5(3
importer, who imported the cotton at his own risk. To deal withhim existed the inland merchant, mostly with his office in Man-chester , who generally sold the cotton to the spinners, givinglong credit. His task was to watch over the influencing industrialconditions—for instance, the demand to be expected, the payingcapabilities of the spinners, etc., etc.
The more complicated the influencing conditions becamethe less were importer and merchant in a position to deal directwith one another—such would have needed also a. knowledge ofeach other’s business. Hence the formation of two mediums, thebuying and the selling broker, each of which attended only tothe interests of his own customers. The relation of these differentclasses of commercial life rested upon a code of unwritten laws.No importer could, as Ellison (45) assures us, attempt to dealdirect with the buying agent; this latter would have referredhim to the selling agent. Just as little could the buying agentcontract direct with the importer. The importers, like themerchants, generally had one or more brokers, through whomthey permanently transacted their business.
Whilst thus, as regards the raw material, an already extremedivision of labour had arisen, it was absolutely wanting as regardsthe selling of the finished article. There was still vaulting that,at the present day, important person, the export merchant, whorelieves the manufacturers from a knowledge of foreign markets,of the paying capacity of foreign and home buyers, etc. Themanufacturer still dealt direct with the home retailer or theforeign importer, the commercial traveller and the agent beingthe mediums.
The manufacturer searched for the homo customer by com-mercial travellers. Richard Cobden vuis one of these in hisyouth. Similarly W'as the Continent of Europe attended to (46).At the most important places of the mainland the Englishmanufacturer sold as well by agents on the spot.
The trade with India, China, and East India was conductedotherwise. This trade, on account of the great distances andslow connections of that time, was extremely risky. Originallythe captain freighted his ship on his own account, so' far as thetrade w r as not by reason of privileges in the hands of officials.
45. “ Cotton Trade,” p. 273
46. Committee on Manufactures (2,148).