When 50 years ago, Germany awakened from its long impotence, her citizens were received, without prejudice, all over the world, and no obstacles were placed in the way of their diligence. This fact, we wish gladly and thankfully to record. Many Germans were successful in gaining a firm footing in the English Colonies, as well as in America, and to attain there important positions. They formed a link between their home country and the centres of trade and finance. Valuable services were rendered by them to the German trade, but London remained the Banker of the world, and when an industry began to grow in Germany, it was, in many cases, the English, who furnished the first capital. When the cotton market started to develop in Bremen, most of the financing was done by English bankers, anyhow at first. Later on, German Banks participated, and it is greatly to their credit, that they showed such great interest and understanding for the requirements of that trade. In the year 1871, the first German Bank of importance opened its doors in Bremen, and others followed, as the trade expanded. The cotton trade remained, in a certain measure, true to the English banks, while the other branches of commerce worked mostly through German banks, and a great incentive was given to this, by the fact, that American bankers considered German money equal to the American and English values. How do we pay for the cotton, which we import? The planter receives the purchase price from the shipper, through any one of the numerous banks in the South. Of course, we cannot give the actual dollars to the shipper, consequently, he or his banker has to advance them for a short period. Before the war, we opened a credit with English or German banks, in favor of the shipper, a so-called reimbursement credit, by which he could recover his advanced purchase price. When opening this credit, we took care, however, to have proof that the goods, for which we intended to pay, were certain to reach us eventually. We made the condition, that, against the reimbursement credit, the shipping documents were to be delivered. Against delivery of these documents, the shipper drew a draft upon our bankers, discounted the same, and the matter was settled. Now the bank was in possession of the documents, and by accepting the draft, had guaranteed to pay the purchase price. The position between the bank and ourselves, was cleared in various ways, which depended upon private arrangements. We, as cotton importers, had to receive the purchase price from the consumer in the interior, before we could satisfy our bank. As the sale of the goods could not always be effected promptly, we remained debtors to the bankers for the purchase price, while they were in possession of the goods or the documents. The settlement of transactions of this kind, requires a certain amount of trust and confidence, which the bankers have to grant to the merchants, on the other hand, they have