look ye out among you - that is, ye, “the multitude,” from among yourselves.
seven men of honest report - good reputation (Act 10:22; 1Ti 3:7).
full of the Holy Ghost - not full of miraculous gifts, which would have been no qualification for the duties required, but spiritually gifted (although on two of them miraculous power did rest).
and wisdom - discretion, aptitude for practical business.
whom we may appoint - for while the election was vested in the Christian people, the appointment lay with the apostles, as spiritual rulers.