This commerce of the Indias with the Filipinas is to the prejudice of España for two causes or reasons, from which result great disadvantages. The first, because the silver is withdrawn and conveyed to the islands, whence it passes into the possession of the enemies of religion and of this crown, Moors and pagans; and finally remains in China--which, according to what we understand, is the general center for the silver of Europe and Asia. For as it always is current, gaining and increasing in value until it reaches that great kingdom, whence it must issue with a loss, it does not issue, and remains perpetually among those inhabitants. From that cause result many damaging effects: such as enriching our enemies, giving them the most noble product of all the commerce of the globe; making easy for them the possession of that which private persons among them maintain, and increasing their number; preventing that silver from going to España so that the royal duties might increase thereby, the avería and the commerce be sustained; and, in short, making this crown lose and its enemies gain. The second cause is that, in addition to the aforesaid losses (which are obvious) from the withdrawal of silver, no less are the damages that are experienced on what is sent in return for it to Nueva España, and passes to Perú--namely, a great quantity of the merchandise of China in textiles of gold, silk, and cotton, and other articles. [These are sold] at so low prices that, when the merchandise of these kingdoms arrives (which is worth more, as it is of better quality), it is not sold and has no outlet, as the country is full of the others [from China]; so that those who ship it lose. Consequently, losses are multiplied; and from all results so extreme weakening of the commerce of España with the Indias, that it is almost extinct and will be diminished just as that of Filipinas increases. Number 65. Reply to the damages of the commerce of Filipinas; and to the first, regarding the withdrawal of the silver.