Brokers from Germany, Prussia, Russia, Greece, North America, India and Britain stood around this ring in the centre of the dealing floor of the new Cotton Exchange, Old Hall Street, to strike business deals, buying and selling huge quantities of raw cotton.
This new Cotton Exchange, which opened in 1906, was the first purpose-built Cotton Exchange in England.
Cotton was big business in the city. Liverpool’s cotton imports helped make Britain the first industrial nation. Raw cotton was imported and finished cotton goods then exported from Liverpool across the British Empire.
Today 60% of the world’s cotton is still traded under rules developed in Liverpool.