AND ON THE CONTINENT.
57
East India was only thrown open in 1815 (47). In the “ twenties '’and “ thirties ” this adventurous navigator disappeared. Themanufacturer shipped the balance of his production at his ownrisk. The merchant who acted for him was in fact only acommission merchant, who attended to the shipping and generallyadvanced half the value of the shipment (48). When the goodsarrived they were sold by native or English commission houses,or put uj) by auction. In the best case the English manufacturercould expect payment in 18 or 19 months after the departure ofthe goods. This came either in the form of return freight.—indigo, coffee, tea, etc.—or in bills of exchange, often of aquestionable nature. In this way nineteen-twentieths of thecolonial trade was transacted, alongside of which shipments toorder played but a slight part.
We find, therefore, as regards the selling, the manufacturersaddled almost alone with all risks. Instead of strictly confininghimself to tho inner development of his manufactory, he wasobliged to take into consideration the political and economicalvariations of the whole world, especially tho rate of exchange onIndia, at that time already very fluctuating.
The home market, in the last century the most prominent, wasstill always of larger importance.
Home Market.
176G. £37!), 241
1819-21. £13,044,000
1829-31. £13,311,000
Export in Cotton Goods.£220,759 according to Postlethwayt.
£18*074,’000 } accordln g to Ellison.
We notice how the export interest at the beginning of the“ thirties” predominated. On this basis was founded the positiontaken up by the manufacturers of Lancashire against the CornLaws. This movement must here not be lost sight of ; firstly,because it was the result of the centralised industrial development,as soon as the export interest was uppermost; then, because itssuccess sealed the character of the English cotton industry as anexport industry. The enormous increase in the export of cottongoods in the following decades was one basis of the furtherdevelopment of the centralised industrial form of production andthe commercial organisation corresponding to it, tho details ofwhich we deal with below 7 .