What considerations led Samuel Greg to set up a Cotton Spinning Mill at Styal in 1784?

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Sarah Chung 10M

What Considerations led Samuel Greg to set up

a Cotton Spinning Mill at Styal in 1784?

Samuel Greg was born in Ireland in 1758, the son of a Belfast merchant and a ship owner. At the age of ten he was adopted by his childless uncles, Robert and Nathaniel Hyde who owned a cotton and linen (fustian) factory in Manchester.  He was well educated and wanted to make a fortune.  At the age of 24, Samuel Greg inherited £22,000 from his uncle.  He saw the potential of making money out of cotton and he knew the business well.  In 1784 Samuel Greg chose the site of Styal Mill because it was close to Manchester which was the centre of the cloth trade.  Samuel Greg decided to build a cotton mill because everything needed to create a mill was right to make a good business investment and profit.  From the map below we can see that Styal mill is sited on the River Bollin from which the mill could generate power to make machines.  One consideration that led Samuel Greg to build a mill at Styal was that it was in Manchester which was the centre of cloth trade.

Sketch Map of the North-West of England to show the position of Styal

Samuel Greg was a very rich man.  In 1780 Samuel became junior partner and after Robert Hyde’s death in 1782 he inherited his uncle’s firm as well as £30,000 and was therefore in an exceptional financial position by 1782.  He bought the factory out of his uncle Nathaniel who was unable to work due to ill health and was left with £26,690.  It was cheap to set up his factory and would make him wealthy and he would not lose much of his inherited wealth because of it.  Altogether it cost about £9000 to make his factory which was extremely cheap.  A consideration which led Samuel Greg to build a Mill at Styal was that his wealth made it easy for him to do so.

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The land of Quarry Bank Mill was owned by the Earl of Stamford who had little use for it.  It was no use for farming as in was in a hollow in the land.  The land was also flat which would have made it easy to build on.  He charged just £50 for the lease of the land and a yearly rent of two pounds eight shillings.  This was very cheap.  Samuel Greg also bought a number of large fields and four cottages with permission to have his servants and apprentices to live of the land.  One consideration that ...

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