the keeper of the silver, 5 pesos, 6 1/2 reals. From these figures it appears that it costs 203 pesos, 2 reals to place the churlo of cinnamon on shipboard at Manila, and 72 pesos, 5 reals to sell it and return the money to the shipper there; deducting these expenses from the amount received for its sale, the profit of the shipper is but 27 pesos, 7 reals, or about 13 1/2 per cent. Pepper: 100,000 libras of this product make 4,000 arrobas; this quantity (since each pieza is estimated at six arrobas or 150 libras, without the wrappers) makes 666 piezas. Pepper is sold at Manila at one real a libra, so that the pieza costs for purchase 18 pesos, 6 reals; it costs 43 pesos more to place it on the ship, and 18 pesos, 7 reals besides for expenses of sale and shipment of returns--in all, 80 pesos, 5 reals. At Acapulco it would sell at four reals a libra, the pieza, therefore, bringing 75 pesos; the shipper, then, instead of gaining any profit has lost 5 pesos 5 reals by the transaction. Cloves: These are packed in chests containing 150 libras each; the purchase at Manila costs twelve reals a libra, so the chest costs 225 pesos. Add to this the cost of placing it aboard, duties, cost of unlading and sale at Acapulco, and for the shipment of returns, 146 pesos, 7 reals, and the total cost is 371 pesos, 7 reals. The cloves shrink on the voyage, involving a wastage of three per cent; at Acapulco they sell at three pesos a libra, and the 145 1/2 libras thus bring 436 pesos, 4 reals--the net profit to the shipper being 64 pesos, 5 reals, or about 24 per cent. The prices quoted above are based on those which have been current in Manila and Acapulco for the past five years. It is evident, therefore, that the spice trade could not compensate in any way for the loss of that in silks; nor has Cadiz made allowance for the possible failure of a galleon to reach Acapulco, which would ruin the market for the one which should arrive in the following year, since the spices thus lacking would be supplied through the Atlantic ports of Nueva España. The customs duties would be much less on a cargo of spices, and thus impair the royal revenues; for each chest of silk pays 55 pesos for duties, and each bag of cinnamon only 35. The incomes of the Spaniards in Filipinas would be so reduced that they could no longer defend the islands from the Moro pirates, or from the Dutch, who would thus become masters of them; and the Spanish colony and the Christian churches formed among the natives would alike be ruined.]