During the war of 1870/71 the cotton trade had suffered a serious
relapse, but shortly afterwards, the Bremen people began seriously to
consider means and ways to put the trade on a proper footing.
The industry had expanded, and the occasional chance business had been
replaced by a more regular and closer connection with the spinners. The
main thing to do now, was to find a proper basis upon which a regular
market could be built up. The various questions of law had to be
adjusted in a broad minded manner, to suit the particular need of the
cotton market. Liverpool offered a good example for this, as there,
everything had been adapted to the peculiarities of the cotton trade.
Here, in Bremen, first of all, the credit system had to be abolished.
It was manifestly impossible to increase the import, as long as the
importer was obliged to sell the cotton on 3-4 months open credit.
A good stock of cotton is the first necessity for a market of any
importance, but how to obtain it, if the needful capital is lacking to
pay for the cotton? The risk of the great price fluctuations, which are
indigenous to cotton, gave the whole trade a bad name, and everybody,
who had anything to do with it, lost prestige.
Was it worth while to follow up the idea of starting a cotton market?
We must praise the men, who made it practically their life's work, to
overcome the difficulties, and must admire the cleverness with which
they left certain items for the future to solve.
The men who laboured hard for this object, formed themselves into the
"Committee for the Bremen Cotton Trade", later on, the name was
changed, and on the 1st of October 1872, everything was ready, and
under the new name of
"Bremer Baumwollboerse"
an organisation was started, which has since become known all over the
cotton world.
On the 1st of October 1922, its birthday re-occurs for the fiftieth
time.
Political occurrences make a deeper impression than those which fall
into the sphere of National Economics, but the present has taught us,
that the latter are by no means to be despised, in fact, deserve more
attention than was given to them previously. It may be worth while to
recall, that through the influence of the "Bremen Cotton Exchange", a
well regulated trade of first magnitude has been built up. We are
forced to observe the development of national economy, not only in our
own country, but also, that in foreign countries, and by keeping the
important factors constantly before us, we can learn a good deal.