Cotton, Colonialism and Challenge: The Blood-Stained Foundations of the First Exchange by Destinie Reynolds

The turn of the nineteeth century marked a period of rapid growth in the cotton industry, which transformed Manchester into the world’s first industrial city. Increased production of raw cotton planted, tended, picked and packed by enslaved communities, alongside technological advancements like the creation of the cotton gin, fuelled Manchester’s rise to a position of international recognition as the ‘City of Cotton’. In the industrial-imperial core, mechants and manufacturers gathered in pubs, warehouses and even on street corners to negotiate deals, primarily in cotton and textiles. These trades generated enormous profits, made possibly by the exploitation of enslaved people, who were forced to endure inhumane labour. The early nineteenth century saw the rapid growth of the cotton industry in Manchester; by 1800, the town had 42 mills, and by 1816, this number had doubled to 86.[1] This explosion in the industry, prompted Manchester’s elite to build a dedicated space for formalising business deals. A group of wealthy businessmen formed a company to create an exclusive trading space, which led to the creation of Manchester’s first Exchange which opened in 1809. This became the heart of Cottonopolis.

The Exchange was a large, grandiose building that dominated a huge area spanning the corner of Market Street all the way up to St Anne’s Square. The building occupied a significant portion of the high street and served as a stark, physical reminder of Manchester’s connections to the transatlantic slavery economy. Accessible only to the city’s industrial and business elite, along with the burgeoning middle class, the Exchange was built on land purchased from Francis Moreton Reynolds (28 March 1739 – 20 August 1808), also known as “Lord Ducie”, who had informally agreed to provide the land for the building before his death in 1808. Even before a bale of cotton was sold in the Exchange, its foundations—built on Lord Ducie’s land—were already tainted by the inhumane oppression that fuelled his super profits.