buyer the question seems to have pretty well
settled itself on the principles which commonly rule the sales of
commodities between those who intend to do business continuously. The
spinner who persists in over-weighting his yarn finds it difficult to
obtain "repeat" orders.

A remarkable point in the Lancashire yarn trade is the looseness of the
contracts between spinner and manufacturer. Doubtless some kind of sale
note or acknowledgment usually passes between them, but in the home
trade at least it is quite usual to leave the question of delivery an
open one. It would not be correct to say that this system or want of
system is satisfactory, but the trade manages to rub along very well
with it, although inconveniences and disagreements sometimes arise when
prices have advanced or declined considerably. Thus when prices have
advanced the manufacturer may find it difficult to obtain delivery of
the yarn that he had bought at low rates, for some spinners have a
curious, indefensible preference for delivering their higher-priced
orders; and, on the other hand, when prices have fallen the manufacturer
sometimes ceases to take delivery of the high-priced yarn and actually
purchases afresh for his needs. Yet positive repudiation is very rare
though compromises are not uncommon, and a good many illogical
arrangements are made that imply forbearance and amity. Litigation in
the yarn trade is very unusual, and Lancashire traders generally have
only vague notions of the bearing of law upon their transactions, and a
wholesome dread of the experience that would lead to better knowledge.

The average yearly values of the exports of cotton, yarn and cloth
from Great Britain for the decades 1881-1890 and 1891-1900
respectively, are given by Professor Chapman in his _Cotton Industry
and Trade_, in million pounds:--

1881-1890. 1891-1900.
Cloth L60.4 L57.3
Yarn 12.3 9.3
----- -----
Total L72.7 L66.6

During the earlier decade the prices of cotton were comparatively
high.

The whole of the cloth exports represent, of course, a corresponding
home trade in yarns. The following table, taken from the _Manchester
Guardian_, gives in thousands of lb. the amounts of cotton yarns
exported from Great Britain during 1903, 1904 and 1905 respectively,
according to the B