COMMERCE IN MAIZE GRAIN 615 



and the Buenos Aires Great Southern Railway two at Bahia CHAP. 

 Blanca. XII. 



570. Co-operative Elevator Warehouses. — Of recent years, 

 numerous co-operative farmers' elevator warehouses have been 

 erected in the United States. The stock in these concerns is 

 held by farmers of the district. In some cases they have not 

 proved profitable, but others have given excellent returns 

 (Downie, 1 ). 



The following is taken from the articles of incorporation of 

 the Farmers' Co-operative Society of Rockwell, Iowa: "The 

 capital stock shall be, at the beginning of the business of this 

 co-operation, not less than $1,000, paid in at such beginning, 

 and may be increased from time to time to, and not exceeding, 

 ft2 5,000, and all increases of $1,000 shall be paid in from 

 time to time on the issuance of shares of stock to purchasers 

 becoming members. The said shares to be $10 each, and no 

 member shall at any time own, or have any interest in, more 

 than ten shares, and no shares shall be issued to anyone, ex- 

 cept upon actual payment in cash, or for signed notes of the 

 purchases, with security approved by the officers and director, 

 and such note must be made payable during period in time not 

 exceeding sixty days, and drawing interest of 6 per cent. No 

 shareholder shall have more than one vote in conducting the 

 affairs of this Society" {Bowman and Cross/ey, 1). 



571. Tlie European Market. — Although South Africa ex- 

 ports parcels of maize to many markets, Europe is her largest 

 buyer, and is a more steady and reliable market than any 

 other. Though the continental ports are beginning to absorb 

 considerable quantities of maize, Great Britain is much the 

 largest consumer, and the corn markets of Liverpool and 

 London are by far the largest in Europe ; parcels of South 

 African maize sent to Antwerp and Hamburg are often sold 

 through London. 



The most important corn exchanges in which maize is 

 bought and sold are : Mark Lane, and the Baltic (St. Mary 

 Axe), London ; Liverpool ; Manchester ; Hamburg ; Antwerp, 

 and Rotterdam. 



When one first asks a corn merchant what types of maize 

 are required on the English market, the invariable reply is 

 that " any sort will sell". This is quite true, but it is never- 



