hundred and eighteen years.”