Some Manchester dealers imported themselves, and some spinners bought direct from Liverpool importers, but the rule was the arrangement first described.
Early in the 19th century it became customary for Manchester dealers and Liverpool importers to carry on business with one another through representatives known as " buying " and " selling " brokers.
At the same time of " futures " were becoming an increasing necessity to Origin Liverpool importers, because through " futures " alone could they cotton hedge on their purchases of cotton, or buy when the Associa- market seemed favourable, and they were not prepared tion .
Now from the clearing house importers were rigorously excluded, and on invoking the aid of " futures," therefore, they were penalized to the extent of double broker's commission, one commission being charged on the sale of the " futures " and one on their purchase back.
The importers, therefore, found it necessary to establish a club of their own, the Liverpool Cotton Exchange, which they as rigorously guarded against brokers.
Reform of this system, and, further, very necessary reforms of the methods of collection of the wines and spirits revenue (which is protection turned upside down, the home-growers being far more heavily taxed than importers), and of the customs (in which almost every possible administrative sin was exemplified), were also undertaken.
Licht of Magdeburg; and the prices are obtained from statements supplied by importers into the United States of the cost in foreign countries of the sugars which they import.
Little Flinders Street, in which the great importers' warehouses are mainly situated, is locally known as " the Lane."