The Philippine Islands, 1493-1803; explorations by early navigators, descriptions of the islands and their peoples, their history and records of the Catholic missions, as related in contemporaneous books and manuscripts, showing the political, economic, commericial and religious conditions of those islands from their earliest relations with European nations to the beginning of the nineteenth century; [Vol. 1, no. 13]

1604-1605] DECREE REGULATING COMMERCE

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be carried each year from the Philipinas Islands to
Nueva Espafia is by no means to exceed two hundred
and fifty thousand pesos of eight reals, as is provided;
and the return of principal and profit in money is
not to exceed five hundred thousand pesos, which I
have permitted. For no pretext, cause, or reason to
be alleged therefore is this to be exceeded, and the
traders in every case must be citizens of the said
Philipinas Islands, and none others whatsoever, as is
likewise ordered by the royal decrees of the king my
lord, and under the penalties therein provided.
These I command to be executed without fail against
the trangressors, without there being any exemption
or excuse.
Further, in order that this may be better accomplished, and to remove the opportunities for shipping a great deal of merchandise, and likewise that
the crews may go and come in safety, it is my will
and I permit that there be four ships in this trade,
each of two hundred toneladas burden, and no more;
and they shall be my vessels, and shall sail on my
account, two each year; and the others shall remain
in port making ready for the voyage of the succeeding
year, as is ordered - for in this way they will sail at
the proper time, without waiting for one another;
nor shall they exceed this number and capacity.
These ships shall be built expressly for that route,
of the said size and of the required strength, on account of the inconveniences that have heretofore resulted from the ships being large and having been
navigated on the account of private persons, in whose
charge they were placed-which last must without
fail cease.
Furthermore, in order to avoid such large expenses