There are not exact statistics before 1880, however, Bremen's yearly import will have been 2-300 000 bales. From small beginnings, quite a creditable result has been reached, that is worthy of some consideration.
History frequently chronicles the decay of some once flourishing commercial centre, and nobody knows to-day, the exact reason. Was it an opportunity missed? Of such, no records are kept in the book of time. Should anybody compile a history of lost opportunities, it might easily require a bigger volume, than that needed for the story of opportunities taken at the crucial moment.
The river, on which Bremen is situated, was so heavily silted up, that sometimes in Summer, one could wade through it; no sea-going vessel could reach the town. Under these circumstances, the opportunity of establishing a cotton market in Bremen might easily have been missed. The trade which was indigenous to Bremen passed, in the second half of the 19th century, through a period of transition. The shipping business from olden times, a main stay of Bremen's commerce, had to adapt itself to more modern requirements. The small vessels hitherto used, had to make way for bigger ones, the steamship had entered into the world's traffic. There was hardly a proper connecting link with the interior, no water ways existed, and the efficiency of the railways was extremely poor. Surely, these were not conditions that cried for the opening of a market centre. Yet it was established, it grew and blossomed into success.
Was this chance or method?
We owe many thanks to the State of Bremen for its co-operation, for, with astounding energy, this small state undertook to build a sea-port in Bremen town. This necessitated the deepening of the river "Weser", to which work the neighbouring states lent no help, but rather, placed difficulties in the way.
This grand work deserves an essay of its own, on account of its influence on the commercial, political and economic position of Bremen. Here only, be it mentioned, that the furtherance of the cotton trade was a constant stimulus to this great plan. The authorities and the representatives of the trade were in the best harmony, and the most perfect arrangements were made for the dealing with cotton. Great practical knowledge and experience was shown, in settling the question of how to raise the interests and amortization needed for the vast expenditure, and of how much the trade could bear without crippling it. The state furnished the capital for the building of great warehouses, and within a number of years their cost was paid off, as planned. In this way, Bremen became equipped with all modern requirements for the handling and storing of cotton, which, even to-day, are unsurpassed. The port has the highest reputation for the quick and painstaking unloading and dispatching of cotton cargoes.
The co-operation of the banks has already been mentioned, but we do not deem it superfluous to repeat, that without capital, no enterprise can be effectively launched, and all roads to successful completion are barred. Fifty years ago Bremen was poor in capital. What existed of riches, and was not needed in business, was, by preference, locked up in American securities, very little was left liquid for the Cotton Trade, although big amounts were needed to handle the import of cotton. Credit is not given by merely asking for it, only he is entitled to it, who is sure that he can fulfil his obligation. To incur debts, trusting to luck to pay back, is bad policy. It is unfair dealing to accept goods on credit in the hope that their sale will leave a profit, this is only permissible, when sufficient capital is in existence to pay for the goods, even though a loss takes the place of the expected profit. As these views dominated the trade, close connections could be started with the banks. State and banks have greatly helped the growth of the Bremen cotton trade, besides them, however, the assistance of many others must be gratefully acknowledged. Most particular reference has to be made to the forwarding trade. With admirable energy, the forwarding houses made all arrangements for the careful and expeditious handling of the technical part of the cotton trade. Right from the beginning, they worked on the principle of trustworthiness and reliability, well knowing, that only by these, a mutual confidence between all parties could be established. The great trust shown, alike by shippers and receivers, to the Bremen Forwarding firms, has made the dealing so easy and satisfactory. The post and telegraphic authorities have likewise been imbued with good will towards the needs of commerce, thereby assisting considerably the furtherance of trade. The harmonious cooperation of so many powerful allies, enhanced the value of the work done by the cotton market itself, though, never for a moment, must the diligent work slacken, lest the budding tree should stop growing. Anybody engaged in the cotton business has to be at his post every minute, always ready to take a given opportunity. Exact information concerning the conditions in America, as well as personal connections in that country, are of great value. It is characteristic of the German merchant to follow up a business once he has commenced it, and this close attention, from early youth to ripe old age, has contributed materially to the success of the Bremen cotton trade.
FLUCTUATIONS IN PRICES.