[The obras pías merit full attention from the government,] on account
of the advantages which the agriculture and industry of the islands
may gain from them. If the limited and privileged dealings of Manila
with Nueva España had not been reduced to a merely passive commerce
of transfer or transportation, those foundations would, at the same
time while they have become wealthy, have given real opulence to that
commerce. Of the enormous profit of two hundred and three hundred
per cent which the transactions of the galleon yielded at Acapulco,
the greater part was for the foreign dealers of India and China,
whose wares supplied almost all the lading of the galleons, and for
the obras pías; a greatly reduced profit remained for the Manila
merchants, which could be shown by a calculation which might be made
of the many millions imported from Nueva España by the galleons, and
of the comparatively small value, in money or assistance, which has
remained [therefrom] in the islands. [The returns from these funds are
now greatly diminished, since the cessation of the Acapulco trade,
for on that depended the commerce with India and China, which also
has practically ended, save for the commodities from those countries
which are consumed in Filipinas. This could not have been foreseen
by the founders of those funds, many of which, moreover, are impeded
by various restrictions and conditions; and the government should
interpose its authority not only to secure the fulfilment of the
founders' wishes, but to commute the investment of the funds in such a
way that they may be used to promote the agriculture and industry of
the country. These funds ought also to be preserved as a most useful
resource in case of war or revolution, when the usual revenues of the
government would cease. Bernaldez therefore recommends:] That the
government of Manila furnish special protection to the charitable
foundations of the islands, and keep close watch over their honest
administration. That it stimulate the managers to obtain immediately
from the competent authority the commutation of the allotments of these
funds so as to benefit the agriculture and manufactures of the country,
giving reports of what shall be effected in a matter so important for
the welfare of the islands. That the funds in the communal treasuries
of the Indians and the Chinese, those of the secular revenues,
[151] and any others which are not subject to private foundations and
regulations, and which hitherto have followed in their investments the
rules of the obras pías, shall be by preference set aside for rewards
bestowed for enterprises in agriculture, industry, and inter-island
trade. Thus will be remedied the injury arising from the failure of
those great funds to be in circulation; and the abuse of employing
them in favor of foreigners and their commerce, under assumed names,
will be corrected.