TRUSTS BUYING UP COTTON MILLS.

Taihape Daily Times, Volume XI, Issue 3449, 31 March 1920, Page 6

TRUSTS BUYING UP COTTON MILLS.

‘£5,500,000 FOR WORLD 's LARGEST SPINNING BUSINESS. BIG LANCASHIRE DEALS. Syndicates of cotton manufacturers are buying up the Lancashire spinnigu mills. 'l‘\\o or three big deals have been completed, and others are reported in process of negotiation. Five and a-half millions is stated to be the price at which the world’s' largest cotton spinning business of Messrs Ho;-rockses, Crewdson a.nd Co., the famous Lancashire firm, will be sold to the Amalgamated Cotton Mills Trust, Ltd. The oifer of purchase has been already accepted by the directors of’ Horrockses, but has yet. to be confirmed after submission to the shareholders.

Sir Frzink Hollins will continue to act as chairman of Messrs Hon-ockses, Crewdson, and Co. Among other directors of the Amalgamated Cotton Mills Trust, Ltd. are Lord Fairfax (chairman), Mr S. W. Copley, and Mr Harvey du Cros. On December 2 a meeting of the shareholders of the Amalgamated Cofton Mills Trust, Ltd., will he held, with the object of authorising the issue of 1,300,000 additional or(limu'y shares of £1 each. OTHER IDEALS.

A syndicate of Preston men has bought the Park Lane‘ Twist Company, Limited, Preston. No dctainls of the transfer have been disclosed.

The mill contains 43,000 mule spindles and 6,200 ring spindles. 0 It. is also reported that six cotton spinning mills at. Ashton-‘under-Lyne —viz., the Atlas, Rock, Cedar, Tudor, Texas, and Minerva, containing 500,000 spindles, have been bought.’ by a syndicate of cotton manufacturers, and that the purchase of mills in the Bolton dictrict is being negotiated. . ROMANTIC ORIGIN. The firm of Messrs Horrockses, Crewdron, and Co., is the largest in the world, owninig 320,000 spindles and 10.600 looms. 2.400 looms being in the Bolton district, and the remainder at Preston. John Horrocks, the founder of the firm, was born in 1768 at Farnworth, near Bolton, being one of two surviv"mg sons of a small quarry owner, who had eighteen children. He helped in the business of making and selling grindstones, but seeing 121 grigmitic trade growing up around him he (le-terminc-d to tl‘_*;' his fortune in cotton Spinning‘.

He ol'N:tod 3 few .<pinn.i::;_>‘ fr:lme.~:

in 3, cornner of his fuflnm-‘s officc. and persevered 'ull‘cil his fzlthcl' acknowledged the prospects of the cotton trade were more encouraging than those of millstone quarrying.

The little business flourished, and John Horroeks was faced with his first crisis when his sisters Went on strike and refused to work further for him unless he doubled their wages and presented each with a new silk hat. ONE HORSE POWER. lTpon one of his customers tr_\fing to beat down the prices of his yarn a violent quarrel arose. Vowing he would sell no more yarn but make it into cloth instead, he removed from Edgworth to Preston. and in January, 1791, set. up two carding machines, had the spinning done for him by workpeople in their own homes. and gave out his yarn to handloom weavers for manufacture into «cloth. This bold departure met with Sueeess, and securing a wealthy partner, John Horroekes purchased a factory, machine power of which was provided by a. solitary llol'.‘~‘€, which drew round a central (lri\'in,r; wheel, which caused the carding mrt-hines and spinning; frames to revolve. Trade and orders poured upon him, and in less than‘ ten years HOl-rocks was the proprietor of seven large mills. and was subsequently l‘(3i111‘ll('(l unopposed to Preston as one of two members for the borough.

Dying at the early age of thirtysix. Horrocks accumulated a fortune of £150,000, and originated the firm which, consistently developing and progressing. became the vast business of Horrockses. Crewsdon ond CO., "today! the largest manufacturers of lougcloths and calicoes in the world.

Until 1887 the firm was carried on as Horrockses. Miller and 00., but by the amalgamation of a large adjoining mills and the hu;:inos.= of Messrs Cross and CO.. Rnlton,"Hlo lmsinoss was ohzxnqocl to the piesont title. The firm employs about é 7,500 hands. ‘, ~ ‘