is made or can be made. That
Espana would have more silver if it retained within its bounds what
it receives, seems to be undeniable, since therein is gathered the
silver of Mexico, Peru, and all the Indias. But the gates by which
that silver issues [from Espana]--now it is known whether there are
any--are, to speak correctly, as many as there are seaports and sterile
districts, with the usual and accustomed communication between them.

Accepting this as true--on which is based assertions of those who
say that less silver will be sent to Manila from a kingdom where
conditions are such [_i.e._, Espana] than Mexico [now] gives--I,
at least, no matter how long may be the argument, do not comprehend
so obscure a secret; on the contrary, I am persuaded that Espana
will be no poorer thereby. For, if this mouth be stopped, Espana
must be drained, by those that remain (as is done today), of all of
this article that other kingdoms are offering it, as in a flood. But
with equal certainty, I understand that incomparably more money will
go to the Philipinas by this road than now goes by the other. And to
assert that this loss will cease because, with the increase of trade
with Xapon, the merchandise which must go to Espana will come from
that country, is a statement without foundation. For if this argument
were worth anything, it must have the same force, in preventing what
is today carried from Mexico; since trade with Xapon from Manila is
open and permitted to all who wish it.

The consulate is trying also to strengthen its proposition with the
improvements that it pretends to find in the voyage, if it were to be
made by the cape of Buena-Esperanza. But, discussing that point by what
I have been able to learn of it, I find that the emperor and king our
sovereign, of glorious memory, your Majesty's grandfather, having been
persuaded that the discovery and conquest of the Spice Islands--the
name then given to those islands today included in the name of
Philipinas or Malucas--pertained to the crown of Castilla, inasmuch
as they were within the line drawn by his Holiness, Alexander VI, for
the division of the world, ardently desired, and made extraordinary
efforts, so that his vassals might make that voyage without touching
at the ports and lands of the kingdom of Portugal. For that purpose
he made an agreement with Fernando de Magallanes to discover [such
a route]. The latter discovered and gave name to the strait in
this region a