"From this result two other and irreparable losses to the commerce of Manila. The first is, that for the 300,000 pesos of the permission there is a million of pesos to be invested [therein]; and [these agents], in order to make the most of their remittances [from Mexico], and to secure larger profits on their commissions, pay for goods at excessive prices, and are preferred in the sales. This is what cannot be done with their own money by the real citizens of those islands, because they have not [sufficient] capital remaining to permit adequate gains with high-priced stuffs and enormous costs [for transportation]--especially when these [citizens] regularly sell [their goods] at Acapulco (whither they go exposed to loss of their capital), in order to have the relief of bringing back their wealth in the same vessel with themselves; and the others [i.e., the agents of Mexicans] ship to Mexico their goods, the owners of which store them away in order that time may give them value, for they do not need to sell these goods at once in order to continue the remittances of money [to Filipinas]. Thus, the former must necessarily lose, or at least not gain; and the latter must gain, or at least not lose. "The second [injury to commerce]: although no more than the 300,000 pesos of the permission, in goods valued in the islands, can be shipped, experience has shown us that much larger amounts come thence; and the reason is, because the register contains the appraisements of the goods so exceedingly low that it is impossible, unless fraud intervene, that they could be purchased at first hand at those prices--but with the trick that all the reduction of price thus made on the goods is squeezed besides into the [amount of the] permission, and the real account comes separately to the owners. As a result, the greater part of the space on the ship is occupied by those agents, although with the pretense that they produce but small amounts; and all this springs from that original root of allowing citizenship, and the transportation of their silver, to persons who, without the intention of becoming settlers, continue there so long as it brings them profit. The fear of this abuse has led to an investigation at Acapulco, to learn whether the valuation of the stuffs is the actual value of them at Manila; and as the witnesses are necessarily from that city they frankly say that it is so, and enormous quantities of goods come thence under the pretext of the 300,000 pesos permitted.