1909.] Co-operative Societies. 9 2 3 



formed. Some of these are quite small local bodies, while 

 others have even within a few years been able to establish a 

 large business. 



All these societies are registered under the Industrial and 

 Provident Societies Acts, and only a small proportion of the 

 nominal value of the shares is usually paid up in order not to 

 exclude small holders from participating in the benefits. In 

 several large societies the shares are $s. each, of which only 

 is. 3d. is actually paid. Members are required to take up 

 shares in proportion to the land they hold, such as one share 

 for every ten acres. Interest on the shares is fixed at 5 per 

 cent., and the balance of net profits is devoted to the formation 

 of a reserve fund, and to the payment of a bonus to the workers 

 in proportion to their wages and to the members in proportion 

 to their purchases. There were over 100 societies affiliated 

 to the Agricultural Organisation Society in 1907, and although 

 the majority of them are probably mainly composed of small 

 farmers this is not exclusively the case. 



The Eastern Counties Farmers' Co-operative Association, 

 for example, which was incorporated in 1904, had 686 mem- 

 bers in 1907 representing an area of 212,500 acres, or an 

 average of over 300 acres per member. This body is probably 

 the largest of the newer co-operative societies, and its sales 

 amounted to ^177,000 in 1907 compared with ^15,400 in 

 1904-05. The prices charged were very little above the actual 

 cost of the goods, so that the net profit was only ,£1,100. 



A society representing a large acreage but a small member- 

 ship is the Cambs, Hunts, and Isle of Ely Farmers' Supply 

 Association, which had 89 members in 1907 representing 

 67.000 acres, or an average holding of 750 acres. The sales 

 of this Society amounted to ,£7,800 as compared with ,£4,400 

 in the previous year. A more recently formed society, the 

 Midland Farmers' Co-operative Association, which dates from 

 1906, has 300 members, farming 60,000 acres of land, or an 

 average of 200 acres each. The turnover in the* first year 

 amounted to £16,000, and was apparently rapidly increasing. 



In the case of societies such as those mentioned above, their 

 aggregate orders are sufficient to enable them to obtain goods 

 from manufacturers at cheap rates, but in the case of smaller 

 societies, though they may succeed in obtaining more favour- 



