[The outlook brightening.] Notwithstanding, however, the defective manner in which the generality of the merchants act, some already are beginning to distinguish themselves by the prudence of their conduct, by forwarding, in time, their orders to the manufacturers of India and China, and, in other respects guiding themselves by the principles which characterize the intelligent merchant.  Finally, it is to be presumed that, as soon as the government shall have thrown down this singular and preposterous system that has been the cause of so many disorders, and proclaimed the unlimited freedom of Philippine commerce, the greater part of these people will rise up from the state of inaction in which they now live, and the relations of the colony will then assume the course and extent corresponding to its advantages of position.  At least, if our national merchants should not act up to the impulse given to all kinds of mercantile enterprises by the beneficial hand of the sovereign, foreigners will not be wanting, who, relying on due toleration, will be induced to convey their fortunes and families to the Philippine Islands, and, vigorously encouraging the exportation of their valuable productions, amply secure the fruits of their laudable activity and well-combined speculations.

[Capital employed in commerce.] Were a person, judging from the numbers constituting the body of registered merchants, and supposing all of them to possess the essential requisites prescribed by our commercial regulations, to form a prudent estimate of the amount of capital employed by them, his calculations would turn out extremely erroneous, for besides the case with which regulations of this kind are eluded, many are merely nominal traders, and there are others whose mercantile existence is purely artificial for they are sustained in a temporary manner, by means of a forced species of circulation peculiar to this country.  This consists in obtaining the acquiescence of the administrators of pious and charitable funds, let out at interest, to renew the bonds they hold during other successive risks, waiting, as it were, till some fatal tempest has swallowed up the vessel in which these merchants suppose their property to be embarked, and at once cancel all their obligations.  On the other hand, neither excessive expenses nor the shipment of large quantities of goods to Acapulco can in any way be taken as a just criterion whereby to judge of the fortunes of individuals; because, in the first, there is great uniformity, every one, more or less, enjoying, exteriorly, the same easy circumstances, notwithstanding the disparity of real property; and in the second, considerable fiction prevails, many persons shipping under the same mark, and even when the shipper stands alone, he might have been provided with the necessary funds from the pious and charitable establishments, possibly without risking a dollar of his own in the whole operation.  Under circumstances so dubious, far from presuming to give a decided opinion