The German Spinners Unions were now united with the Bremen Cotton Exchange, but, in the course of time, Swiss and Austria-Hungarian spinners followed suit. Through this fusion, "The Bremen Cotton Exchange" gained greatly in importance, influence and business activity, so that it stood on equal terms with the great foreign Exchanges. At many meetings, spinners and merchants have peacefully sat at the same Board table, although the interests of both groups are frequently opposed to each other. Now and then, this has been apparent, but on the principle that good reasons must give way to better ones, differences of opinions were settled after proper discussion. Mutual understanding and a determination to pay due respect to the interests of the other party, have always been the leading spirit of the meetings. To-day, it stands beyond any doubt that through this fusion, great benefits have accrued to both parties, and to the far sighted men, who brought this about, great honor, praise and veneration are due. In the following we give a few figures concerning the number of Members and the activity of the Bremen Cotton Exchange: Year Members Arbitrations Appeals 1887 184 300 446 bales 29 642 bales 1892 253 653 567 " 70 340 " 1897 356 1 089 956 " 67 048 " 1902 449 1 295 441 " 63 692 " 1907 673 2 396 128 " 208 402 " 1912 717 2 554 284 " 315 597 " 1913 719 2 165 657 " 245 576 " 1920 610 405 058 " 80 698 " 1921 663 1 041 608 " 215 066 " We cannot possibly conclude this chapter, without drawing attention to the fact, that if the commerce has reached its present greatness by its own endeavours, the industry is fully entitled to an equal share of praise. The German cotton industry had to pass through many a hard fight. There was a time, when German goods were deemed inferior, mainly for the reason that they were not known. The German Export Trade owes something like an apology to the Industry, for the poor support it gave at first to the exertions of the Manufacturers, to create a market for their goods in foreign countries. It took a long time before German goods were appreciated in foreign markets, but, eventually, they gained for themselves a high class reputation. The "Bremen Cotton Exchange", views with pride, the success of their fellow members of the Industry. FINANCIAL ITEMS.