The regular meetings of the brokers on Friday mornings to collect information for publishing in their circulars evolved into a permanent organisation. Ninety firms joined, a figure that would expand over the years. In February 1842, George Holt was elected President, James Wrigley Vice-President and Studley Martin the Secretary. Initially, there was no fee for members; that would come in 1845, when apprentices paid 5 guineas and all others 20. The strength of Liverpool's organisation in turn contributed to its success vis-a-vis the cotton dealers in Manchester and Lancashire. The production of comprehensive information on the cotton market was sent to the spinners inland, who could then make better-informed decisions to purchase as a result. The Liverpool brokers also developed a hugely successful system of arbitration to settle disputes between buyers and sellers, quickly and simply, without the need of expensive and time-consuming legal redress. Buyer and seller would nominate a broker to represent them and if the two brokers could not agree, a third would be selected to arbitrate. It is a system which survives in essence today.
Another key to the success of the Liverpool brokers was the ease with which cotton could be bought in the Liverpool market by the spinners. Whereas purchases from dealers potentially involved the spinner in seeing several such dealers and inspecting the goods at the warehouses before finding the cotton he wanted at the right price, the brokers in Liverpool was in a position to buy from all the cotton stored in Liverpool. The spinner need only deal with one person - his broker. The process was made even easier by the development of selling cotton on sample, which enabled the broker to have as many as 150 samples available for when the spinner came to examine them before deciding which to buy.
The First Members of the Liverpool Cotton Brokers' Association: Barber, William Kershaw, William Barnsley, Godfrey & Son Law, George Barton, Miles & Bigland Lea & Waddington Bateson, Richard & Sons Littledale, T&H & Co Bateson & Horsfall Marriott, John & Co Blackburn, Samuel & Co Martin, Studley Blackburn, TB Mason, Robert Bourne, Paton & Co Molyneux, Taylor & Co Bourne, Timothy & Bourne Musgrove, Edgar Bower, William & Son Musgrove, Robert & Sons Buchanan, Daniel & Son Needham, Samuel Buchanan & Browne Oughterson, Arthur & Co Bulley, Samuel Peers, John & Sons Bulley, William, Junr Peers, William & Son Campbell, Colin & Son Percival & Parton Cooke, Isaac & Sons Preistley, Griffiths & Cox Corrie & Co Rawlins Brothers Duksworths & Marsden Reyner, Nathaniel Eason & Barry Reynolds & Gibson Eccles, Edward Richards, Silas Henry Ewart, Myers & Co Ridgway, Joseph Farrer, William Robinson, Joseph & Son Franceys & Comer Rushton & Johnson Garth, Samuel Salisbury, Turner & Earle Gill & Syers Shakespeare, Isaac Gladstone & Sarjeantson Shand, Higson & Hughes Haigh, Thomas & Co Seddon, James Haywood & McViccar Sleddon, Thomas Hodgson & Ryley Smith, John B Hodgkinson, JA Smith, James Houlbrooke Hollinshead, Tetley & Co Slatter, Robert Hollins, Francis Stevenson, Hew Holt, George & Co Stock, James & Son Howell, James Swainson, Anthony Huson, William Tattersall & Claire Hyde, RE Taylor, John Hyde, Thomas Unsworth, Giles Gorton Jee Brothers & Latham Walker & Belcher Jones, Mann & Foster Waterhouse, N & Sons Joseph, E Montfiore Webster, Horatio John Joynson, Samuel & Thomas Whitaker, Carter & Co Joynson, Thomas Willis, John Junr. Irlam & Thompson Wolstenholme, WL Kearsley, E&T Worthingham & Cunningham Kearsley, John & Son Wrigley, John & Sons