The first samples of gold from Puerto Rico were taken to the Española by Ponce, who had obtained them from the river Manatuabón, to which the friendly cacique Guaybána conducted him on his first visit (1508). This river disembogues into the sea on the south coast near Cape Malapascua; but it appears that the doughty captain also visited the north coast and found gold enough in the rivers Cóa and Sibúco to justify him in making his headquarters at Capárra, which is in the neighborhood. That gold was found there in considerable quantities is shown by the fact that in August of the same year of Ponce's return to the island (he returned in February, 1509), 8,975 pesos corresponded to the king's fifth of the first _washings_. The first _smelting_ was practised October 26, 1510. The next occurred May 22, 1511, producing respectively 2,645 and 3,043 gold pesos as the king's share. Thus, in the three first years the crown revenues from this source amounted to 14,663 gold pesos, and the total output to 73,315 gold pesos, which, at three dollars of our money per peso, approximately represented a total of $219,945 obtained from the rivers in the neighborhood of Capárra alone. In 1515 a fresh discovery of gold-bearing earth in this locality was reported to the king by Sancho Velasquez, the treasurer, who wrote on April 27th: " ... At 4 leagues' distance from here rich gold deposits have been found in certain rivers and streams. From Reyes (December 4th) to March 15th, with very few Indians, 25,000 pesos have been taken out. It is expected that the output this season will be 100,000 pesos." The streams in the neighborhood of San German, on the south coast, the only other settlement in the island at the time, seem to have been equally rich. The year after its foundation by Miguel del Toro the settlers were able to smelt and deliver 6,147 pesos to the royal treasurer. The next year the king's share amounted to 7,508 pesos, and Treasurer Haro reported that the same operation for the years 1517 and 1518 had produced $186,000 in all--that is, 3,740 for the treasury. A good idea of the island's mineral and other resources at this period may be formed from Treasurer Haro's extensive report to the authorities in Madrid, dated January 21, 1518. " ... Your Highness's revenues," he says, "are: one-fifth of the gold extracted and of the pearls brought by those who go (to the coast of Venezuela) to purchase them, the salt produce and the duties on imports and exports. Every one of the three smeltings that are practised here every two years produces about 250,000 pesos, in San German about 186,000 pesos. But the amounts fluctuate.