The Bremen Cotton Exchange has never occupied itself with politics, but, of course, the members could not help taking serious notice of occurrences which shook the world's foundation. Together, with the expansion of business, grew also a political apprehension. France was lending milliards upon milliards to the Russian Czardom, with the express condition, that the money had to be expended in preparation for a war against Germany. One saw, that France gave Egypt to England, although it did not own it, on the other hand, England ceded Marocco to France, without having any sovereign right over that country. That Germany had interests in both places, was overlooked. The English newspapers, so widely read in Bremen for their business news, brought articles upon articles, picturing the dangers of a German Invasion. In the most lurid of colors, the cruelties of the war were painted, that was supposed to threaten England, and all this, for no other purpose, than to inflame the passions of the English people. What did the commerce do in face of these threatening symptoms?--Nothing! Without an anxious thought, people looked after their business, and showed an optimism, which to-day, is inexplicable. On the 25th of July in 1914--after the Austria-Serbian ultimatum--careful merchants insured their afloat cotton against war risks. The big German Insurance Companies took this risk for 1/8%, let us repeat it, one eighth per cent! How was it that the insurance companies were so unconcerned? At the same time in Bremen, and at other places in Germany, many insurances were covered with English companies. Did nobody see danger ahead? All political misgivings of those days were silenced by the feeling, that to think of war was monstrous and to believe in war, an impossibility, on account of the highly developed economic relations which connected all countries. Yet the war came! At the outbreak, many cargoes of cotton owned by Bremen merchants were afloat, and many "future" contracts were open in the Liverpool market. Later on, the cargoes were taken by the enemy, and the Liverpool contracts were liquidated, in accordance with a certain system, but without the consent of the other parties to the contract, and without reservation of their rights. Bremen had a considerable stock of cotton at the commencement of the war, consequently was in a position to supply the German cotton mills for a long time. If proof had been needed to show the advantage of having an important cotton market in Bremen, the war would have furnished it. The cotton trade was not satisfied to deal only with the existing supply, but did its very utmost to secure fresh imports, and was successful, by means and ways hitherto unknown, to bring considerable quantities of cotton into Germany, where it was of great service.