Fourth, because the royal duties which the inhabitants pay on the said investments that they make, are very great; for on every thousand pesos of principal that they invest the duties in the said city and in Nueva Espana amount to two hundred and seventy pesos and more, while the cost and expense incidental to the said investments amount to two hundred and eighty pesos more. Consequently, the said royal duties alone for each one thousand pesos invested inevitably amount, as is well known, to five hundred and fifty pesos. Therefore, within four years, setting aside the said costs and expenses, the said inhabitants come to pay more than the said one thousand pesos of capital for the said royal duties. The same thing happens in the same proportion when larger sums are invested. The fifth springs directly from the preceding reason; for since the said duties and said costs and expenses are so great, and the profits so slight and uncertain, as above stated, the said inhabitants cannot continue the said trade and commerce of Filipinas with Nueva Espana; for to do that would be a poor management and administration of their possessions, carrying them over seas at so many risks, and in danger of catastrophes such as generally happen, which are daily becoming greater; while there is no profit, or so little that, with the said two per cent, the profits will be of little or no consideration, for which they will not expose their goods and capital to so great a risk. Sixth, because, if the said collection and enforcement of the said two per cent were to be insisted upon, it would be a foregone conclusion that the inhabitants would abandon the said trade and commerce, and would not make the said investments, for the reasons stated above. That has proved to be so on the occasions on which the said collection has been discussed with some warmth--and especially when the said visitor, Licentiate Don Francisco de Rojas, tried to effect it, when the said inhabitants were firm and were resolved not to appraise, register, or lade anything in the ships, which were all ready to sail to Nueva Espana. Thereupon the said visitor thought it advisable and necessary to repeal the said enforcement. Although the inhabitants, on that occasion, because of the great pressure exerted and the advantageous reasons put forward by the visitor, offered to aid with a gift of four thousand pesos, it was with the said condition that it was to be for only that one time, and with the said condition that nothing was to be said of the said collection.