now they do not gain one hundred, whence results much resentment in
the Filipinas. Therefore it is most certain that, if the trade be
conceded to them alone, with a just limitation, they will desire to
be the only gainers; and hence will endeavor to see that no Mexicans
send any silver, and will execute whatever penalty his Majesty imposes
on the Mexicans. This they will do, because clearly much advantage
will accrue to the islanders thereby, by the lowering of the price
of the merchandise in Manila and a rise in Mexico. If this reason be
examined closely, my assertion will be quite clear.

I maintain the same in regard to the port of Buenos Ayres; and what
has been ordained but lately I think was by divine ordination; for
hitherto, notwithstanding the prohibition that there should be no
trade, ships entered and cleared, and traded between Brasil and Potosi,
and between Potosi and Brasil and España. And, although six judges
were sent to enforce this prohibition, they were unable to effect
a remedy, until the governor, Don Diego de Baldes, gave permission,
as he considered it an extreme necessity, and the ultimate remedy,
for the citizens of Buenos Ayres to reap some slight portion of
the profits--although he erred in this, as it was done without his
Majesty's permission. However, now that this license is confirmed,
the matter, in so far as it touches this port, is remedied; for the
amount of flour which they take cannot be of sufficient consideration
to damage the commerce of Tierra Firme; and the citizens, as they
profit thereby, will prevent anyone from trading outside of the port,
and will execute the penalties imposed by his Majesty on those who
try to trade. I relate all the above because I think great things
will result therefrom to the service of our Lord and of his Majesty.

_Fray Martin Ynacio de Loyola_,