(he risk, and, as tho spinner frequently does not get, to know thei nine of the third party, in reality acts as buyer for himself. Inthis case the agent pays the spinner, within 14 days, in cash.Therefore there is also here the formation of a, special organisat ionfor a special risk.
In the same wav as yarns, plain goods, which form the greatstaple industry of Lancashire , and are produced by manufacturersprincipally on their own account, are sold through brokers at’Change prices. “Del credere” commission and cash payment(3 to 7 days after delivery) predominate also- with these goods.These brokers play a great role on the field of weaving, as theyin many cases, even before the payments are due, give paymentson account after receipt of the goods, and also look after per-manent employment for the weaver and inform him of changesin the demand.
It is otherwise with fancy goods, which are not 'Change articles.They are produced to the order of wholesale merchants. Similarly,tho printer mostly prints to order; he only prints his excess ofproduction to designs on his own account.
All manufactured articles of the cotton industry, yarns andwoven goods as well as printings, move at last into the hands ofthe wholesale merchant. He is at the present time one of themost important personages in the whole trade. He has developedhimself from that agent who in the “thirties” attended to theconsignments of the manufacturers. But he has become a buyerfor himself, and the risks have been transfen'ed to him. This isthe case even when the foreign customer personally chooses hisgoods at tho manufacturer’s warehouse, because, as customary,the business is still settled with the export merchant, who is aguarantee to the manufacturer for prompt and certain payment.Therewith the choosing of customers, the taking into account offoreign fashions, of business conditions, and differences of ex-change in the whole world, is taken from the manufacturer’sshoulders.
Only a few firms, mostly such as have existed from olden times,have continued to export on their own account and risk (24) andthis possibility keeps tho business profits of the merchants withinreasonable bounds. If the average value of English yarn exports
24. Compare Royal Commission on Trade, Second Report, part I. (5,073),