If he found Cathay, Columbus was to be made admiral for life of all the new seas and oceans into which he might sail; he was to be chief ruler of all the lands he might find; he was to keep one tenth part of all the gold and jewels and treasures he should bring away, and was to have his "say" in all questions about the new lands.

For his part (and this was because of the offer of his friend at Palos, Captain Pinzon) he agreed to pay one eighth of all the expenses of this expedition and of all new enterprises, and was to have one eighth of all the profits from them.
So Columbus had his wish at last.

The queen's men figured up how much money they could let him have; they called him "Don Christopher Columbus," "Your Excellency" and "Admiral," and at once he set about getting ready for his voyage..