brother Edward, the largest brokers in general produce; S. Bigland, plain and honest of speech; the two Reynolds, skilled in Sea Island and Egyptian cotton; John Joynson and his brother Moses; John Bigham, portly and prosperous; and not far away, his son, John C. Bigham, who was destined soon to leave the "room" and become the able Queen's Counsel, the learned President of the Admiralty and Divorce Court, and afterwards a peer of the realm (Lord Mersey), and whose brilliant career was doubtless largely due to his early business training; Studley Martin, the active secretary to the Cotton Brokers' Association, buzzing about like a busy bee, collecting opinions as to the amount of business doing in cotton; Thos. Bouch, the dignified representative of the old firm of Waterhouse and Sons; Edgar Musgrove, an ideal broker, ever present and ever active. Nor must I forget the noble band of shipbrokers who collected the cargoes for ships loading outwards: Robert Ashley, Louis Mors, W. J. Tomlinson, J. B. Walmsley, John McDiarmid, Robert Vining, Dashper Glynn, Tom Moss, G. Warren, S. B. Guion, all of whom, with many others, represented vigorous interests which in those days made the trade of Liverpool. Outside the Exchange, but yet very necessary to the success of its business, were the lawyers and insurance brokers and average adjusters. Amongst lawyers Mr. Bateson and Mr. Squarey enjoyed the largest commercial practice; R. N. Dale was the leading underwriter; and Mr. L. R. Baily was not only very prominent as an average adjuster, but as an arbitrator he afterwards became one of the members for Liverpool. In those days, before the establishment of the system of trade arbitrations, there was abundant employment for lawyers and professional arbitrators. A sketch of the Liverpool Cotton Exchange would not be complete without a reference being made to the dealings of Maurice Ranger, and others, who in the 'seventies on several occasions tried to corner the market by buying "futures" for delivery in a given month, and then obtaining such a control of the spot market as would prevent the sellers fulfilling their contracts. Mr. Ranger's operations were on a gigantic scale, but there was always a "nigger on the fence." The unexpected happened, and I do not think he ever fully succeeded in these enterprises. He had many imitators, who were equally unsuccessful. Mr. Joseph B. Morgan did a useful work for the cotton trade, by establishing the cotton bank to facilitate clearances in future contracts. The removal of the Cotton Exchange to the new premises has taken place since my active business days, and the whole course and methods of the trade have changed. COMMERCE.