There is a tendency for cautious spinners in England to run no risks and fix the prices of their yarn in accordance with quotations for actual cotton of specified qualities made by their brokers.
Early in the 19th century it became customary for Manchester dealers and Liverpool importers to carry on business with one another through representatives known as " buying " and " selling " brokers.
The importers, therefore, found it necessary to establish a club of their own, the Liverpool Cotton Exchange, which they as rigorously guarded against brokers.
During the business hours (1-3 p.m.) the exchange is crowded by some 5000 merchants and brokers.
Any guns in the conflict zones are transferred there by brokers.
