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 damasks had become very cheap. He feared that, if this went further, it would not be needful to import silks from España. He says, moreover, that all goods carried from the said islands are mere trifles, from which the land derives no profit—such as porcelains, escritoires, caskets, fans, and parasols, all flimsy and very unprofitable. We can trade with the Chinese only with gold and silver, since they have more than enough of everything else. The letter written to your Majesty by the commander of the fleet which is in Nueva España was also examined. He states therein that the trade in thin fabrics imported from these kingdoms to that land is steadily decreasing, on account of the trade which is carried on there with the Philipinas Islands. This letter was the occasion for issuing a decree, to which your Majesty was pleased to set your royal hand, calling for a report from the viceroy of Nueva España. This is an affair which requires a much more expeditious remedy. We have investigated the state of affairs in those regions, of which a detailed report was made to us. Besides the little value of those wares, a large amount of silver and coin is carried thither in exchange for them. Although a portion of this money remains in those islands, all the rest is carried away by the Chinese who go thither from the mainland to sell these wares.

In this way the commerce of these kingdoms is falling away, and the bringing of money hither is impeded; both these are matters of consequence and importance. This is not the way to maintain our trade, since the settlement of the land must be through its richness and fertility, and the prospect of other discoveries that are being made daily, and