244 Cooperation in Agriculture 



a capital stock of ten thousand dollars. The Exchange is 

 managed by a general manager ; it has a board of seventeen 

 directors, one representing each district exchange. The 

 function of the California Fruit-growers' Exchange is to 

 furnish marketing facilities for the district exchanges and 

 associations at a pro rata share of the cost. The exchange 

 places bonded agents in the principal markets in the United 

 States and Canada, defines the duties of the agents and ex- 

 ercises supervision over them. It gathers daily information 

 through them of conditions in each market and furnishes 

 it daily in bulletin form to the associations. The exchange 

 makes prompt accounting of returns which are sent to 

 the shippers through the office of the district exchange. 

 It takes care of all litigation that arises in connection with 

 the marketing of the fruit, handles all claims, conducts an 

 extensive advertising campaign to increase the demand 

 for citrus fruit, develops new markets, and performs such 

 other functions as are set forth in the contracts between 

 the central exchange, the district exchanges, and the 

 associations. At the end of the year the central ex- 

 change levies an assessment against each district ex- 

 change for a pro rata share of the expense on a basis 

 of the number of boxes shipped. The exchange declares 

 no dividends, and it does not buy or sell fruit or any 

 other commodity, and exercises no control either directly 

 or indirectly over their sale or purchase. Its function is 

 to provide the facilities for the distribution and market- 

 ing of the fruit for those shippers that wish to avail 

 themselves of them. Under the exchange system every 

 shipper reserves the right to regulate and control its own 

 shipments ; to use its own judgment as to when and 



