The financial press has been fascinated by incredible prices for shares in "dot.com" companies. Investors may be wrong, but as we enter the 21st Century they're clearly placing a bet that e-commerce will re-write the rules, and ways, to world trade.It's already happening within the U.S. cotton industry. Electronic Warehouse Receipts (EWRs) were introduced in 1995, and quickly swept away paper receipts. USDA estimates over 99 percent of this season's cotton will be receipted electronically. Once the American cotton trade realized the advantages of this basic form of e-commerce, it pushed for its universal use. Last September 1 again had the pleasure of attending the Liverpool Cotton Association's Annual Meeting in order to participate in a seminaron the need for, and possible development of, EWRs for the international cotton industry. As chairman of Intelligent Storage Systems (ISS), a USDA-authorized provider of EWR services to the american industry, I saw first hand the enthusiasm for their use. As I came to understand the potential for e-commerce within the cotton industry, in 1996 ISS began devepopment of an electronic trading system for U.S. cotton based upon the unique capabilities EWRs provide.
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