Why is that conclusive
It’s conclusive because you can’t invent a symbol for something that isn’t going to exist for 50 years.
The ship is from the City coat of arms, I can’t believe anyone is disputing that.
So the ship has the meaning from when it went on the coat of arms. You can’t copy a logo and then retroactively decide one element has an entirely different meaning.
I think it’s entirely fair to question if the ship is linked to cotton specifically or just represents all naval trade, but the link to the canal has obviously been invented after the fact.
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