ABSTRACT
THE Manchester Cotton Company (Limited) originated in a meeting held in the town hall, Manchester, 14th September, 1860. Its nominal capital was £100,000, afterwards raised to £1,000,000. The prospectus stated the objects of the company to be-" To encourage and promote the increased cultivation of cotton in every fart of the world suited to its growth ; to create a direct and thoroughly effective agency between the grower of cotton in India, Australia, Africa, the West Indies, and other countries, and the consumer in England." The suggested prospectus, which accompanied the circular calling the meeting, said:—"India possesses the great requisites for growing cotton for useful and general purposes of consumption, and probably in no other country can it be grown so cheaply, or better adapted to the wants of the most extensive sec-- tion of the great cotton industry. To the supplies of cotton from the East Indies, it is therefore recommended that nine-tenths of the capital of the company shall be devoted. * * * It is believed that in the East Indies and in Australia, the government will ren-- der every possible facility, which can contribute to the success of the great object of the company. The government will make free grants of land, or concessions of land on terms almost equal to a gift; and assistance, where needed, to procure labour would be afforded. The government officers would be instructed to support the just interests of the company, and to protect its rights and property." The third paragraph in the prospectus, as ultimately issued, ran thus:—"The company will endeavour to stimulate a largely-increased production of cotton of improved quality, by the introduction of superior kinds of seed, the best agricultural imple-
ments, machinery for cleaning, and presses for packing; and, with the promised aid of government, will co-operate in developing in-- creased facilities of transport."
