1.  That no permit be given for ten years to any other person to make an expedition of discovery in those regions “where we are about to go, ... if we desire to undertake such discovery, with as sufficient equipment and as many ships as the other;” and that they be informed of such tentative expeditions, so that they may go themselves or commission agents.

2.  That they receive the twentieth part of all profits after expenses are paid, with the title of admiral, and the governorship for themselves and heirs of all lands discovered.

3.  That they be allowed to employ in the newly-discovered lands as they see fit, one thousand ducats worth of merchandise (first cost) each year, giving to the king the twentieth part, without other rights or taxes.

4.  That they be allowed to choose for themselves two islands, if the number discovered exceeds six, giving to the crown ten per cent of all profits therefrom.

5.  That one-fifth of all net profits derived from the expedition be allotted them on its return, and that each year they may carry one hundred quintals’ weight of merchandise in any ship sailing from those regions.

6.  That the twentieth part of all profits accruing from the royal ships or any others be given them for ten years.

7.  That if his Highness undertake at his cost the armament of the fleet, they promise to prove to him the vast wealth of the lands and islands that will be discovered within his dominions.

8.  That if one of them die on the expedition the other, or his heirs and successors, be ordered to fulfil everything as if both were living.

9.  That the king order the strict observance of the above.

If the king prefers them to assume the expenses of the expedition they propose the following: 

1.  That all the lands and islands discovered by them or their agents belong to them “with all traffic, seigniory, and government,” giving to the crown one-fifth of all net profits.

2.  That no other ships, either of the king or any other person, be allowed to trade in such lands, under penalty of confiscation by the petitioners.

3.  That no other commissions for expeditions of discovery be given for ten years.

4 and 5.  Provision in case of death, and provision for fulfilment. (No. ii, pp. 113-116; vide infra, “Instructions to Carthagena,” p. 280.)

Zaragoza, July 20, 1518.  The King writes to the officials of the House of Trade, approving the contemplated expedition, and regarding the expenditures of moneys and the fitting out of the fleet. [205] (No. v, pp. 122, 123.)