A Manchester cotton-importing company was recently formed for increasing deliveries direct to Manchester, and establishing a " spot " market there, an end to which the Manchester Cotton Association had directed its efforts for some time past.
To-day a spinner who is asked to quote for deliveries of yarn for, say, the next six months, may obtain from a broker quotations for deliveries of the cotton that he needs, in quantities as he needs it, for the next six months, and upon these quotations he may base his own for yarn.
Arbitrators report on deliveries and award allowances on those of grades above " middling " and deductions of price from those below.
Beneath are the official Liverpool quotations of " futures," as they appeared on the morning of the 19th of April 1906: A merican Deliveries, any port, basis of middling, good ordinary clause (the fractions are given in moths of a penny).
Egyptian Deliveries, fully good fair (in 64ths of a penny).