Note 3 — Law II

“The present state of affairs in that which relates to this titulo is that set forth by the decree of March 10, 1785, establishing the Company of Filipinas. In regard to this law and those following in this titulo, the reader should remember that a royal order of July 20, 1793, permitted the Company of Filipinas to trade directly between those islands and the ports of South America in one or two voyages, to the amount of five hundred thousand pesos apiece, on condition of paying the foreign duty and the 9½ per Page 31ncent on the silver taken back. This permit, which was limited during the war with France, was, by a new royal order of September 24, 1796, made general for all succeeding wars, if carried on with maritime powers.” The above note is translated from the Recopilación, where it follows law 1. Space permitting, the decree of March 10, 1785, mentioned above, will be given in this series.