TRANSACTIONS OF SECTION F. . 763 



Method adopted by these stores : — 



Anyone may join on depositing one shilling. The ordinary prices of the district 

 are charged. Ready-money payment only is allowed. The profits of the business 

 are allotted to members in proportion to their purchases, quarterly or half-yearly. 

 The sums so allotted must remain in the society till a share of 1/. has been made 

 up. The result is a gradual saving of capital, till there is often much more than 

 can be employed in the business. The difficulty with many societies is too much 

 capital, not too little. 



Increase of business of these societies between 1865 and 1885 from about three 

 millions per annum to over twenty millions per annum. Large sums now lying 

 idle at the banks. 



II. At the present time from three to four millions a year of productive or 

 manufacturing business, on a large or small scale, is carried on, the capital of which 

 comes mainly from the distributive or retail societies. 



There are several forms of this : — 



(1) Manufacturing by the wholesale societies of England and Scotland annually 

 about 200,000^. 



(2) Tailoring, dressmaking, corn-milling, baking, &c. by distributive stores, 

 2,000,000/. 



(3) Manufacturing by independent societies unconnected with the wholesale 

 societies or distributive stores, 1,500,000/. 



(1) The two wholesale societies are the property of the retail stores, which have 

 created them for their own convenience for the supply of articles direct to their 

 shops from England and abroad. 



The English wholesale society (like the retail societies) has had to refuse capital 

 which its members (that is, the retail stores) would willingly have deposited 

 with it. 



It has adhered mainly to the work of merchant, and has done comparatively 

 little in the way of manufacturing. 



It has two manufactories of boots and shoes, which do a business of 150,000/. 

 a year. It also manufactures soap, biscuits, and confectionery. 



Reasons for not extending manufacturing more rapidly : — 



Difficulty of locking up money in plant and buildings. 



(2) Some of the large stores have erected large corn-mills and large butteries, 

 and many societies employ tailors, dressmakers, and the like, and some are now 

 beginning to rent farms. 



In the large stores there is a great demand for milk, butter, and agricultural 

 produce. 



Many of these societies, like the wholesale society, might, if they would, retain 

 much larger sums of savings deposited with them by members at five per cent, than 

 they now have. 



(3) The productive societies' business, position, profits, and various methods 

 of working. 



The Manchester Printing Society does 35,000/. a year. The Hebden Bridge 

 Fustian Company, 25,000/. a year. Both these give the workers a share of the 

 profits. 



The great difficulty in getting capital for societies of this class, especially at 

 starting. 



The failures of societies of this kind — their causes. 



The Oldham joint stock companies — how far they have utilised the capital of 

 co-operators. 



in. C'o-operation is sometimes defined as being only truly so called when the 

 worker has a share in the profits. 



This limitation is not adopted here. 



The Scottish wholesale gives a share to workers ; the English wholesale does 

 not. 



Some of the distributive societies give a share to workers ; the great majority 

 do not. 



The independent productive societies do so in most cases. 



