shipped from Sevilla, they pay as much as three and one-half per
cent. The principal cause of this loss is the time [required to
transact business]; for from the day when the money leaves Callao
(the port of Lima) until it returns in merchandise to the same point
there is an interval of at least three years, counting the winters;
and before they can secure returns from the merchandise another year,
or even a year and one-half, must pass, for not all the merchandise
can be sold for cash. Consequently this money can gain its profit only
once in four years, when it could, as formerly, be thus handled twice
in that time. And however great the amount of the profit, it cannot
approach that of the two profits [in the four years], especially with
the loss involved in the aforesaid duties for the fleets, and the new
impositions of duty for the armed vessels that carry, in the South Sea,
the money from Lima to Panama--and this is in addition to the duties
paid to his Majesty. Thus it results that the merchants of Lima, who
were formerly very rich and had ample credit, have become debtors;
and this is the reason why the merchants of Sevilla do not make the
same profits as formerly. Therefore there is a cry against Chinese
goods, as they imagine that to be the cause of their loss. This is
evident likewise, because the commerce existing formerly between
Peru and Nueva España was very slight and now has increased greatly,
and the Peruvian merchants prefer to go to Nueva España to make their
investments rather than to España, because they can make the voyage
to Nueva España in one year; and therefore can make many investments
with their money. And although it is true that they bring Chinese
merchandise in their shipments from that which arrives in that kingdom
of Nueva España, still the greater part of the cloth bought by them is
from España. Although this costs them more, the shortness of the time
is of so great importance to them that they consider it more profitable
than going to España, for the reason expressed above regarding the