When these data are plotted the result, shown below, indicate a relationship between the price level and the amount of money in circulation which is here approximated by the cumulative imports of treasure. In the early seventeenth century the price level did not rise even though treasure was still imported. Here the lack of statistics on the export of gold and silver is crucial. If gold and silver were flowing out as fast as they were coming in then there would have been no increase in the money in circulation. It was well known that much of the gold that flowed into Spain flowed out to France and England to pay for manufactured goods. Also the Chinese Empire refused to allow any European products to sold in China and so the European purchases of Chinese goods had to be paid for in silver. Thus there was a steady outflow of gold and silver from Spain although this was illegal according to the laws of the kingdom.