Page:The Philippine Islands, 1493-1803 (Volume 07).djvu/117

 for the Piru trade. Although they could be bought in these islands on the account of your Majesty's royal exchequer, it seems to me better that your Majesty should save the profits that will be made after their construction; since they can easily be built at much less cost than if they were bought after they are built.

The accounts of your royal exchequer have been audited this year, and are being sent with everything clearly expressed. The entire accounts are set forth and the data in detail, each class by itself. Because the gold was very cheap this year, on account of the great lack of coin, some uneasiness was felt for your royal exchequer. Its income has not reached the value of last year, although your Majesty's gold has been more valuable than that of private persons, because it had to be distributed in various payments. If it were possible for your Majesty's royal treasury to keep the gold and sell it at the coming of the ships, there would be considerable profit. However, as the gold is being constantly needed, and there is nothing else with which to meet the salaries and other necessary obligations, it is, when there is a lack of coin, distributed at the common value—although, as I have said before, a somewhat higher value is given to your Majesty's gold. If, as I have written in other letters, your Majesty would be pleased to command forty or fifty thousand pesos to be brought every year from Nueva España to the royal treasury of these islands, returning thence the value thereof in gold, it would give the greatest relief to this treasury and profit to your royal exchequer; for twenty-five thousand pesos in gold, at the price at which it is given in tribute by the Indians, would amount to fifty thousand in Nueva España. This could be done very easily,