The first part of this article investigates the private traders along the Zhejiang coast and the Portuguese settlements in Ningbo. 1. The private traders in Ningbo and the arrival of the foreign merchants. Before Teng Lao escaped from prison and went down to the coast in the 5th year of Jiajing, Lu Huangszu was already in Shuang-yu-kang, therefore I presume that after the expulsion from Tamao, the Portuguese went to Ningbo. Since the early private traders like Chin Tzu-lao and Li Kuangt'ou were Fujianese, those who guided the Portuguese to Ningbo were probably also Fujianese. 2. The private trader in Shuang-yu-kang and the Hsu brothers. In the 19th year of Jiajing, Xu Er and others persueded the Fo Lang Chi (Portuguese) to come to the Zhejiang coast for trade. Here we make an account about the general condition of the trade and clear up the history of Hsu brothers beginning from their stay in Shuang-yu-kang till the arise of the disturbance. 3. The rage of the private traders and its origin. In the 24-25th year of Jiajing, the Xu brothers became bankrupt and ran away from their former place and invaded Zhejiang and Fujian, then from private traders they gradually became pirates. The historical sweep of Shuang-yu-kang. From Chu Wan's account of his military success we may trace the development and the consequence of his attack on the pirates' den in the 27th year of Jiajing. 5. The so-called Liampoo settlements as narrated by F. Mendes Pinto. In accord with the geographical and historical facts we review the account of Peregrenacao and we conclude that the settlement was Shuang-yu-kang and Liampoo city was Kuo-chu. 6. The situation of the Portuguese settlements. The account of Mendez Pinto concerning the housing, population, institution, organization and economic situation confirmed the account of Chu Wan. 7. The destruction of the Portuguese settlements.

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"Activities of Wang Zhi (王直) in the Sino-Japanese private market. 1. Wang Chih before the arrival in Japan. From the Jipen ichen and other sources it can be presumed that Wang was an educated man, and that during his youth he struggled against poverty, and later he went to the sea coast. 2. How Wang induced the Japanese traders to go to China. In 1545, when the Japanese delegate Juko was going back to Japan, Wang accompanied him and tried to induce Japanese traders to go to the Zhejiang coast. Probably during this trip he reached Goto and from there sailed back to Lequios. The story of “Wu Feng” (五峰) found in the Teppo Ki might be a development of this trip. 3. Wang's activities prior to his becoming a ruler. In 1547 Wang established his headquarters in Goto, and travelled between Ningbo and Goto, developing trade. He soon became a big ship-owner. In 1549 he took up arms and defeated the local pirates. Therefore he was permitted to continue his private trade. Later he was stationed at Li Kang, and in 1551 defeated the Ch'en Szu-p'an pirate, and became a sea coast ruler. 4. The frame of Li-Kang and its destruction. In Li Kang, Wang made himself the King of Ching Hai. The people and traders recognized him and obeyed him. Later, a Wang Shu became the Provincial Commander-in-chief and expelled Wang Zhi, who fled to Hirado, Japan, in 1553. 5. Wang's life and business in Japan. Wang settled his men in Goto, but he himself stayed in Hirado and made himself the King of Huei (徽王) dominating the private traders. 6. The Great Japanese pirates and the death of Wang Zhi. Although Wang was an ambitious trader, he constantly opposed the pirates. No record is found which might indicate his conspiracy with the Japanese pirates. Therefore, when Chao Wenhua and Hu Tsung-hsien the sent Chinese delegates to Japan calling Wang back, Wang conceded without any hesitation. But because of misunderstandings, Wang was accused of being a pirate and was beheaded...." --OCLC record.