took the form of a suggestion that the
Exchange should be worked as a municipal institution on a new site, and
though such a development met with opposition it was apparent that
Manchester must presently have a new or an enlarged Exchange. The
present building is, however, the largest of the kind in the world, and
the history of the various exchanges coincides with the expansion of the
Lancashire industry.

According to semi-official records "the first building in the nature of
an Exchange" was erected in 1729 by Sir Oswald Mosley, and though
designed for "chapmen to meet and transact their business" it appears
that, as to-day, encroachments were made by other traders until cotton
manufacturers and merchants preferred to do their business in the
street. In 1792 the building was demolished, and for a period of some
eighteen years there was nothing of the kind. In 1809 the new Exchange
was opened, and terms of membership were fixed at two guineas for those
within 5 m. of the building and one guinea for those outside this
radius. In the following year plans for enlargement were submitted to
the shareholders, and various extensions followed, particularly in 1830
and 1847. The present building was opened partly in 1871 and partly in
1874. The area of the great room is 4405 sq. yds. The subscription was
raised on the 1st of January 1906 from three guineas to four guineas for
new members, but the number of members continues to increase and early
in 1906 amounted to 8786.

Of course in this great mart a large variety of types is to be found and
the members fall into some kind of rough grouping. Export buyers,
attended by salesmen, are commonly more or less stationary and
prominent; Burnley manufacturers abound in one locality and spinners of
Egyptian yarns in another. The importance of the Exchange as a
bargaining centre is fairly maintained, though buyers are assiduously
cultivated in their own offices, and the telephone has done a good deal
to abbreviate negotiation. As to the amount of business transacted on
the Exchange there is no record. The market reporters make some attempt
to materialize the current gossip, and doubtless catch well enough the
great movements in the ebb and flow of demand, but the sum of countless
obscure transactions cannot be estimated. Some few years ago an attempt
was made to mark more clearly the course of business in Manchester, and
a scheme was prepared for the recording of daily transactions. T