Background
The 1850s had been a period of unprecedented growth for the cotton industry in Lancashire, the High Peak of Derbyshire, and the north east parts of Cheshire. The region had swamped the American market with printed cottons, and was speculatively exporting to India. The populations of some mill towns in the Lancashire region, which includes parts of Cheshire and Derbyshire, had almost doubled, the profit to capital ratio was running at over 30%, and a recession was looming. When the free trade slave-owning southern states of America demanded secession from the protectionist north and declared war in 1861, the cotton supply was interrupted at first by a Southern imposed boycott and then later a Union blockade. The South's thinking was that it could force British support through an economic boycott.
In 1860, there were 2,650 cotton mills in the region, employing 440,000 people. They were paid in total £11,500,000 per annum. 90% were adults and 56% female. The mills used 300,000 hp (220,000 kW) of which 18,500 was generated by waterpower. The mills had 30,387,467 spindles and 350,000 power looms. The industry imported 1,390,938,752 lb (630,919,205 kg) of raw cotton a year. It exported 2,776,218,427 yards of cotton cloth and 197,343,655 lb (89,513,576 kg) of twist and yarn. The total value of its exports was £32,012,380.
| Lancashire | Cheshire | Derbyshire | |
|---|---|---|---|
| Mills | 1,920 | 200 | 25 |
| Workers | 31,0000 | 38,000 | 12,000 |
Of the 1,390,938,752 lb of raw cotton 1,115,890,608 lb came from America.(80 %)
| Country | Imports |
|---|---|
| America | 1,115,890,608 |
| East Indies | 204,141,168 |
| West Indies | 1,630,784 |
| Brazil | 17,286,864 |
| Other | 52,569,328 |
At the end of 1860, there remained 250,428,610 lb in storage in the United Kingdom.
Read more about this topic: Lancashire Cotton Famine
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