Why was the site for Quarry Bank Mill chosen by Samuel Greg?

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Q1

Q1. Why was the site for Quarry Bank Mill chosen by Samuel Greg?

In the early 1700’s, before cotton spinning factories were built cotton and spinning was done in the homes by hand.  This system was known as the domestic system (or cottage industry).

In the 1750’s began the industrial revolution.  This was when goods such as raw materials and cotton were no longer produced  at home by hand but were mechanised machines were invented that massively speeded up production.  These machines were very big and factories were built where cottages and houses were in close contact.  At the same time that the industrial revolution was taking place, there was an agricultural revolution.  New machines and new farming methods like land enclosure and the production of different crops meant that less farm workers were needed.  These workers moved to the houses and attics to look for work in the new factories that were springing up.  Anyone who had sufficient capital knew that cotton spinning factory was worth investing on because it made large amounts of profit.

Richard Arkwright was one of the first businessmen to realise that large sums of profit could be obtained from developing a mechanised factory system and built one of the first purpose built factory at Cromford in Derbyshire.

It was this model that Samuel Greg was to copy his own cotton spinning factory.  Arkwright had patented a mechanical spinning machine called the water frame, named so because the frame was water powered.  It was this main reason that determined where factory owners could build their Mills.

In 1782 Samuel Greg inherited a business which was valued at £26,000 and later on he married Hannah Lightbody where he received a dary of £10,000.  In total Samuel Greg had £36,000.  This amount meant that Greg was in a fortune financial position.  Samuel Greg knew that 90% of businessmen who went into cotton spinning at this time went bankrupt but Samuel Greg was fortunate to have a reserve of cash to keep him going in an industry that had a history depression and which might fail.  In 1694 the Bank of England was set up which lent people loans on low interest rates and this was a great benefit to Greg because when he was short on money he could take out a loan when it was needed.  Greg was also in a partnership in a factory in Manchester and had experience how a factory worked so that he could be successful as he looked for his own innovation.

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Greg’s first choice for a mill was probably Manchester but land was difficult to obtain and when it did become available it was snapped up quickly and also was very expensive.   Greg also had Manchester business contacts and wanted his mill to be to close proximity to Manchester.  Greg also realises that Arkwright’s patent was about to expire which led him to the site for Quarry Bank Mill.  Also a change in fashion from wool and silk to cotton cloth meant that the cotton industry was booming.  Anyone with money to invest realised profits could be made in ...

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