BUSINESS IN FUTURES.

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OTTON is sold to a large extent for distant delivery, • but "future" transactions are only those which are

concluded on a specified "future" exchange, under the rules and regulations of that particular exchange. Here be it mentioned, that the Bremen Cotton Exchange is no exchange within the meaning of the law. It has no regulär hours of attendance, nor has it special rules regulating the business in "futures". The important "future" exchanges are Liver= pool and New=ybrk, and in a lesser degree, Havre, Alexan* dria and New Orleans. Within the specified hours of the "future" markets, large quantities of cotton contracts change hands. There, buyers and sellers are constantly in atten= dance, and it requires only a nod of the head to conclude a contract for thousands of bales. The Rules, referring to "futures", do not differ essentially from those governing the general trade, for it must be borne in mind, that all "future" contracts demand the delivery of actual cotton. Nobody can «scape this duty, if he has sold futures, he must deliver, unless he buys the contract back before it falls due, or vice versa, whidh, of course, refers also to any ordinary delivery contract. In fact, all transactions for delivery are settled either by previous transfer or by fulfilment. It is noticeable how the Stocks in New=ybrk increase or decline, in accordance

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