their security in the value of the goods in their keep. The banks have always given a full measure of trust to the Bremen cotton trade, while the commerce has made every arrangement to safeguard the interests of the bankers. In this connection, we mention the establishment of the "Bremer Lagerhaus-Gesellschaft" which was founded in 1877, through their Agency the bank obtained, in a simple form, the security of the cotton itself. The hypothecation of goods against an overdraft on the bank, was new in those days, but later, it became common practice, and the old established forwarding houses made similar arrangements to those of the Bremer Lagerhaus-Gesellschaft. It became the custom to issue warrants against the cotton stored. The warehouse owners were, thereby, obliged to keep the cotton, until the holder of the warrant gave it free. With growing trade, the co-operation of the banks increased considerably, and for a long period, business was satisfactorily settled, but the war caused here, like everywhere else, a certain amount of confusion. The settlement with the German banks was easy, but it was impossible, during the long period of the war, to let that cotton remain untouched, which was hypothecated in favor of foreign banks. Thus, a peculiar position in law was created, between the warrant holder and the previous owners of the cotton. The settlement of these questions lies with the respective committees of the peace commission. The financial treatment of the import business after the war, is vastly different from previous methods. The American bankers play a far more prominent part, as the German importer pays in dollars on arrival of the goods in port, and he has to buy the dollars at a rate of exchange, which is subject to the vagaries of the Stock Exchange.--Recently a moderate credit has been given to the importer, but the further development of affairs is uncertain. BUSINESS IN FUTURES.