AND ON THE CONTINENT.

7:5

ol' that division of labour shown by the “ thirties.” On the otherhand, this development called new organisations of commerceinto being. First, in this respect, comes the founding of the“Cotton Clearing-house,” in 1876, whereby the clearing systemwas applied for the first time to trade in products; then theformation of the “Settlement Association” in 1882, with theobject of making certain, bv periodical balancing of the parties,the final payments of the differences in “ future ” transactions;lastly the formation of the “ Cotton Bank,” for facilitating themethod of payment. Without going further into these institu-tions, it is sufficient here to point to the fact that since the“thirties” the structural features of the already (at that time)manv-linked cotton market have become to-day still more com-plicated. The result of this development was a regulation ofextreme price variations and cheapening of the raw material forthe cotton industry.

This far-extending linking of the market has been followed bya similar linking within the industry, whereof in the “thirties,”even, scarcely a trace was to be seen. In the first place, weavingand spinning have separated themselves. Only firms which datefrom the older period couple both together; new mills are devotedeither to the one or the other trade, and are arranged under vhomost favourable conditions for it. Herewith there comes at oncethe advantage of not needing any longer managers who are expertin both branches. Therewith weaving has also separated itselflocally from spinning; whilst the latter clings to circles nearerManchester, weaving describes a semicircle further north. Theone seeks the declivities of the hills, with the level ground beyond,the other the valleys cutting through the hilly country. Butdivision of labour has advanced further. Oldham is the chiefseat of the great staple industry which produces the mediumcounts of yarn. There alone revolve 11 millions of spindles.The district of Oldham extends to Ashton, Middleton, and thefactory places situated to the south of Manchester. Bolton,Ohorlev, and Preston, which border on the central point of com-merce in the North, spin, on the other hand, fine counts, which,owing to climatic advantages, form a monopoly for England.The chief mass of weaving-mills seek the towns situated to thenorth of these, especially Blackburn and Burnley, in front ofthem, and extending to Todmorden and Rochdale. Burnley

makes ordinary printings; Blackburn clothes India and China