This result will also be experienced by the crown of Castilla, because
the trade of Nueva Espana with China serves only to carry thither
silver which ought to come to Espana, and to bring from China the
silks which might be sent from Espana. Whence great injuries to Espana
follow, as is notorious, through the loss both of the silver of which
it is deprived, and of the duties and profits on its silks. The trade
of Nueva Espana with Japon is also unprofitable, because there are no
goods on which to secure gain either going or returning, except what
they may get from the silks which they carry from China, to Japon,
and from some iron, copper, cabinets [_escritorios_], and similar
articles. Indeed, on account of the before-mentioned disadvantages,
it is easier to lose than to gain in this trade; and if it should
be expanded your Majesty would suffer other disadvantages. This has
already been seen on some occasions when it has been tried.
The trade of Filipinas with China may be hurtful in so far as the
silver carried is concerned, because this might come to Espana. It is
true, the silk trade with China is of some profit to Filipinas as a
basis of trade with Nueva Espana--which cannot be dispensed with--to
supply the things needed from there. But this silk trade might be
substituted by carrying some of the gold of Filipinas to Nueva Espana
to buy what is necessary from Espana, to which thereby would come more
advantage; and by carrying also some of the silks which the people
of Chincheo are wont to take to Manila.
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