at the trade and commerce of the Filipinas Islands
with Nueva Espana be carried on for the present as ordained. Under no
consideration shall the amount of merchandise shipped annually from
those islands to Nueva Espana exceed two hundred and fifty thousand
eight-real pieces, nor the return of principal and profits in money,
the five hundred thousand pesos which are permitted--under no pretext,
cause, or argument that can be advanced, which is not expressed by a
law of this titulo; and the traders shall necessarily be citizens of
the Filipinas, as is also ordained. [Felipe II--Madrid, January 11,
1593. Felipe III--December 31, 1604; Madrid, May 4, 1619; Lisboa,
September 14, 1619.]

Law XV

From Nueva Espana to Filipinas only two vessels can sail annually,
up to three hundred toneladas' burden. In them shall be carried the
reenforcements of men and supplies, and they shall bear a permit. For
this purpose there shall be three ships, one of which shall remain
in readiness at the port of Acapulco, while the other two make the
voyage. For the security of the voyage, those who go on account of
our royal treasury shall endeavor to see that the cost be drawn from
the freights. From Nueva Espana not more than two hundred and fifty
thousand pesos de tipusque shall be taken in the vessels during any
one year. Whatever above that amount is taken shall be confiscated
and applied in three equal parts to the exchequer, the judge, and the
denouncer. We order the governor of Filipinas to inspect the ships
when they reach port, and execute the penalty. [Felipe II--Madrid,
January 11, 1593. Felipe III--Valladolid, December 31, 1604.]

Law XXXIV

We order and command that no person trade or traffic in the kingdoms
or in any part of China, and that no goods be shipped from that
kingdom to the Filipinas Islands on the account of the merchants of
those islands. The Chinese themselves shall convey their goods at
their own account and risk, and sell them there by wholesale. The
governor and captain-general with the council of the city of Manila
shall annually appoint two or three persons, whom they shall deem best
fitted, to appraise the value and worth of the merchandise, and shall
take the goods at wholesale from the Chinese, to whom they shall pay
the price. Then they shall distribute it among all the citizens and
natives of those islands, in accordance with their capital, so that
they may all share in the interest and profit that a