Ellison, in his work on the cotton trade of Great Britain, traces in detail the increase in the volume of information collected and made public. At the close of the 8th century there was a tacit understanding among brokers to supply one another with information.
Again we must distinguish between the " future " contracts for the delivery of a particular kind of cotton, which may be entered into by spinners and their brokers, and are real purchases in the sense that the spinners want delivery of the cotton referred to, and the "futures," which always relate 1 The Cotton Trade of Great Britain, by Thomas Ellison, p. 186.
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