68 
100 firms now in existence four only were constituted in the same 
manner as they are at present in 1853, and 12 only are connected 
with the trade of that period by partnership or by inheritance. 
It is a remarkable and significant fact that of the 100 fms now 
engaged in the cotton trade, 84 had no connection of any kind 
with the staple trade of the town 28 years ago. 
I hope our President will now take a more hopeful view of 
the Cotton Trade, and in order the further to convince him and 
other sceptics that we are not quite going to the dogs, I may men- 
tion that there are at present in course of erection three weaving 
sheds which will accommodate over 1400 looms, or 250 more than 
have disappeared in the celebrated 12 mills mentioned by him. 
I may perhaps be allowed to point out that although room 
for 16,000 looms is let off to tenants, as far as I am aware there 
is not room to let for a single loom at the present time. 
One of the other great trades of the town is the coal trade, 
and the output in Burnley and the immediate neighbourhood is 
about 16,000 tons of coal weekly. I am informed on the very 
highest authority that this output can be maintained, from dis- 
coveries already made, for the next 500 years. Weneed therefore 
be under no apprehension of a coal famine from any scarcity of 
the black diamonds for our time at least. 
The Iron Trade has been long established here, but it is 
now almost entirely confined to loom making, in which 7 firms 
are engaged. Burnley produces weekly about 300 looms, a 
greater number than is produced in any other town in the world. 
In fact Burnley is a centre for this industry, and the export 
of looms to foreign countries is becoming a great trade. 
In speaking of the rise and progress of Burnley I feel com- 
pelled to mention as one considerable element in it, the progress 
of the various economical and industrial movements which have 
done so much to further the prosperity of the town. 
Probably the oldest institution of this nature is the Savings’ 
Bank, which was established in 1828. In 1852 there were 1,427 
depositors, and the amount deposited was £40,026 19s. 103d. 
The next in point of date is the Burnley Building Society, which 
was established in 1850. The number of members in Burnley 
at the end of 1875 was 2,585, and the number of Burnley in- 
vestors was 5,214, with the enormous sum of £343,352 19s. 1d. 
to their credit. 
I must now bring before you the Co-operative and Joint Stock 
Companies, the great movement of the time, which is destined to 
carry on and complete the great work of the social and material 
improvement of the people inaugurated by the wonderful inven- 
tions and by the wise legislation of the 19th century. There is 
one Co-operative store with branches, and there are nine joint 
stock companies, the shares of which are bought and sold in the 
