The commerce of the Brazil has increased much since it was thrown open, particularly in British manufactures, as they are now generally used throughout the whole territory. That this augmentation of British commercial intercourse with that country, as well as the aggregate sum of the whole since its commencement, has been essentially disadvantageous to the merchants and manufacturers of England, reducing it into one account, is unquestionable. Suppose the shipments of all goods since the first, to a certain period, where a line could be drawn, were placed on one side at prime cost, and the returns for those shipments in produce, bills, or specie, placed on the other side, (without taking into view the occasional great losses sustained by the sale of the produce,) it would then be too clearly demonstrated, and exhibit by the comparison an actual loss, amounting to a very serious sum. The testimony of one or two merchants connected with this trade since its origin would suffice to show the immense sacrifices British property experienced soon after this new channel induced such large speculations through its medium, as well as the continued sacrifices that have been made at different periods since. Even the years 1819 and 1820, and especially what has passed of the present one, have been distinguished by considerable losses; and, if further corroboration were required, the innumerable failures in England caused solely by this deterioration of property might be adduced. I speak of the trade as a whole, allowing that a great many persons have done well in it, and some made fortunes, particularly the commission-merchants; but I mean to submit, that the advantages those individuals have derived will not bear the test of comparison with the losses sustained by others. The Brazilians, particularly at Rio, have acquired no inconsiderable gains out of the unfortunate circumstances detailed; besides, they enjoy advantages which they are little sensible of, in the supply of British capital, which, at the metropolis, where the longest credits are given, alone extends to more than one million sterling, arising from the too great liberality of the merchants resident there, in granting credits with goods. The number of English establishments of all kinds at Rio amounts to about sixty, and a spirit of competition consequently existing, the native merchants have had the address to turn it greatly to their advantage. For instance, if they could purchase goods from one house at four months credit, they would give the preference to another that would give them six, and so on; till credits have extended, in some instances, to nine, twelve, and even eighteen months, accumulating in their hands the prodigious sum mentioned, and which the Brazilian laws induce some few to take the unfair advantage of retaining as long as they can, and in some cases altogether. English property, in this state of jeopardy, may be