propitious moment, when one could think seriously of beginning the work. It was thought of raising half the estimated cost of 15 millions, by voluntary contributions from the trade and the industry, and both responded nobly to the call. But the moment the money was secured, most of it melted quickly away, through the depreciation of the Mark. Nevertheless, this day of the 50th anniversary sees the work in full swing, and it will not be long, before the too richly carved front of the building will have given place, to one of greater simplicity and nobility, which better express the wishes of the Cotton Exchange. The interior of the Exchange is entirely adapted to the needs of the business, special attention is being paid to the light. The judging and valuing of cotton, require a pure and clear day light, this is of such importance, that it cannot receive too much consideration. A portion of the building is reserved for the Cotton Exchange, while the remainder is utilised as offices for the various cotton firms, unfortunately, there is not room enough for all of them. It would be of great advantage, if all the firms could be housed under one roof, and plans for this are contemplated, but when they will be executed, depends entirely upon the economic development of the future. WORLD-WIDE BUSINESS. A New-York commission agent, who has connections all over the world, receives a telephonic message from Texas to sell 100 bales of "futures". At the same moment, he receives a cable to buy a 100 bales of "futures", both orders equalize each other, the execution is easy, a few words on the telephone, a cable, a letter, and the business is done. Such transactions are daily occurrences, they leave no particular impression, nor call for any deep thought. And yet, it is very interesting to probe deeply to find the origin of this business. A planter in Texas has worked hard for six months with his entire family, to raise his cotton crop. In the early days of Spring, the ground had to be cleared and ploughed to prepare it for the seed. Then comes the time of sowing, and soon afterwards, the weeds require attention. Hardly have these been uprooted, when the injurious insects make their appearance, they are destroyed by artificial means. Over and over again, the fields require most careful attention, till, at last, the cotton begins to ripen. In the broiling sun it is picked, and only then, the planter is sure about the out-turn of his crop. The prices are favorable at the moment, and he makes his calculations. For extra help, he had spent so much, and for the frugal life of his family and himself, a further amount was required, but the account was all right. If he could obtain the present price for cotton, he could pay for everything, and have a margin to the good. He decided to secure the price by giving the afore-mentioned order.