7Sj

••>•"

%4f \

if^x^f^^w

O

'^mc^-^K

..'S U ; ., \.-: ■■;:/

s

A.

/y." *> v .

\.CS

v ,v

•:7-J

:-;k.."rcVvs3^: ,

HEDGES.

AGREAT market has the duty to adapt itself to all the requirements of the Trade, and these are ever chang= ing. For instance, new districts are opened for commercial enterprise, new methods of doing business develop, bring» ing increased activity in their train, and all this, has to be regulated or arranged for.

Many things did not bother us in the past, as the follow» ing few questions will show:

How can we, without risk of the market, seil cotton in

Spring, which will only be grown in Autumn? How can a planter seil the cotton whidi he has picked,

when there are no buyers at the moment? How can a manufacturer protect himself against a decline

in the price of cotton, while his goods are being pre=

pared for the market? How can a manufacturer accept Orders for late deliveries,

without possessing the cotton? How can an importer take advantage of the great quantity

of offers, which flood the market, during the first few

months of the gathering of the crop ? To anybody in the cotton trade, these questions present no difficulties, but, for the outside world, be it mentioned, that it is the "future" market that furnishes the means to

37