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 so glutted with goods that even in 1863 they had not absorbed the whole lot; the French Treaty of Commerce, enormous growth of factories and machinery; 1861 prosperity continues for a time, reaction, the American civil war, cotton famine; 1862 to 1863 complete collapse.

The history of the cotton famine is too characteristic to dispense with dwelling upon it for a moment. From the indications as to the condition of the markets of the world in 1860 and 1861, we see that the cotton famine came in the nick of time for the manufacturers, and was to some extent advantageous to them, a fact that was acknowledged in the reports of the Manchester Chamber of Commerce, proclaimed in Parliament by Palmerston and Derby, and confirmed by events. No doubt, among the 2887 cotton mills in the United Kingdom in 1861, there were many of small size. According to the report of Mr. A. Redgrave, out of the 2109 mills included in his district, 392 or 19% employed less than ten horse-power each; 345, or 16% employed 10 H. P., and less than 20 H. P.; while 1372 employed upwards of 20 H. P. The majority of the small mills were weaving sheds, built during the period of prosperity after 1858, for the most part by speculators, of whom one supplied the yarn, another the machinery, a third the buildings, and were worked by men who had been over-lookers, or by other persons of small means. These small manufacturers mostly went to the wall. The same fate would have overtaken them in the commercial crisis that was staved off only by the cotton famine. Although they formed one-third of the total number of manufacturers, yet their mills absorbed a much smaller part of the capital invested in the cotton trade. As to the extent of the stoppage, it appears from authentic estimates, that in October 1862, 60.3% of the spindles, and 58% of the looms were standing. This refers to the cotton trade as a whole, and, of course, requires considerable modification for individual districts. Only very few mills worked full time (60 hours a week), the remainder worked at intervals. Even in those few cases where full time was worked, and at the customary rate of piece-wage, the weekly