The industry had expanded, and the occasional chance business had been replaced by a more regular and closer connection with the spinners. The main thing to do now, was to find a proper basis upon which a regular market could be built up. The various questions of law had to be adjusted in a broad minded manner, to suit the particular need of the cotton market. Liverpool offered a good example for this, as there, everything had been adapted to the peculiarities of the cotton trade. Here, in Bremen, first of all, the credit system had to be abolished. It was manifestly impossible to increase the import, as long as the importer was obliged to sell the cotton on 3-4 months open credit. A good stock of cotton is the first necessity for a market of any importance, but how to obtain it, if the needful capital is lacking to pay for the cotton? The risk of the great price fluctuations, which are indigenous to cotton, gave the whole trade a bad name, and everybody, who had anything to do with it, lost prestige. Was it worth while to follow up the idea of starting a cotton market? We must praise the men, who made it practically their life's work, to overcome the difficulties, and must admire the cleverness with which they left certain items for the future to solve. The men who laboured hard for this object, formed themselves into the "Committee for the Bremen Cotton Trade", later on, the name was changed, and on the 1st of October 1872, everything was ready, and under the new name of "Bremer Baumwollbörse" an organisation was started, which has since become known all over the cotton world. On the 1st of October 1922, its birthday re-occurs for the fiftieth time. Political occurrences make a deeper impression than those which fall into the sphere of National Economics, but the present has taught us, that the latter are by no means to be despised, in fact, deserve more attention than was given to them previously. It may be worth while to recall, that through the influence of the "Bremen Cotton Exchange", a well regulated trade of first magnitude has been built up. We are forced to observe the development of national economy, not only in our own country, but also, that in foreign countries, and by keeping the important factors constantly before us, we can learn a good deal. ARBITRATIONS AND APPEALS. The department of the "Bremen Cotton Exchange" which deals with questions relating to actual cotton, has a staff of sworn classers. It is their duty to fix, with the aid of the various standards, the class of cotton, or to pronounce an opinion on it, or to settle the disputes between buyer and seller, as far as they refer to the quality of cotton.