n6 AN AGRICULTURAL FAGGOT. 



Association," and hired the Radbourne Manor Farm on a 

 lease, hiring stock and implements to the value of 3,304 

 from Mr. King, and borrowing from him 200. They 

 agreed to pay interest at 6 per cent., and the surplus profits 

 were to be distributed among the persons employed, who 

 numbered sixteen. At the end of the first year the 

 accounts showed a profit sufficient to enable a bonus to be 

 paid at the rate of 5-8 per cent, on wages, but Mr. King 

 stated that it was doubtful whether the accounts were 

 properly made up, and the profit really earned. In the 

 following year there was a heavy loss. In 1884 Mr. King 

 rented a second farm and re-let it to the labourers, who 

 formed themselves into a separate association, but with the 

 same manager. In 1887 a new manager was appointed 

 and a fresh start made, Mr. King writing off all losses and 

 reducing the rate of interest to 5 per cent. In 1890 both 

 undertakings came to an end, no bonus having been paid 

 in either case except in the doubtful instance already 

 mentioned. Mr. King stated that the loss on the two 

 farms " mounted into thousands," and that the general 

 result of the experiment was not satisfactory. 



In 1886, Earl Spencer let the glebe farm of 296 acres at 

 Harleston to eight labourers, associated as the " Harleston 

 Co-operative Farming Association." The men elected 

 two of their number to form a committee of consultation. 

 By the scheme it is provided that after the payment of 

 rent and interest on capital (3,000) at 4 per cent., 75 per 

 cent, of the surplus profits was to go to reserve funds for 

 the repayment of capital and the creation of a reserve 

 of 1,000 for contingencies, the balance to be divided 

 annually among the co-operators (including the manager) 

 in proportion to wages earned. 



The yearly accounts of this undertaking for the seven 

 years 1887-93 are published in Mr. Hunter Pringle's 

 Report on Northampton to the Royal Commission on 

 Agriculture. They show that in the year 1888-9 there 

 was a profit of 33, but that in every other year there was 



