ute the chief capital employed in
external trade; and notwithstanding the failures, which from time
to time occur, the subsequent accumulation of the enormous premiums
obtained for funds laid out in maritime speculations, both in time of
peace and war, not only suffices to make up all losses of the above
kind, but also to secure the punctual payment of such charitable
pensions and other charges as are to be deducted from the respective
profits of this species of stock, its total amount, according to an
official report made by order of the head committee of the sinking
fund, including temporalities, and Queen Maria of Austria's endowment
for the College of Las Marianas, together with other funds of the same
kind, not comprehended in the decree of abolition, at the commencement
of the year 1809, amounted to $2,470,390, and as the sea-risks of that
and the following year were successful, and the outstanding amounts
punctually recovered, the aggregate sum, arising out of the above
description of property, may now be estimated at more than three
millions. Of these funds three distributions are generally made,
viz., one part is appropriated to the China risks, at from twelve
to eighteen per cent. premium, according to circumstances, and also
those to Madras, Calcutta and Batavia, at from sixteen to twenty-two
per cent. The second, which generally is in the largest proportion,
is employed in risks to Acapulco, at various premiums, from 27 to 45
per cent.; and the third is left in hand, as a kind of guarantee of
the stability of the original endowments.

[Coveted by Spanish treasury.] In the great exigencies of the Royal
Treasury, experienced during the last years of the administration
of Sr. Soler, the royal decree of Consolidacion was extended to the
Philippine Islands, under the pretext of guarding the funds belonging
to public charities and religious endowments ... sea-risks, the
income of which, when secured on good mortgages, does not generally
exceed five per cent, many in Spain not yielding above four; but the
remarkable difference between this plan and the one above described,
together with various and other weighty reasons alleged by the
administrators, caused the dreaded effect of this new regulation to
be suspended, and whilst the head committee of Manila were consulting
their doubts and requesting fresh instructions from the court at home,
orders came out not to make any alteration in measures relating to
this des