whole cargo at the Philippine Islands as well as on the coast of America; for that those islands being Spanish, our disguise of being French would serve us as well at the Philippines, as it would in New Spain; and with this particular advantage, that we should sell here for four times the value we should on the coast of Chili, or Peru; and that, when we had done, we could load our ship again there, or in other places in the Indies, with such goods as would come to a good market again in New Spain.

This I told them was indeed what had not been practised, nor at any other time would it be practicable: for as it was not usual for any ships to go from the East Indies to the Philippines, so neither was it usual for any European ships to trade with freedom in the South Seas, till, since the late war, when the French had the privilege; and I could not but be amazed that the French had never gone this way, where they might have made three or four voyages in one, and with much less hazard of meeting with the English or Dutch cruisers; and have made twice the profits which they made the other way, where they were frequently out three or four years upon one return; whereas here they might make no less than three returns, or perhaps four, in the same voyage and in much less time.

They were now a little surprised, for in all our first debates we had nothing of this matter brought in question; only they entertained a notion that I was going upon strange projects to make discoveries, search for the South pole, plant new colonies, and I know not how many whims of their own, which were neither in my design, or in my instructions. The person, therefore, who was our supercargo, and the other captain, whose name I have not mentioned, together with the French Captain, Merlotte, and the rest, who had all opposed me before, came cheerfully into my proposal; only the supercargo told me, in the name of the rest, that he began to be more sensible of the advantages of the voyage I had proposed, than he was before; but that, as he was equally intrusted with me in the government of the trading part, he begged I would not take it ill, that he desired I would let him farther into that particular, and explain myself, at least as far as I thought proper.

This was so just a request, and so easy for me to do, and, above all, was made with so much good manners and courtesy, that I told him, if I had been otherwise determined, the courteous and good-humoured way with which he required it, would constrain me to it; but that, however, I was very ready to do it, as he was intrusted with the cargo jointly with me, and that it was a piece of justice to the owners, that whom they thought fit to trust I should trust also; upon this I told him my scheme, which was as follows:

First, I said, that, as the Philippine Islands received all their European goods from Acapulco, in America, by the king of Spain's ships, they were obliged to give what price was imposed upon them by the merchants, who brought those goods by so many stages to Acapulco. For example, the European goods, or suppose English goods in particular, with which they were loaden, went first from England to Cadiz, from Cadiz by the galleons to Porto Bello, from Porto Bello, to Panama, from Panama to Acapulco; in all which places the merchants had their several commissions and other profits upon the sale; besides the extravagant charges of so many several ways of carriage, some by water, some by land, and besides the king's customs in all those places; and that, after all this, they were brought by sea from Acapulco to the Philippine Islands, which was a prodigious voyage, and were then generally sold in the Philippine Islands at three hundred per cent. advance.

That, in the room of all this, our cargo being well bought and well sorted, would come to the Philippine Islands at once, without any landing or re-landing, and without any of all the additions of charge to the first cost, as those by the way of New Spain had upon them; so that, if we were to sell them at the Philippine Islands a hundred per cent. cheaper than the Spaniards usually sold, yet we should get abundantly more than we could on the coast of Peru, though we had been allowed a free trade there.

That there were but two objections to this advantage, and these were, our liberty of trading, and whether the place would consume the quantity of goods we had; and to this I had much to answer. First, that it was well known at the Philippine Isles, that the kings of France and Spain were united firmly together; that the king of Spain had allowed the king of France's subjects a free trade in his American dominions, and consequently, that it would not be denied there; but, on the other hand, that, if it was denied by the governor, yet there would be room to find out a trade with the inhabitants, and especially with the Chinese and Japan merchants, who were always there, which trade the governor could not prevent; and thus we could not fear a market for all our cargo, if it was much greater than it was.

That as to the returns, we had the advantage either way: for, first, we should be sure to receive a great part of the price of our goods in Chinese or Japan gold and silver, or in pieces of eight; or, if we thought fit to trade another way, we might take on board such a quantity of China damasks, and other wrought silks, muslins and chintz, China ware, and Japan ware; all which, would be immediately sold in America; that we should carry a cargo of these goods to New Spain, infinitely to our advantage, being the same cargo which the four great Acapulco ships carry back with them every year: That when we had gone to the South Seas with this cargo, of which we knew we should make a good market, we had nothing to do but to come back, if we thought fit, to the East Indies again, where we might load for England or Flanders such goods as we thought proper; or, if we did not think fit to take so great a run, we might go away to the south, and round by Cape Horn into the Atlantic Ocean, and perfect those discoveries, which we made part of in the beginning of our voyage.

This was so clear a scheme of trade, that he seemed surprised with it, and fully satisfied in every part of it. But the captain then objected against the length of the voyage to the South Seas from the Philippines, and raised several scruples about the latitude which we should keep in such a voyage; that we should not be able to carry any provisions which we could take on board in those hot countries, that would keep for so long a run, and several other difficulties; to all which I made answer, that when we had sold our cargo at the Philippines, and found our advantages there to answer our desires, I would not oppose our returning from thence directly to England if they found it needful; or, if they thought a farther adventure would not answer the risks we were to expect in it, we would never have any dispute about that.

This satisfied them fully, and they went immediately with the news to the men, as what they thought would please them wonderfully, seeing they were mighty uneasy but two or three days before, about their being to go back again to the south of America, and the latitude of 64°, where we had not only been twice driven back, as if heaven had forbidden us to pass that way, but had been driven so far to the south, that we had met with a most severe cold, and which pinched our men exceedingly, who being come, as we might say, a hot-weather voyage, were but ill furnished for the state of the air usual in the latitudes of 64°.

But we had a harder task to go through than we expected, upon this occasion; and it may stand here upon record, as a buoy or beacon to warn officers and commanders of ships, supercargoes, and such as are trusted in the conduct of the voyage, never to have any disputes among themselves, (I say not among themselves), about the