Note 3 — Trade of the Philippines

Coming then to the particular matter, the question is one of suppressing the commerce now carried on with the Philipinas Islands by way of the South Sea. This may be advantageous to España in two ways: in making the kingdom of Méjico absolutely dependent on España’s aid, without leaving it any other recourse: and in increasing the proportions of their present trade by adding to that kingdom [i.e., España] that commerce from those islands by way of the Ocean Sea,3 to which it is desired to direct the trade-route.