to enter into conversation on the current topics of the day (occasionally interrupted, it is true, to answer an inquiry as to Bowed at 6, or Surat at 5 to 5), and from his observation of the easy style of talk going on around him, that he had happened to make his appearance at a time when no particular business was going forward; and yet very likely he would be told on inquiry that the sales for the day would probably be 8000 or 9000 bales—which latter is about the average—worth perhaps 100,000l. By way of getting a clearer idea of the manner in which this amount of business is transacted, let us take the liberty of paying a visit to one of the sale-rooms in the immediate vicinity of the Exchange area: and here on entering we see conveniently disposed a large number of brown paper parcels, a glance at the open ends of which is sufficient to inform us that they are cotton samples. We do not wait here long before an individual enters, and says interrogatively to the presiding salesman, “Bowed,”—or it maybe Orleans or Mobile—“six three?” which demand, being interpreted, signifies that the inquirer is a buyer of Bowed—so called from a former method of cleaning by means of a bow—Orleans, or Mobile cotton, at 6d. per pound. Sundry of the brown paper parcels are opened and spread out before him, showing that every one of them contains perhaps 25 pieces of cotton, each piece the sample of a bale; and after a very brief inspection, he desires that certain of these may be “sent in to him.” This he does in order that he may view them at “his own light,” and may compare them with other samples which in his tour round the market he has seen and had sent to him from various sale-rooms. It may be here explained, that these sale-rooms are plentifully supplied with north or east light, and that each broker, from custom, is able to judge better as to the colour and general appearance of the cotton—on which in a measure its value and suitability for his particular purpose depend—in his own sale-room than elsewhere. West or south light is never used.
Other buyers enter, in rapid succession, the sample-room in which we have taken up our position, and inquiries are made for cotton of various kinds and prices: for Maranhams, Pernams (a contraction for Pernambuco), or Bahias; for Egyptians, or possibly for Dhollerahs, Comptas, Tinnevellies, or Oomrawhuttees, all which strange sounds represent varieties of East Indian growth. It will be observed, that the word cotton is seldom, if ever, mentioned; contraction is the order of the day; time and breath are saved by asking for “Orleans,” or “Maranham.” It will also be noticed that American descriptions are vastly more inquired for than any other kinds; which arises from a reason analogous to that assigned as the cause of white sheep eating so much more than black ones; viz., that there arc so many more of them. The differences in the requirements of buyers cannot fail to have been remarked: thus, one “doesn’t care for colour, but must have staple;” another “isn’t so particular about staple, but wants colour;” another “can’t do with sand” (on which point more hereafter); and so on. Amongst other things, it is very likely blue or red cotton will be spoken of. But is not all cotton white? Broadly speaking, no doubt it is; but there are various tints of blue, yellow, and red, not certainly approaching indigo on the one hand, or scarlet on the other; but still sufficiently marked to be readily distinguished by anyone when attention is drawn to the subject, and comparison instituted between different samples; and perceptible at a glance to the practised eye of the broker. From all these inquiries it may be gathered that the value of cotton depends upon the length, strength, and fineness of the fibre or “staple,” modified by conditions of colour and cleanliness. Accordingly, with reference to the first of these points, the article is divided into “long” and “short” stapled. To the former of these divisions belongs that class of American called Sea Island, which takes its name from the place of its growth, and which is the finest and highest priced cotton known; also all cotton from Brazil, the West Indies, and Egypt. The second division includes all kinds of American, save Sea Island, and all descriptions of East Indian. It has been already stated that America supplies by far the largest quantity of cotton; in proof whereof, I here venture to present some figures, at the prospect of which, however, as they shall be few in number, I respectfully submit that no lady or gentleman who may honour me by reading this paper has any cause for alarm. During the year 1859, the total import into the kingdom was 2,828,000 bales, of which 2,085,000 were American, 510,000 East Indian, leaving only 233,000 as import from Brazil, the West Indies, and Egypt.
Of these 2,828,000, 2,709,000 were received into Liverpool, against about 119,000 into London, Glasgow, and Hull, the only other places which import the article. One week’s sales in Liverpool have before now been as much as the whole of last year’s import into the rest of the United Kingdom. A price current, now before the writer, gives nearly one hundred quotations of different descriptions and grades, varying from 4d. a pound for ordinary Surat, to 2s. for fine Sea Island. The grades quoted in each different description of cotton are, “ordinary,” “middling,” “fair,” “good fair,” “good,” and “fine,” which one would suppose to be a division sufficiently nice. But in practice, a much more minute subdivision is used, and it is common enough to hear brokers speak of “low and good ordinary,” “barely middling,” “middling fair,” “fully fair,” and so on.
These explanations may be supposed to have been offered in the sale-room to which we are paying an imaginary visit, and the buyer whom we first saw, has in the mean time examined the samples sent in to him, and now comes to make an offer. “We’ll give you 6 for the B A 100 by the Mississippi,” says he. “Can’t take it.” “Well, will ths buy them?” “I don’t know, but I’ll see our principal, and if you’ll call in five minutes I’ll give you an answer.” Accordingly, when the buyer calls at the expiration of that time, he is told, “We’ll put those hundred down to you at 6ths:” he gives the name of the spinner for whom he acts, and the affair is settled. This is all that passes in a transaction involving perhaps 1200l. or
