to yield to Manila all the trade in spices to Nueva España, that trade has never been prohibited to Manila nor has it been the exclusive privilege of Cadiz, so the offer amounts to nothing. Nor has Cadiz any right to dictate to Nueva España its source of supply for spices, since both the English and the Cadiz companies have the privilege of trading there in these goods; moreover, large quantities of pepper are produced in the Mexican districts of Chiapa and Tabasco; both these causes tend to injure the sale of spices carried from Manila thither. As these spices (except pepper, which has but little value in any case) are monopolized by the Dutch, they are likely to refuse to sell them to the Filipinas merchants (as has occurred frequently before), because the Dutch need them for lading their own fleets; or they will raise the prices, supposing that Filipinas must buy from them. The cinnamon is so bulky (as it cannot be pressed) that much space on the galleon is thus lost, as well as by the necessity of carrying two-thirds more ballast than usual, because of the light weight of the cinnamon; and the voyage of the Manila galleon is incomparably longer, more difficult, and more perilous than that of the Spanish ships to America. The amount of spices allotted to the galleon by Pintado would fill all its available capacity, leaving no room for any other goods; and it would be impossible for the shippers to secure any profit from such a cargo--for which they could not find a market in Nueva España, for lack of the other goods. Nor would it be possible to dispose of more than half the amount of pepper and cloves which Cadiz proposes for them, since that is enough to supply the needs of that country. In any case, the profit on the spices will be insufficient, if Manila is restricted to these goods, without the silks, to produce the amount which those islands need for their support. This is proved by tabulated statements of the prices, costs, and returns on each one of the three kinds of spices concerned; these we present here in somewhat condensed form. A churlo [15] of cinnamon, of the measure which the commerce of Manila orders to be observed, weighs 150 libras gross, but the net weight is twelve libras less, after deducting the weight of the coverings and wrappings. The cost in Manila is nine silver reals a libra; for the space which the churlo occupies is usually paid forty pesos; for porterage, royal duties, notary's fees, etc., 8 pesos. On the voyage it loses two per cent in weight, so that but 135 libras remain for sale; it brings at Acapulco eighteen reals a libra, amounting to 303 pesos, 6 reals. From this must be deducted the following payments: royal duties, 32 pesos; unlading at Acapulco, notary's fees, etc., 7 pesos, 2 reals; commission to the agent for its sale, at five per cent, 15 pesos, 1 1/2 reals; five per cent royal duties on shipment of the returns to Manila, 12 pesos, 3 reals; two and 1/2 per cent on the net returns, paid to