Liverpool and the Raw Cotton Trade: A Study of the Port and its Merchant Community, 1770-1815

<p>This thesis examines the port of Liverpool, its merchant community, and the growth of the raw cotton trade from its initial rise c. 1770 to the end of the Napoleonic period in 1815. By constructing a large database from Liverpool import lists published in Lancashire newspapers, combined with surviving cotton planter, merchant, and manufacturer papers, this thesis analyses: first, the rise of Liverpool as a major British cotton port and the geographical shifts in the port‘s cotton supply from the West Indies to Guyana, Brazil, and the United States; then second, the organisation of Liverpool‘s cotton trade in the Atlantic basin and at home. The port‘s cotton trade and the form of cotton procurement developed out of the pre-existing trading conditions prior to the cotton boom between Liverpool and each cotton cultivation region, and underwent major re-organisation in the early nineteenth century. Liverpool‘s cotton trade attracted new merchants who specialised in the import-export trade with one major region. Therefore, as cotton cultivation expanded from the West Indies to northern South America and the southern United States, the Liverpool market underwent a de-concentration from an oligopoly in the hands of few large cotton merchants to a more competitive market with many cotton importers. Ultimately, greater specialisation of Liverpool‘s cotton merchant and brokerage community resulted in increased efficiency in the importing, marketing, and selling of cotton on the British market, while a de-concentration of the Liverpool market provided the right market conditions to ward off artificially high prices, fostering the development of a cheap supply of raw cotton needed to sustain industrialisation of the British cotton industry in the nineteenth century.</p>

Liverpool and the Raw Cotton Trade: A Study of the Port and its Merchant Community, 1770-1815

<p>This thesis examines the port of Liverpool, its merchant community, and the growth of the raw cotton trade from its initial rise c. 1770 to the end of the Napoleonic period in 1815. By constructing a large database from Liverpool import lists published in Lancashire newspapers, combined with surviving cotton planter, merchant, and manufacturer papers, this thesis analyses: first, the rise of Liverpool as a major British cotton port and the geographical shifts in the port‘s cotton supply from the West Indies to Guyana, Brazil, and the United States; then second, the organisation of Liverpool‘s cotton trade in the Atlantic basin and at home. The port‘s cotton trade and the form of cotton procurement developed out of the pre-existing trading conditions prior to the cotton boom between Liverpool and each cotton cultivation region, and underwent major re-organisation in the early nineteenth century. Liverpool‘s cotton trade attracted new merchants who specialised in the import-export trade with one major region. Therefore, as cotton cultivation expanded from the West Indies to northern South America and the southern United States, the Liverpool market underwent a de-concentration from an oligopoly in the hands of few large cotton merchants to a more competitive market with many cotton importers. Ultimately, greater specialisation of Liverpool‘s cotton merchant and brokerage community resulted in increased efficiency in the importing, marketing, and selling of cotton on the British market, while a de-concentration of the Liverpool market provided the right market conditions to ward off artificially high prices, fostering the development of a cheap supply of raw cotton needed to sustain industrialisation of the British cotton industry in the nineteenth century.</p>

Chairman cotton: Socialist Bulgaria’s cotton trade with African countries during the early Cold War (1946–70)

This article follows Bulgarian officials engaged in cotton and textile exchange with African states in the early Cold War. These officials founded enterprises for carrying out transactions, collected information on prices at international cotton exchanges and attended meetings of the Council for Mutual Economic Assistance (COMECON) to coordinate trade activities in capitalist markets. Exploring how Bulgarian foreign trade organizations positioned themselves on the scene of international trade, this article argues that cotton traders, instead of upholding the supposed bloc bipolarity of the Cold War, followed the logic of the markets they worked in. A focus on trade infrastructures in particular shows that early Cold War East–South trade was not as strictly bilateral as official agreements and statistics suggest and reveals the systematic embeddedness of the socialist traders’ practices in global capitalist structures. In the field of cotton, the globalizing economy of the early Cold War was not cut in half, as globalization studies have implied.

Losing the Thread

Losing the Thread is the first full-length study of the effect of the American Civil War on Britain’s raw cotton trade and on the Liverpool cotton market. It details the worst crisis in the British cotton trade in the 19th century. Before the civil war, America supplied 80 per cent of Britain’s cotton. In August 1861, this fell to almost zero, where it remained for four years. Despite increased supplies from elsewhere, Britain’s largest industry received only 36 per cent of the raw material it needed from 1862 to 1864. This book establishes the facts of Britain’s raw cotton supply during the war: how much there was of it, in absolute terms and in relation to the demand, where it came from and why, how much it cost, and what effect the reduced supply had on Britain’s cotton manufacture. It includes an enquiry into the causes of the Lancashire cotton famine, which contradicts the historical consensus on the subject. Examining the impact of the civil war on Liverpool and its cotton market, the book disputes the historic portrayal of Liverpool as a solidly pro-Confederate town. It also demonstrates how reckless speculation infested and distorted the raw cotton market, and lays bare the shadowy world of the Liverpool cotton brokers, who profited hugely from the war while the rest of Lancashire starved.

Unfathomed Depths; Uncharted Mountains

This chapter investigates Britain’s cotton supply and usage during the war. It examines all the issues that have been misinterpreted or ignored: cotton imports, bale weights, cotton re-exports, wastage in spinning, raw cotton stocks, stocks of cotton goods, exports of cotton goods and investment in new mills. There was nothing abnormal about the cotton market in 1859–61. Without the war, there would have been no allegation of pre-war over-production, no assertion of the glutting of overseas markets. The chapter offers an alternative explanation of why short-term working, which led to the Lancashire cotton famine, began in October 1862 when there was not yet a scarcity of cotton. The international cotton trade needed a large pipeline of stock. The outbreak of war, followed by the Confederate embargo and the Union blockade, paralysed the world market and caused an abrupt fall in demand. The conclusion is that, for the three main years of the war, British yarn production was at 36 per cent of the market requirement, and that about 4.5 billion lb of raw cotton was denied to Britain in the seven years to the end of 1867.