237-241. [This memorial having been sent to the fiscal, he replied (November 10, 1735) that the proposal of Cadiz was not a fair one; for the purchase of 250,000 libras of cinnamon, and the costs of placing that amount in the Acapulco market, would amount, even at Cadiz's own figures, to an investment of 277,008 pesos, and at Manila's to 331,024 pesos, while Cadiz had assumed but 250,000 as the amount to be put into cinnamon by Manila. The result would be that Manila either would not transport all that quantity to Nueva España, or would lose part of the profit on its shipment. The profits at Acapulco are not sufficient, on either class of commodities proposed by Cadiz, to yield the amount which is permitted to Manila as returns on its shipments. The spices can never be an equivalent (as Cadiz would claim) for the Chinese silks; for a tonelada of cinnamon, which space is occupied with only 600 libras, is worth at Manila 600 pesos, and a tonelada of silk goods is worth 4,000 pesos, if not more. The amount of cinnamon proposed by Cadiz would occupy 416 2/3 toneladas, and the ballast (on a galleon of 900 toneladas) 300 more; this would leave for the cotton stuffs, etc. (all of which are bulky goods) only 183 1/3 toneladas, with which it would be impossible to complete the 250,000 pesos of investment allowed to Manila. But when they are allowed to carry Chinese silks, these are contained in 500 piezas, which occupy but 62 1/2 toneladas, each tonelada worth 4,000 pesos; and there remain to the shippers 3,500 piezas for the cheaper and bulky goods. The fiscal declares that even if the spices were an equivalent in value for the silk trade, the proposed commerce in them would be injurious to all parties concerned. "The losses to the royal exchequer would consist in the less value of the duties which the 250,000 libras of cinnamon would contribute [to it] in España than in Acapulco. For in that port they would amount, as the fiscal has been informed, to 21,944 pesos; and in Cadiz the import duties alone for the millon and alcavala pay 34 pesos a quintal of 100 libras, and, with those of export for the Indias (which, according to plan, are 20 pesos a quintal), would amount to 160,000 pesos. To this sum ought to be added at least 50 per cent for the greater value of money in Cadiz, where his Majesty will receive it [for the duties] immediately, than in the Indias; and with all these the royal exchequer will be defrauded to the extent of 218,056 pesos." The price of cinnamon will rise, when only the amount actually needed is sold; and this will be a burden on the general public. If the spice trade be limited to the Philippine merchants, there is nothing to hinder those of Mexico from "cornering" the market, and selling such quantities only as they please, at enormous prices; moreover, the failure of the annual shipment from Manila (which is possible in any year) would cause great scarcity of this product