e is a Scottish branch, besides certain isolated
ventures in other parts of the country. Though there are local rivalries
there is nothing in competitive division to compare with the northern
and southern sections in America, and the British industry is, for its
size, more homogeneous than most of the European industries. Both
operatives and employers are highly organized and both parties are able
to make articulate contribution to the solution of the various problems
connected with the trade.

_Cotton Yarn._--The yarn trade is mainly in the hands of limited
companies, and a private firm is looked upon as something of a survival
from the past. The two great centres of production are Oldham, in which
American cotton is chiefly, though not exclusively, spun, and Bolton,
which spins the finer counts from Egyptian or Sea Island cotton.
Spinning mills are established, however, in most of the large Lancashire
towns as well as in some parts of Cheshire and in Yorkshire, where there
is a considerable industry in doubling yarns. The centre of trade is the
Manchester Royal Exchange, and though some companies or firms prefer to
do business by means of their own salaried salesmen, managers or
directors, most of the yarn is sold by agents. Frequently a single agent
has the consignment of the whole of a company's yarn, but many spinners,
especially those whose business connexion is not perfectly assured,
prefer to have more outlets than can be explored by an individual. At
times of bad trade even those who usually depend on their own resources
seek the aid of experienced agents, who sometimes find a grievance if
their services are rejected when trade improves and sales are made
easily.

Yarn is sold upon various terms, but a regular custom in the home trade
is for the spinner to allow 4% discount, for payment in 14 days, of
which 2-1/2 goes to the buyer, who is commonly a manufacturer, and 1-1/2
to the agent for sale and guaranteeing the account. In selling yarn for
export it is usual to allow the buyer only 1-1/2% for payment in 14
days, or in some cases the discount is at the rate of 5% per annum for 3
months, which is equivalent to 1-1/4%.

The great bulk of the yarn spun in Great Britain ranges between
comparatively narrow limits of count, and such staples as 32^s to 36^s
twist and 36^s to 46^s weft in American, 50^s to 60^s twist and 42^s to
62^s weft in Egyptian, make up a large part of the total. It is
nevertheless the expe