Oldham Limiteds

Oldham Limiteds were the 154 cotton manufacturing companies founded to build or operate cotton mills in Oldham in northwest England, and predominantly during the boom of 1873–1875.

Oldham was late in coming to cotton, and did not have many large privately owned mills, such as would be found in Manchester or Bolton. It did have many small companies that worked out of Room and power mills. Oldham was an early and enthuastic participant in the co-operative movement. In the 1850s Oldham saw the expansion of friendly and building societies, sick and funeral clubs, and cooperative stores. These societies, along with the Joint Stock Companies Acts of 1855-56, laid the foundation for the popularity of limited liability companies. The pioneer company was the Oldham Building and Manufacturing Co. Ltd., formed by skilled workers who sought to gain a greater equality of income and wealth through cooperation. Having shares in the company was seen as a form of profit sharing, and indeed by about 1875, about 75 percent of mill workers held shares in the limiteds. That is 20% of Oldham's population.

Sun Mill, Chadderton was built between 1860 and 1862 by a company which was founded in 1858 by members of the Oldham Industrial Co-operative Society. Following the principles of the Rochdale Pioneers, William Marcroft gave the new company a democratic structure designed to foster the principles of producer co-operation and employee control. Management of the company was by means of elected committees. The limited liability principle, to which the co-operators also subscribed following the Companies Acts of 1856 and 1862, was seen as an adjunct of co-operation.

Sun Mill was originally built to accommodate 60,000 spindles, three times the average number then found in local mills. The Oldham Building Co. later became the Sun Mill Co. Ltd, and extended the mill to 142,000 spindles. The Sun Mill Company is credited as being the first of the Oldham Limiteds. The share holders were skilled workers at the mill, and though in fact, they had little involvement in running the company, They received a dividend of over 12%.

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