Page:English Historical Review Volume 37.djvu/396

388 Arkwright's Manchester mill, at Chapel-en-le-Frith for a day's consultation. He had previously written to Salte foreshadowing the negotiations and asking his advice. Salte replies (23 October) cautiously, referring to some recent proposals of the Peels to Oldknow, which had been rightly rejected, as 'selfish in the extreme'. Arkwright's proposals are less questionable, and 'his character determines much in his favour'. But are there not already too many cotton mills? What would it cost to build and equip one? Would it not be better for Arkwright and Oldknow to exchange shares in their respective concerns? It would not be easy to borrow £5,000. Lenders expect land security and 5 per cent. He would like more details, but at present his opinion is unfavourable. Oldknow's account of the negotiations seems to have been reassuring. We may infer perhaps that the mill scheme was dropped and that Arkwright's support was to take another form. Salte, writing on 31 October, thinks advice is superfluous as the matter is practically settled. He hopes soon to congratulate both 'on an event that will have the best tendency to improve the Muslin Manufacture of this Country'. In a letter bearing the same date Arkwright presses Oldknow to come to Bakewell soon, but adds 'you can perhaps put an end to it by letter … and then say if you please whether 1 or 2 for 6 or 12 months certain will be of use and it is at your service'. On 18 November Salte is still wanting particulars, but takes it that Mr. Arkwright has offered to bring £15,000 into the muslin business. On the 21st he has received particulars and cannot foresee any cause for repentance. But on the 23rd, hearing that Oldknow has changed his mind, he admits that he has entertained doubts himself. A man should never share the control of his business unless driven by necessity. 'Why give the advantage of a Harvest to another which your Labour and Skill hath been employed in raising? Your request is granted with respect to drawing upon us. We feel a pleasure in supporting a worthy Man and wish to lead him to the Temple of Fortune.' On 1 December he still thinks that in declining the late connexion Oldknow will be much happier, but he 'apprehends Mr. A. to be what he has proved,—a Gentleman and I think he will assist you at any time in the pecuniary way but pray above all do not involve yourself in too many schemes'. Of the arrangement undoubtedly made about this time between Oldknow and the Arkwrights no precise and explicit account has been found in the records, but there are sufficient data to establish its general character. Throughout 1787 the elder Arkwright was supplying Oldknow with a large amount of capital in the form of yarn on credit and periodical drafts, so that at the beginning of 1788 there was a debt of £10,256 on which