The constituency covered the centre of the city of Liverpool, bordering on the River Mersey. It included the commercial area of the city, as well as poorer housing. It originally consisted of the wards of Vauxhall, St Ann Street, Lime Street, Exchange, and St Paul's.
1885–1918
The Exchange Ward, with a significant Conservative business vote, was combined with the St Anne's and Vauxhall wards (which were more Liberal and contained a substantial Irish vote).
The Scotland division, to the north of this seat, was more heavily Irish and returned an Irish Nationalist MP. Exchange was a Liberal/Conservative and Allies marginal constituency and its elections were influenced by what guidance the electors were given by Nationalist leaders.
1918–1950
In this period the seat was defined as comprising the Abercromby, Castle Street, Exchange, Great George, St Anne's, St Peter's, and Vauxhall wards.
In this era the area was represented by Conservative Members of Parliament, until the Labour Party captured the seat in 1945.
1950–1955
Brunswick, and Granby wards were added to those previously in the seat.
1955–1974
The constituency comprised Abercromby, Central, Granby, Low Hill, and St James wards.
In the redistribution which took effect in 1974, this seat disappeared. However the successor constituency was named Liverpool Scotland Exchange, combining as it did the central and northern riverside parts of the city.
O'Shea had originally announced his intention to stand as an Irish Nationalist candidate. When he later secured the support of the Liberal Party, Stephens retired in favour of him.
Another General Election was required to take place before the end of 1915. The political parties had been making preparations for an election to take place and by July 1914, the following candidates had been selected;
General Election 1939–40
Another General Election was required to take place before the end of 1940. The political parties had been making preparations for an election to take place and by the Autumn of 1939, the following candidates had been selected;
^Craig, F. W. S. (1983) [1989]. British parliamentary election results 1885–1918 (2nd ed.). Chichester: Parliamentary Research Services. p. 141. ISBN0-900178-27-2.
^Craig, F. W. S. (1983) [1969]. British parliamentary election results 1918–1949 (3rd ed.). Chichester: Parliamentary Research Services. p. 176. ISBN0-900178-06-X.