We have investigated the state of affairs in those regions, of which a detailed report was made to us.

Besides the little value of those wares, a large amount of silver and coin is carried thither in exchange for them.

Although a portion of this money remains in those islands, all the rest is carried away by the Chinese who go thither from the mainland to sell these wares.
In this way the commerce of these kingdoms is falling away, and the bringing of money hither is impeded; both these are matters of consequence and importance.

This is not the way to maintain our trade, since the settlement of the land must be through its richness and fertility, and the prospect of other discoveries that are being made daily, and not through trade.

Those who are engaged in this trade are merely transients, and those islands are merely a place of lading for this commerce; for all, or the greater part, of the merchandise comes from China.