three taels ( or 25 % ) less. The supply is low, then the price should not go down too far in the long run.28 Moreover, the cotton supplied from other quarter, that is, from the lower Yangtze Delta, even in the time of best harvest, had never produced a price under 12 taels.29 In consequence, they held up the sale of some of the cotton consigned to them. They might be reasonable, but not necessarily correct. The expectations of the Magniac & Co. being such, so it might have been the case of Manhop. With the average price of 12 taels, the Canton Hong merchants and cotton merchants, however, suffered a lot from last season ' s dealing. They, except Manhop, were generally very prudent in transacting cotton during the current season.30 Examples may be found in the senior Hong merchants ' dealing. During October 1827, the three seniors ( Howqua, Mowqua & Chunqua ) purchased the Indian cotton imported by the East India Company and sold them to the cotton merchants, " at barely saving prices, " without holding them for any length of time.31 William Jardine and his colleagues were at a loss in knowing why the senior