A Toll Booth on the Mersey

This chapter describes how the raw cotton trade was financed, before showing that – despite a drastically reduced volume – the vast rise in price meant that the value of raw cotton imports was greater than at any time in the 19th century and, in terms of the cotton traded, possibly the greatest ever. The implications for the earnings of the cotton brokers are demonstrated, together with the fury in Manchester that Liverpool was enriching itself while the rest of the industry starved. Two elements of Thomas Ellison’s etiquette are considered: that cotton brokers were not simultaneously buying and selling brokers, and that they did not trade cotton on their own account. Evidence is produced to suggest that both contentions are false. The chapter shows how cotton speculation infested the market during the war, but also how the spinners were implicated in it themselves. It concludes with the conflict that erupted towards the end of the war between the Liverpool Cotton Brokers’ Association and the Cotton Spinners’ Association, led by Hugh Mason.