Note 48 — Grau y Monfalcon’s Informatory Memorial of 1637

The fourth and last cause is the little favor extended to the Indian trade, both in the Indias, and in these kingdoms—either because of the straitness of the times, or because of other accidents—together with the burdens that have fallen upon everything, the imposts and duties increasing, although greater relief was needed as the amount of wealth was less. The avería, which increased from two and three per cent to six and seven, and was then judged to be so exorbitant that it seemed impossible for the commerce not to be ruined with that excessive tax, has increased so greatly that one year it rose to forty, and with the other expenses is never lower than twenty. What were formerly risks at sea are now great and evident losses, which, aided by the necessities of this crown—which force loans and considerable gifts, and the exchange for juros48 of what was formerly the capital for commerce—have so weakened commerce, that one is more astonished that it has not been entirely ruined, than that it has declined to its present condition. And all the more justifiable have been the reasons why this crown has profited from the exporters among the merchants of the Indias, and from what has come from the Indias, the greater the loss has been, as it was known to be unavoidable on account of what occurs on land, and more hazardous because of what is risked on the sea—by which some have been ruined, others have retired from trade, and others have changed their business; and all who take part in it are aware that this commerce is ruined, and with it whatever depends on it. It is certain, and has been observed in Manila, that since the loss of the trading fleet of the year 629, and their unfortunate experiences with [storms in] the Northern Sea, the winterings, the disasters, the averías, the embargoes, the delays, and the burdens [imposed] at Sevilla, the merchants in Mexico have decided to export more to Filipinas than to España. And although these things are found by experience to be thoroughly damaging and irreparable, and [it is evident] that they demanded new exemptions and safeguards, by which the losses might be recuperated, and those who suffer them be encouraged, there has not been lacking a person to propose as an expedient that the duties and customs should be raised still higher in the Indias, affirming that they are the most free, and that they pay less—although they really are quite the opposite, as is known.