It is not in such a way as understood hitherto, that the prompt despatch of the fleets is hindered; because, although they do not send their money thither now, they will be able to send it--namely, to Piru and Guatemala--and to employ it in other ways in this land, without obliging them necessarily to send it to Espana, if the gains that they attain are not so certain as they would have them.
Likewise it appears that, if the said trade should cease, the annual departure of ships and people, as it is at present, would cease; and that would be a greater incentive to the natives who are peaceful, and those who until now have had no desire for peace, to rise and rebel, seeing that the gain which they derive from trade is taken away from them, and ships and Spaniards go thither no longer--through fear of whom they dare not rise from the subjection and obedience which they now observe.

The said trade being in the present condition, it might be so regulated, that the expense to your Majesty in ships, men, and supplies for their navigation should end by having them furnished from the merchant service, as on the routes by the Northern Sea.

This I have written your Majesty in the eighteenth section of my letter of May 10 of this year, in which I said that greater economy and profit will result than loss be incurred in continuing the trade of the said islands.

This I shall try to secure by every possible means.
And because these difficulties seem serious and the harm that might result does not come to pass, I have seen fit to disregard your Majesty's orders, until you direct me further.

In the meantime, I shall see that the affairs of those parts remain in their present state, so that the vessels leaving this kingdom for the said islands, shall take half the money that they could carry according to their tonnage.