THE PERSONNEL OF PHILIPPINE COMMERCE.--Before the coming of the Spaniards, the Filipino people were known traders, their interisland life leading naturally to a use of the sea as a means of communication. During the eighteenth and nineteenth centuries trade was controlled by the Spanish residents. The result of limited Filipino participation was a disinclination, through lack of knowledge and practice, to engage in trade, and it is only within the last few years that Filipino business men have been an appreciable factor. Dozens of enterprising and well-educated young men are now venturing into business. Filipino capital has hitherto been invested in great estates; the millionaires of the Islands with few exceptions have obtained their incomes from rentals and produce. All that is rapidly changing; oil companies, shipping firms, and importing houses are now financed by Filipino capital and managed by Filipino brains; but Filipino participation in the trade of their country has not yet assumed commanding proportions. [Foreigners] The people of all the great trading nations have established houses in Manila and have a vital part of the Islands' commerce, transacting a considerably greater proportion of the foreign trade. Of these, Americans are, of course, the most numerous, having as a basis the political bond between the two countries. A large part of these are ex-Government employees, who saw the opportunities for business development during their terms of service in the Insular Government. The British probably occupy second place, though the Spaniards and their descendants in the Islands are important factors, their houses handling every branch of import and export trade. The British firms are for the most part long established, and their trade has the strong aspect characteristic of British trade the world over. They specialize in the export of the staples hemp, sugar, and tobacco. The French and Swiss have houses, which were here prior to American occupation. The Japanese are a new element; they have of late been invading every branch of commerce, with increasing momentum. Millions of Japanese capital are being invested in the basic industries of the Islands, and each month sees the incorporation of new companies. The post-war depression, however, has reduced their number and commercial activities very materially. AMERICA'S MONOPOLY IN PHILIPPINE TRADE.--The old saying that "trade follows the flag" has held true in the Islands. At the time of the American occupation a very small portion of the Islands' commerce was with the United States; now it is about two-thirds, seven times that of any other country.