[ducados] annually in two vessels, and that this million bring back
merchandise to the same port of Callao. This merchandise will yield
six millions, of which ten per cent, paid to his Majesty, will amount
to six hundred thousand ducados. And if the license for one million
is not given, it should be for one-half, the duties on which would
be three hundred thousand ducados.

Further they declare that, if this be not conceded to them, they
should be permitted to buy and carry to Peru the merchandise taken from
China to Nueva España. There the duties on this merchandise would be
imposed, and they would pay seven per cent on them, notwithstanding
that only five per cent is paid in Nueva España. Paying seven per
cent on the merchandise from China bought in Mexico, it will be seen
of what little importance the four to six millions of ducados that
Sevilla pays to his Majesty are to the royal estate, because it does
not consent that goods from China may enter Peru.

And I assert that, should his Majesty ask me for my opinion, I would
tell him that, if it is true that the Chinese merchandise can in
no way injure the commerce of España, while its benefit to Peru is
certain--especially to the poor and common people, of whom there is
a great number--and since it seems desirable, for the adornment of
the churches of the Indians, that there should be goods from China, my
opinion would be that license should be given for only one-half million
(ordering under heavy penalties that this sum be not exceeded), to be
used in the following manner: Four hundred thousand ducados' worth of
merchandise should be brought, and one hundred thousand worth of gold
bullion. The latter is likewise merchandise in China; but traders do
not like to take it as it yields them no more than fifty per cent,
while on the other merchandise they make five hundred per cent and