nly
very much less on the lower classes of cotton goods than on the higher
ones. Thus while there may be a difference of 1d. per yd. between the
qualities on a manufacturer's list, the difference in cost may not be
more than a farthing; and, again, while the shopkeeper sometimes pays
2-1/2d. or even 2-5/8d. per yd. for a calico to retail at 2-3/4d., his
next selling price may be 3-3/4d. for one which costs him only 2-3/4d.
or 3d. per yd. It appears, therefore, that if the poorer classes of the
community have the discretion to avoid the lowest qualities they may
obtain very good value in serviceable goods. In the matter of profits,
however, there is a good deal of irregularity.

_The Manchester Royal Exchange._--There are not many cotton mills or
weaving sheds in Manchester, which is, however, the great distributive
centre, and its Exchange is the meeting-place of most classes of buyers
and sellers in the cotton trade and various trades allied to it. As
buyers of finished goods for London and the country do not attend it,
certain departments of the home trade are hardly represented, but
practically all the spinners and manufacturers and all the export
merchants of any importance are subscribers. Transactions between
spinners and manufacturers are largely effected on Tuesdays and Fridays,
the old "market days," when the manufacturing towns are well
represented, but a large amount of business is transacted every day.
Besides the persons immediately concerned in the cotton trade and
connected with allied trades, a large number of members find it
convenient to use this great meeting-place as a means of approach to a
body of responsible persons. Thus not only bleachers, carriers, chemical
manufacturers, mill furnishers and accountants find their way there, but
also tanners, timber merchants, stockbrokers and even wine merchants.
Since the Ship Canal made Manchester into a cotton port there has been a
steady development of the raw cotton trade in Manchester, and many
cotton brokers and merchants have Manchester offices or pay regular
visits from Liverpool.

The various expansions and developments have made it difficult to
maintain the ratio between accommodation and requirements, and although
overcrowding is troublesome only during some three or four hours a week,
at "high 'Change" on market days, various complaints and suggestions
provoked in 1906 an appeal from the chairman of directors to the
Manchester corporation. This