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 In consideration of their good-will and services, the next paragraph grants the right to levy upon any isles or countries settled by them after the expenses have been paid, a twentieth part, with the title of our Adelantados and Governors of the said countries and isles, "you, and your sons and rightful heirs for ever, so that they remain for us and the kings that may come after us, and your sons and heirs being natives of our realms and married in them; and of this we will send you your formal letter of privileges."

The next paragraph grants the right to invest in goods each year the value of a thousand ducats, cost price, to sell in the islands and countries, and bring back the returns, paying only a twentieth in duty to the king without other payment. This only after the return from the voyage, not during it.

Also to grant them greater favour, if more than six islands should be discovered; after six have been set apart for the king, they might mark out two from which they might take the fifteenth part of all the net profits and duties of the king after the expenses had been deducted.

Also of all the net profit that there may be for the king on the return of the fleet, after this first voyage, deducting its expense, they may take a fifth part.

"In order that you may better carry this out, I will order the equipment of five ships, two of one hundred and thirty tons each, and two others of ninety, and another of sixty tons, provided with men, victuals, and artillery; that is to say, that the said ships shall be supplied for two years, and there shall go in them two hundred and thirty-four persons for their management: amongst masters, mariners, ship-boys, and all other people that are of necessity, according to the memorial, and this we will order to be carried out by our officers in Seville."

Also if either of them died, this agreement was to be kept with, and by the other, as it would have been kept with both if they were alive.

The next paragraph says that a factor, a treasurer, an