them to go freely, giving them to understand the greatness of the king, … and that he wishes his vassals to harm no one." Pirates are to be dealt with as shall be deemed best. All trading must be at the lowest possible price, and fixed figures shall be established. Native weights must be used. The royal officials are to have entire charge of all trading, of whatever nature, and no individual shall presume, under severe penalties, to trade for himself, for in that case prices will be raised by the natives. These officials shall trade first, merchandise to the value of fifty thousand pesos of gold dust[1] for the king, and then ten thousand pesos for private individuals; then another fifty thousand for the king, and so on; but all drugs, spices, and some other articles are the king's alone, and no one may trade for them without his express permission. Careful entries of all trading must be made, and the king shall receive one-twentieth of all the return cargo of individuals in the fleet. Any merchandise belonging to private individuals who do not embark in the fleet shall be traded last, and seven per cent of its returns shall be paid to the king. Slaves may be bought, for use as interpreters, but good treatment is to be accorded them. No Indian shall be captured, nor shall any soldier buy any slave during the time of the voyage; but when a settlement is made they may do so, unless the king
- ↑ The total cost of the preparation of Legazpi's fleet was 382,468 pesos, 7 tomines, 5 grains of common gold; and 27,400 pesos, 3 tomines, 1 grain of gold dust. These expenses cover the period from December 13, 1557, until March 2, 1565. See Col. doc. inéd. Ultramar, iii, no. 36, pp. 461–463.
The gold dust here mentioned (Spanish oro de minas) means gold in the form of "gravel" or small nuggets, obtained usually from placers, or the washings of river-sands. The "common" gold (oro comun) is refined gold, or bullion, ready for coinage.
