Although this trade may be profitable to your Majesty’s subjects and to your royal exchequer, it ought to be so carried on that not only may these interests be advanced, but also in such a way that Christianity shall not be injured.  When any one of these interests is in danger, it is plain that it would be a less evil to lose something of the temporal [advantage from trade] than of the spiritual advantage resulting from the conversion of souls there.  There is no doubt that your Majesty wishes it thus, as do all of your ministers, who are so anxious for the honor of God and for the progress of His holy Catholic faith.

Trade with China and Japon is carried on as follows:  from Eastern India [to both countries] by way of the city of Macao, and entirely in the hands of the Portuguese; from Felipinas and Nueva Espana to China, by way of the same city of Macao; and [from Felipinas and Nueva Espana] to Japon by way of the various Japonese cities, principally Nangasaqui.

From Eastern India eight-real pieces and other things in which there is considerable profit are carried to China.  From Macao, which is a Chinese city, silks and gold, upon which profits are large, are taken to Japon; while silver, which also yields profit, is taken to China.  From China, copper, silks, gold, and other articles are transported to India.  This trade is also remunerative.  Since upon all these things import and export duties are paid to your Majesty, this trade is undoubtedly the means by which Eastern India is maintained; for through it are made possible the large expenditures for the fleets which the viceroys send each year against your Majesty’s enemies.  Indeed, without this trade little could be done, because the [a word lacking; MS. worn] customs would yield little.

From Nueva Espana silver is exported to China, but little more; they do not carry silver thence to Japon, because there is no lack of it there.  Some other things are taken to Japon, among them silks brought from China, but little else; for they have nothing in Nueva Espana useful to Japon, except these few articles.

From Felipinas they carry to China silver obtained in Nueva Espana, but there is nothing else to carry.  To Japon they take silks which they buy in China, or which the Chincheos are accustomed to bring to Manila, which is unquestionably the metropolis of Felipinas.

From the trade of Nueva Espana and Felipinas with China and Japon less in customs duties are paid to your Majesty than from that of Eastern India with the same countries, because there is nothing upon which to pay them except the silks.  Thus this trade is not so advantageous as that of Eastern India.  Indeed, your Majesty’s profits will be much greater if this trade of Nueva Espana and Felipinas shall cease.  This will be experienced not only by the crown of Portugal, but even by that of Castilla.