and twenty thousand pesos.

Taking from this amount the three hundred and thirty-five thousand
pesos that those goods cost in China, and eight hundred and thirty-five
thousand pesos for the cost of factors and of navigation, and whatever
else their handling may cost, there is a net gain of two million pesos.

In that way his Majesty can obtain every year from Filipinas five
million seven hundred thousand pesos net, after deducting the entire
cost.

[The following list is from an undated memorial of probably the
early seventeenth century which treats of the merchandise that the
Portuguese were wont to take from China to Japan. The memorial first
defines the value of certain coins and weights and measures.]

First, the _tae_ is equivalent to a ducado of ten reals of gold or
silver; a _maz_ is equal to one of our reals. One _maz_ is equivalent
to ten _conderins_; each _conderin_ being valued at six maravedis,
is divided into ten _caxes_, each _cax_ [_i.e.,_ cash] being a round
brass coin half the size of a half cuarto [60] pierced with four
holes, and with certain characters around the edge. One hundred of
them make one maz; and it is the only coin that is stamped with a die,
for all the others circulate by weight.

_Ranquel_ are ten pieces of plate or crockery-ware.

_Pico_ is equivalent to one quintal, but has one arroba more than
ours. _Cate_ is a weight of twenty onzas.

The ship of the Portuguese carries from five to six hundred picos
of white untwisted silk. It costs at Canton eighty taes per pico
delivered in Macan, and is sold in Xapon for one hundred and forty
or one hundred and fifty taes.

Laden with _retros_ (the fine red silk), of four or five hundred picos
of all colors, at a cost of one hundred and forty taes, it is sold
in Xapon at three hundred and seventy and sometimes four hundred taes.

The common assorted _retros_ costs from fifty-five to sixty taes
in Canton, according to its quality, and is sold in Xapon for one
hundred taes.

The silk of the _darca_, of all colors, is worth forty taes in Canton,
and is sold by the libra in Xapon at nine maces per cate.

The said ship will also carry from one thousand seven hundred to
two thousand pieces of a certain silk worked with birds, and other
pictures done in silk and unwoven silver. [61] Each piece is worth up
to eleven maces, and the fine ones up to fourteen. They have seven,
eight, and nine gaxos, and they are sold in Xapon for about two and